Indonesia’s monetary authority has issued a white paper to detail its plans and concepts for a digital rupiah, a blockchain-based currency. The digital currency project, named “Project Garuda” is the central bank’s experiment with digital currencies to safeguard its position as the sole authority issuing legal tender in a rapidly changing digital era. Central bank governor Perry Warjiyo said the move will keep the country at the forefront of efforts to develop a central bank digital currency (CBDC). Bank of Indonesia is also participating in some international CBDC projects such as Project Dunbar and Project mBridge. Indonesia’s digital currency will be rolled out in three phases and will be limited to qualified banks. In time, anyone should be able to use the CBDC for retail purposes, and to exchange it for everything from banknotes to deposits, including those held in electronic money form.
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