Bank Indonesia completes PoC phase for the Digital Rupiah, paving the way for the nation’s CBDC ambitions.
Indonesia Completes First Phase of Digital Rupiah Project
Bank Indonesia has reached a major milestone in its CBDC journey by completing the Proof of Concept (PoC) phase. This initial achievement under Project Garuda validates the technical viability of the Rupiah Digital using distributed ledger technology (DLT).
Proof of Concept Validates Technical Feasibility
The PoC phase tested DLT platforms Corda and Hyperledger Besu across 55 scenarios, covering issuance, redemption, and fund transfers. Bank Indonesia economist Fransiskus Xaverius Tyas Prasaja confirmed that DLT solutions meet the operational demands of the Rupiah Digital model.
Project Garuda: A Multi-Phase Development Roadmap
Project Garuda consists of three phases: Immediate State, Intermediate State, and End State, guiding Indonesia’s CBDC evolution. The completed phase underscores Bank Indonesia’s commitment to driving innovation in response to digital finance growth.
Integration with Existing Financial Systems
The Rupiah Digital will integrate seamlessly with current payment systems and financial infrastructures for domestic and global transactions. This ensures compatibility with standards such as ISO 20022 and supports enhanced efficiency through smart contract technology.
Next Steps for Indonesia’s Digital Currency Initiative
Key focus areas include privacy mechanisms, liquidity management, and multi-validator deployments as Project Garuda progresses. The remaining roadmap phases aim to solidify Indonesia’s position as a leader in digital currency innovation.
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