Indonesia is moving out of its comfort zone by continuing with plans to create its own central bank digital currency (CBDC) called Digital Rupiah under the Gamuda Project.
According to Governor Perry's explanation, Digital Rupiah in terms of infrastructure can be integrated, interconnected and able to be operated together with other CBDCs.
He added that their Digital Rupiah is allowed to buy any product in Metaverse or function as a cross-border payment.
Meanwhile, the agreement between the central banks related to the exchange rate that needs to be used for the digital currency was also carried out with the inclusion of operational supervision along with cyber risk management and capital flow.
The Central Bank of Indonesia is also reported to launch CBDC through three different phases, among the first phase is to identify the form used by larger banks to transfer their funds.
The next phase is to use CBDC to expand the interbank money market as well as monetary operations and in the final phase, Digital Rupiah will be available to retail users for fund transfer payments.
Following that, banks that intend to use the Digital Rupiah must exchange their reserves at the central bank first, commented head of payment system policy Filianingsih Hendarta.
Clarified further, Indonesians will be given access to CBDC for retail use while the central bank plays the role of distributing CBDC directly to consumers.
