Bank Indonesia (BI) officially launched a white paper or project to develop central bank digital currency (CBDC) aka digital rupiah. This project is named the Garuda Project. "Today, we launched a digital rupiah white paper which we call the Garuda Project," said BI Governor Perry Warjiyo at the BI Annual Meeting at the JCC Senayan, Jakarta, Wednesday (30/11). Perry continued, the Garuda Project will implement three stages of forming a digital rupiah. First, wholesale CBDC for the business model of issuing, destroying, and interbank transfers with digital rupiah. Second, the development of monetary operations and money market business models. Third, integration of wholesale CBDC with CBDC retail in an end-to-end manner, including synergies and collaborations nationally and internationally. "We will accelerate money market deepening according to the 2025 money market deepening blueprint for modern and efficient integration of monetary and money market operations, through infrastructure development, consolidation of primary dealer market participants, and instruments," he explained. Perry also said, BI as the payment system authority also continues to accelerate digitization according to the 2025 Indonesian payment system blueprint. Apart from digital rupiah, BI will also expand cooperation between countries through a number of programs, including collaboration between BI and industry, expansion of QRIS, and BI Fast. "ASEAN 5 cooperation in quick responses, fast payments, and local currency transactions will be extended to ASEAN and other countries," he added.

Source: https://kumparan.com/kumparanbisnis/bi-luncurkan-pengembangan-rupiah-digital-diberi-nama-proyek-garuda-1zLdwTC98F5/full