The central bank of Indonesia is working to issue a wholesale digital rupiah. The new currency is meant to be the only legal tender for digital transactions in the country while the regulator also wants to ensure that it will be exchangeable across borders.
Indonesia’s monetary authority is advancing with a project to issue a digital version of the national fiat for wholesale transactions. It plans to release the conceptual design of the future digital rupiah by the end of 2022, Governor Perry Warjiyo revealed in a briefing on Thursday. Quoted by Bloomberg, he elaborated:
The principle of digital rupiah will be the same as paper money which is to be the only legal currency for digital transactions in Indonesia.