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Indonesia’s central bank unveiled plans to develop a prototype central bank digital currency (CBDC), in a white paper released on November 30. Bank Indonesia’s “Project The Indonesian Central Bank (BI) has reached a significant milestone in its digital rupiah initiative, known as Garuda Project, with the successful completion of its proof of Indonesia’s Central Bank launched a white paper on digital currency for Rupiah on Wednesday. The white paper for the digital Rupiah comes at a time when Bank Indonesia announced the country’s very own central bank digital currency (CBDC), named the “digital rupiah,” to move forward with the country’s initiative of Proyek Garuda merupakan sebuah inisiatif yang memayungi eksplorasi desain Central Bank Digital Currency (CBDC) Indonesia yang kemudian disebut Rupiah JAKARTA : Indonesia's central bank on Wednesday unveiled plans for a digital rupiah currency that will use blockchain technology, as the country sees a boom in The governor of Indonesia's central bank said that the roll-out of Digital Rupiah CBDC will happen in three phases. Under “Project Garuda” Indonesia is pushing further its Bank of Indonesia Governor Perry Warjiyo has announced developments in its plans to launch a central bank digital currency, or CBDC, for “various digital economic and

Indonesia's Digital Rupiah: Central Bank Launches CBDC Initiative

Indonesia’s central bank is forging ahead with plans to launch a digital rupiah, its own central bank digital currency (CBDC). Bank Indonesia (BI) unveiled these plans in a white paper released on November 30, outlining the framework for “Project Garuda,” an initiative encompassing the exploration of a Central Bank Digital Currency (CBDC) design for Indonesia, officially called the Rupiah.

This marks a significant milestone, as BI recently completed its proof of concept for the Garuda Project. The digital Rupiah aims to bolster the country's digital economic and financial ecosystem. Bank Indonesia Governor Perry Warjiyo has announced developments in its plans to launch a central bank digital currency, or CBDC, for “various digital economic and…” purposes.

Project Garuda: Shaping the Future of Indonesian Currency

Proyek Garuda merupakan sebuah inisiatif yang memayungi eksplorasi desain Central Bank Digital Currency (CBDC) Indonesia yang kemudian disebut Rupiah. The white paper for the digital Rupiah comes at a time when Bank Indonesia announced the country’s very own central bank digital currency (CBDC), named the “digital rupiah,” to move forward with the country’s initiative of boosting digital finance.

JAKARTA : Indonesia's central bank on Wednesday unveiled plans for a digital rupiah currency that will use blockchain technology, as the country sees a boom in digital transactions. Under “Project Garuda” Indonesia is pushing further its efforts to modernize its financial infrastructure.

Digital Rupiah Rollout: A Phased Approach

The governor of Indonesia's central bank said that the roll-out of Digital Rupiah CBDC will happen in three phases. This measured approach allows for careful assessment and refinement of the system before full implementation.

Stay updated on the latest developments regarding Indonesia's digital Rupiah and its impact on the Indonesian economy.

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