BI Announces Digital Rupiah Development Consultation Report

Rupiah (photo: dock. Antara)

JAKARTA - Bank Indonesia (BI) launched a public consultation report which is a collection of all public inputs on the concept of digital rupiah development as stated in the digital rupiah Consultative Paper (CP) phase I.

BI expressed its appreciation for the views of the people who have been accepted in the period of receiving input which was opened on January 31, 2023, to July 15, 2023.

Head of the BI Communication Department Erwin Haryono said there were 42 comments and inputs sourced, including non-financial banking and institutions, associations, Ministries, academics, as well as individuals/public communities.

"This Public Consultation Report is an important part of Garuda's 'Proyek' initiative as a project that includes exploration of digital rupiah. The issuance of reports is a form of BI's transparency and accountability in the development of Ddgital rupiah designs," he explained in his official statement, Wednesday, December 27.

After receiving input from the public, the development of this Digital Rupiah will enter a number of subsequent stages, namely the technology (proof of concept), Prototyping, Piloting/sandboxing, and Review of policy stances, as designed at the high level design of White Paper Rupiah Digital.

Erwin said that the digital rupiah development experiment is an iterative process to open wider exploration opportunities for various design alternatives and ensure the most optimal added value for Indonesia.

The structure of the Public Consultation Report is divided into six categories which are the basis for deepening aspects of functionality and general considerations, as well as being a strengthening element for Digital Rupiah Development. The six categories are:

Technology: Highlighting aspects of scalability and resilience.

Avoid Access: Covering membership procedures, data access procedures, and wallet management.

Publishing and Destruction: Related to the process of issuing and destroying the Digital Rupiah.

Fund transfers: Covering basic functions in fund transfers, gridlock resolutions, and settlement finalities.

Technical capabilities and aspects 3i: Involving interconnection, interoperability, and integration.

Implications: Related to the impact of the digital Rupiah currency on Payment Systems, Financial System Stability, and Monetary.