Deepti Sri · · 1 min readD3 Labs teams up with Indonesian Blockchain Association for digital rupiah
Bank Indonesia, the country’s central bank / Photo credit: Shutterstock
Singapore-based D3 Labs has partnered with the Indonesian Blockchain Association to support the first phase of digital rupiah development as part of Project Garuda, which was initiated by Bank Indonesia, the country’s central bank.
Project Garuda aims to use blockchain to create a digital version of the Indonesian currency. The white paper on digital rupiah was published in November 2022.
Established in September 2022, D3 Labs specializes in programmable money infrastructure solutions, assisting enterprises in integrating such features into their financial systems. Programmable money is a form of digital currency that includes built-in rules, offering increased flexibility in its applications.
“Bank Indonesia could consider implementing special design features, such as a maximum individual ownership limit for Central Bank Digital Currency (CBDC) and progressive remuneration, as tools to protect financial stability,” D3 Labs COO Tigran Adiwirya said in a statement.
Earlier this year, Bank Indonesia also invited the public to provide feedback on the digital rupiah project.
Cryptocurrency is not considered legal tender in Indonesia, but it can be used as an investment asset.
Editing by Thu Huong Le and Eileen C. Ang
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