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Indonesia plans digital version of rupiah for financial market
Bank Indonesia will introduce Rupiah Digital, a digital version of Sekuritas Rupiah Bank Indonesia (SRBI), as part of a phased rollout through 2030.
The central bank plans gradual development, starting with experimentation in digital securities issuance, transfers, and withdrawals from 2025 to 2026.
Further testing will cover monetary operations and financial market transactions between 2027 and 2028, followed by advanced features such as programmability, composability, and tokenization in 2029 to 2030.
Rupiah Digital will be built on distributed ledger technology, according to the central bank’s Payment System Blueprint 2030.
Bank Indonesia also plans to issue BI-FRN, a new floating-rate note, to complement its existing monetary instruments.
Details on BI-FRN will be released in early November.
The instrument is intended to support the domestic financial market and real sector.
🔗 Source: Bisnis Indonesia
🧠 Food for thought
Implications, context, and why it matters.
Rupiah Digital prioritizes institutional use cases in early phases
- Bank Indonesia’s Rupiah Digital will start with institutional tasks such as issuance, transfer, and withdrawal among permitted institutions 1. It will not serve retail payments in the early phases 1.
- The plan rolls out in stages 1. Trials run through 2026. Broader monetary operations and financial market testing follow in 2027–2028. Features like programmability, composability, and tokenization arrive in 2029–2030 1.
- The central bank says rate cuts pass through slowly to loan and deposit rates.
Fintech and bank tech firms can pitch Bank Indonesia on DLT integration before pilots
- Vendors with DLT platforms, smart contracts, or tokenization tools can ready proposals for Bank Indonesia’s experiments that start in 2025.
- Indonesian banks and securities firms will need middleware to link legacy core systems to the DLT-based Rupiah Digital stack. Custody, API gateways, and compliance for tokenized flows offer near-term openings as institutions prepare for pilots.
- Teams should watch for technical specs and pilot dates tied to the phased rollout through 2030 1.
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