Bank Indonesia announces CBDC plan

Central bank will test wholesale and retail CBDC as Warjiyo says private digital assets pose new risks

Bank Indonesia
Bank Indonesia
Christopher Jeffery

Indonesia’s central bank unveiled plans to develop a prototype central bank digital currency (CBDC), in a white paper released on November 30.

Bank Indonesia’s “Project Garuda” will develop a digital rupiah in three stages, the central bank said.

In phase one, it will test the issuance, redemption and interbank transfer of the wholesale CBDC. The second phase will use the wholesale digital rupiah for supporting financial market transactions, for example in the interbank money market.

In the

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