Get Ready!

Digital Rupiah to Replace Paper and Metal Money

Jakarta - BI Deputy Governor Juda Agung revealed that the central bank's digital currency
(CBDC) will gradually replace fiat money or money in the form of paper and metal.
"It will replace fiat money but of course it will be gradual, hybrid in nature, later of course it will
be a substitute for fiat money in paper and metal," said Juda in Economic Outlook 2024,
Thursday, February 29, 2024.
However, BI is still reviewing the implementation of this digital money. Where currently digital
money is in the piloting and conceptual design stages.
"Our CBDC continues to test piloting and now at BI is in the process of conceptual design using
simulations from the internal side of BI," he explained. Furthermore, Juda also stated that his
party will continue to see the development of digital money globally. He also learned from the
experiences of other countries to implement digital money.
"Of course we will look first like in China who have done it and European countries such as
Sweden, actually we have not really implemented it," he concluded. (*)

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