Bank Indonesia Still Testing Digital Rupiah, To Be Launched This Year?

RUPIAH – JAKARTA. Bank Indonesia (BI) has announced progress towards the issuance of Central Bank Digital Currency (CBDC) or digital rupiah.

BI Deputy Governor Juda Agung stated that currently, the piloting of Digital Rupiah is continuously being conducted internally. In addition, the progress of the digital rupiah is still in the conceptual design stage or proof of concept.

“Currently, BI is in the process of conceptual design, proof of concept, using simulations from the internal side at BI,” Juda said in the Economic Outlook 2024, Thursday (29/2).

Read Also: Indonesia Offers Retail Sukuk SR020 Starting on Friday (3/1), Coupon of 6.30% & 6.40%

He added, BI will also continue to observe the global development of CBDC, by looking at experiences in other countries. For example, in China and Europe.

Juda assured that the implementation of CBDC or digital rupiah will not be implemented this year.

“(Will it be launched in 2024?) I think not yet, we are still continuously piloting,” he revealed.

The digital rupiah will eventually replace fiat money, paper and coin money. However, the replacement of fiat to digital rupiah will be done gradually.

“Its nature is still hybrid, eventually it will certainly become a replacement for fiat money, paper money and coin money,” he added.