Status : Development
Usecase : Retail, Wholesale
Bank Indonesia has confirmed its plans to launch a digital rupiah in response to the growing popularity of digital payment methods. They are considering both retail and wholesale CBDC design options. As the G20 presidency in 2022, Indonesia aimed to promote international cooperation on digital currency matters and collaborated with the Bank for International Settlements on a technology sprint to address CBDC design challenges. In November 2022, a white paper was released outlining the BI’s strategy, which involves launching a wholesale CBDC followed by retail testing. The consultation process for the wholesale CBDC began in February 2023, with a proof of concept scheduled for July. The rise of cryptocurrencies and the potential threat to monetary sovereignty are among the motivations for pursuing a CBDC, along with the goal of enhancing inclusion, innovation, and efficiency in payments.
Relevant News
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