Bank Indonesia (BI) and other central banks are studying Rupiah Digital, a CBDC. BI's Garuda Project oversees its exploration and design.
Rupiah Digital represents the Indonesian Rupiah and functions like physical cash, electronic money, and card payments. It's issued solely by BI and not a cryptocurrency or stablecoin.
The development process involves releasing a White Paper, gathering feedback, and conducting iterative steps: public consultations, technology experiments, and policy reviews.
Rupiah Digital includes wholesale and retail versions for different transactions. Its issuance ensures a fast, convenient, affordable, secure, and reliable currency, preserving the Rupiah's status as Indonesia's sole legal currency.
