Jakarta, IO – Bank Indonesia (BI) will soon issue a digital currency called “digital rupiah.” Although the official launch date is yet to be confirmed, BI has published a white paper on the mechanism of issuance and distribution of digital rupiah, dubbed the “Garuda Project” on Wednesday (30/11).
“The digital rupiah will become the only legal digital payment instrument in Indonesia,” BI governor Perry Warjiyo said, reported Katadata, Friday (2/12). Perry revealed that the digital currency will be issued in two types – wholesale and retail.
The wholesale type can only be used in a limited manner by parties appointed by the central bank while the retail one can be used by the general public much like banknotes or coins, but in digital form.
The first stage of the development will begin with the issuance of wholesale digital rupiah. This will include functions and services for issuing, destroying and transferring funds between parties, and conversion between current accounts at the central bank into digital rupiah. Later, the digital currency platform will be integrated with BI real time gross settlement (RTGS).