Here is the Latest News from BI Boss Regarding Digital Rupiah!

Jakarta, CNBC Indonesia - Governor of Bank Indonesia (BI) Perry Warjiyo revealed that
the issuance of digital rupiah or central bank digital currency (CBDC) will soon be
implemented. In BI's roadmap, this issuance is planned to begin this year. Currently, the
issuance process is still in the stage of testing ideas or concepts (proof of concept) for
the development of the Digital Rupiah technology backbone.
"We are currently finalizing the proof of concept for digital rupiah, which is the first stage
of digital rupiah. We are still selecting the technology to be used," said Perry at the
Mandiri Investment Forum 2024 in Jakarta, as quoted on Wednesday (6/3/2024).
Subsequently, the issuance of digital rupiah will be carried out through selected banks
and non-banks or so-called 'wholesalers' and 'retailers'. To complement this, BI will
build the Digital Rupiah Treasury as its distribution platform. "We are still selecting the
largest wholesale banking. Through this stage, we will distribute digital rupiah and grant
licenses to major businesses to enter retail with open accounts or other digital assets,"
said Perry.
Previously, BI issued a White Paper regarding the development of Digital Rupiah on
November 30, 2022. This White Paper serves as an initial exposition of the Garuda
Project in the form of high-level design of Digital Rupiah as well as a form of
communication to the public regarding the Digital Rupiah development plan.
This White Paper explains the integrated design configuration of Digital Rupiah from
end to end, features of Digital Rupiah design that enable the development of new
business models, the technology architecture of Digital Rupiah, and regulatory device
and policy support for the implementation of Digital Rupiah design. Based on this White
Paper, the development concept of wholesale Digital Rupiah (w-Digital Rupiah) has
limited access coverage and is only distributed for wholesale transaction settlements
such as monetary operations, foreign exchange transactions, and money market
transactions.
Meanwhile, the development concept for retail Digital Rupiah (r-Digital Rupiah) has
open access coverage for the public and is distributed for various retail transactions
both in the form of payment transactions and transfers, by individuals and businesses
(merchants and corporations).
BI Deputy Governor Juda Agung previously revealed that BI is testing the
implementation of digital rupiah or Central Bank Digital Currency (CBDC).
The pilot test, which is still in the test piloting or validity and reliability testing stage,
along with the form of digital rupiah which is still in the conceptual design stage.
"Regarding CBDC, we continue test piloting and now at BI, we are in the process of
conceptual design using simulations from BI's internal side," said Juda, at the CNBC
Indonesia Economic Outlook 2024 event, Thursday (29/2/2024). The process of forming
digital rupiah that BI is conducting under a project called the Garuda Project also refers
to the development of digital currency in other central banks, such as in China and
Sweden.
As is known, China has had a digital currency called the Digital Yuan or e-CNY since
2014. Meanwhile, in Sweden, it is called the e-Krona, which has been developed since
2017
"We will certainly look at the global development of CBDC, as well as the experiences of
other countries, such as in China where it has already been done and countries in
Europe like Sweden," emphasized Juda.

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