Bank Indonesia has launched a consultation for the first phase of Project Garuda, its central bank digital currency (CBDC) initiative.
In late November, the central bank unveiled its plans for a digital rupiah that involves a three-stage approach, including a basic wholesale CBDC (wCBDC), a more advanced wCBDC, and finally a retail CBDC.
The current consultation is for the first iteration of a wholesale CBDC that will have the basic functionality of CBDC issuance, redemption and transfer, including integration with the real time gross settlement (RTGS) system – the primary payment system. The digital rupiah will use a permissioned blockchain network.
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