The future is now.
The so-called"Project Garuda” -- named after the mythical bird -- is Bank Indonesia’s attempt at experimenting with central bank digital currencies to safeguard its position as the sole authority issuing legal tender in a rapidly changing digital era. The monetary authority recently issued a white paper to detail its plans.
Next, the CBDC use will be expanded to the rest of the interbank money market and monetary operations. Lastly, the digital rupiah will be used by retail consumers for everything from fund transfers to payments.Bank Indonesia will start by limiting the use to qualified banks, who would need to convert their reserves at the central bank to obtain digital rupiah tokens.
Later, anyone would be able to get CBDC for retail use by exchanging everything from banknotes to deposits, including those held in electronic money form. The central bank may distribute digital rupiah directly to end-users, especially in areas that lack access.The central bank wants to ensure the digital rupiah supports cross-border transactions, so it will be built on a combination of distributed ledger technology and centralized infrastructure.
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