BI's Garuda Project Gives Birth to Digital Rupiah

Bank Indonesia (BI) finally released a roadmap for the central bank digital currency (CBDC) or Digital Rupiah. As a first step, BI officially launched the white paper as an initial public explanation of the Garuda Project and Digital Rupiah's high-level design and development plan.

Digital Rupiah will pose as an anchor for payment instruments in the digital era. The white paper states that the Digital Rupiah is designed in an end-to-end integrated manner, from wholesale to retail. "In the first stage, the digital rupiah is limited to issuing, destroying, and transferring at the wholesaler or big player levels, both banks and non-banks," BI governor Perry Warjiyo said.

**White Paper of CBDC is available for download at the end of this article