Digital Rupiah
Proof of conceptIndonesia
Central Bank(s)
Bank Indonesia
Announcement Year
2018
Status
Proof of concept
Retail/Wholesale
Wholesale
DLT / non-DLT
DLT
The central bank says that the CBDC will complement existing banknotes and coins and will develop “national financial systems and the integration of national digital economy and finance.The project complements the preceding Bank Indonesia initiatives to spur national digital transformation agenda i.e., the Blueprint for Indonesian Payment System (IPSB) 2025 and Blueprint for Money Market Development 2025.
According to The Jakarta Post on January 29th, 2018, the assistant to Bank Indonesia executive director for payment systems Susiato Dewi said the digital rupiah( digital currency) would be trialled in 2018 to increase efficiency in the payment system. However, on February 1st, 2018, Onny Widjanarko, the head of transformation for Bank Indonesia, stated that there was no plan for a pilot project or trial. Adding further that Bank of Indonesia was still in the research process and that a study on the possible issuance was intended to be completed in 2020. This was expounded upon further by Bank Indonesia Governor Agus Martowardojo, who, in February 2018, stressed that the digital rupiah would not be issued soon and that the research could take up to two years.
Link to announcement
Last update: August 2024
August 2024
Research → Proof of concept
Link to announcement: www.bi.go.id
February 2024
Link to announcement: english.kontan.co.id
January 2024
Link to announcement: www.bi.go.id
March 2023
DLT / non-DLT: DLT
Retail/Wholesale: Retail → Wholesale
Main motivation/goals of the CBDC: BI first began exploring a CBDC because they recognized the potential of the underlying blockchain technology, the need to reduce dependency on physical cash, and the fact that other central banks were exploring doing the same. → The central bank says that the CBDC will complement existing banknotes and coins and will develop “national financial systems and the integration of national digital economy and finance.The project complements the preceding Bank Indonesia initiatives to spur national digital transformation agenda i.e., the Blueprint for Indonesian Payment System (IPSB) 2025 and Blueprint for Money Market Development 2025.
Link to announcement: www.bi.go.id
August 2022
Link to announcement: www.bi.go.id
July 2022
Link to announcement: www.bloomberg.com
May 2021
None → Research
Announcement Year: 2018
Retail/Wholesale: Retail
Description: According to The Jakarta Post on January 29th, 2018, the assistant to Bank Indonesia executive director for payment systems Susiato Dewi said the digital rupiah( digital currency) would be trialled in 2018 to increase efficiency in the payment system. However, on February 1st, 2018, Onny Widjanarko, the head of transformation for Bank Indonesia, stated that there was no plan for a pilot project or trial. Adding further that Bank of Indonesia was still in the research process and that a study on the possible issuance was intended to be completed in 2020. This was expounded upon further by Bank Indonesia Governor Agus Martowardojo, who, in February 2018, stressed that the digital rupiah would not be issued soon and that the research could take up to two years.
Main motivation/goals of the CBDC: BI first began exploring a CBDC because they recognized the potential of the underlying blockchain technology, the need to reduce dependency on physical cash, and the fact that other central banks were exploring doing the same.
Link to announcement: www.thejakartapost.comwww.reuters.com
Country / Region: Indonesia
Central Bank(s): Bank Indonesia
No recent news found for this currency.