Indonesia: Published White Paper on a Central Bank Digital Currency (CBDC) for Indonesia

On 30 November 2022, Bank Indonesia released a White Paper for the development of a Digital Rupiah, called “Project Garuda”. The purpose of the White Paper is to explain the Digital Rupiah end-to-end integrated design configuration, design features, technology architecture and the regulatory and policy requirements for its implementation. Furthermore, the White Paper outlines the roadmap for the initiative, which will be carried out in three stages, starting with the wholesale digital rupiah design.