BI Reveals Digital Rupiah Development Is Still In The Trial Stage

JAKARTA - Bank Indonesia (BI) continues to strive to build a resilient payment system. In the 2030 Payment System Blueprint (BSPI), one of the efforts to build resilience is the development of digital rupiah through the Garuda Project.

Director of the BI Payment System Policy Department Ryan Rizaldy said digital rupiah is still in the development or trial stage and has completed trials at the cash liner level.

Digital rupiah with cash ledger will move on digital rupiah experiments or experiments with alerts, and when we finish we enter cross-border transaction features," Ryan said in a BI media briefing, quoted Monday, August 26.

Ryan explained that the cash line experiment conducted by BI, was the same as that carried out by the central bank of the United States (US) and the Bank of England. Where what is meant by cash ledger is to test the issuance of digital rupiah when moving from one hand to another.

"We have finished the trial. We will move to the seismics liner. We are talking about the digital securities published on the blockchain platform," he said.

Ryan conveyed how this distributed line or blockchain works attracts BI's attention. However, his party will continue to test whether this system fits the way the central bank works.

"The lower direction is in the form of trials, not like we immediately published them, but it's like in a laboratory," he said.

According to Ryan, similar trials of digital currencies are also being carried out by the Fed. In a digital dollar project document or Central Bank Digital Currency (CBDC), the Fed wants experiments and research on digital US dollars to focus on efficiency and security in payment systems.

Previously, the Governor of Bank Indonesia (BI) Perry Warjiyo said he would launch the 2025-2030 Blueprint Indonesian Payment System (BSPI) where there will be digital rupiah in the future, and Indonesia will have three rupiah, namely rupiah paper, electronics, and digital.

"We will prepare the digital rupiah for the future," he said.

Perry said that currently digital rupiah is being prepared in the stage of choosing supporting technology. "Is it centralized or decentralized," he explained.