During the holiday period, Bank Indonesia shared the results of its wholesale central bank digital currency (wholesale CBDC) consultation. Now the central bank will progress Project Garuda to a proof of concept.
Last year the central bank published a whitepaper outlining its three-staged CBDC strategy. It plans to start with a basic wholesale CBDC in Phase 1 and progress to integration with a securities ledger for Phase 2. The end game is to launch an integrated retail digital rupiah as part of Phase 3.
According to The Business Times, Bank Indonesia Governor Perry Warjiyo recently stated, “We have issued the proof-of-concept for the digital currency and we expect to design the technology and infrastructure we will be using in the near future.” It’s working with financial institutions for the trial phase.
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