Bank Indonesia poised to develop digital currency

Feasible move: Warjiyo speaks during the annual meeting of Indonesia’s central bank with its financial stakeholders in Jakarta. The race to introduce the digital rupiah has been BI’s long-standing vision. — Reuters

JAKARTA: Bank Indonesia (BI) has announced that its roadmap for the country’s own central bank digital currency (CBDC) named the “digital rupiah” will start with a wholesale design, in a move that may bring the country closer to finally implementing the long-awaited digital currency.

The roadmap was launched within a white paper named after the country’s mythical creature “Project Garuda,” with an aim to explore possible designs to implement the digital rupiah.