Indonesia Aims to Introduce Digital Rupiah by 2030

Digital Rupiah Initiative: Indonesia plans to launch the Digital Rupiah by 2030, focusing on wholesale usage under the initiative named 'Proyek Garuda,' led by Bank Indonesia and Governor Perry Warjiyo.

Impact on Financial Systems: The introduction of the Digital Rupiah is expected to significantly reshape Indonesia's payment systems and financial markets, with potential shifts in traditional transaction industries.

Technological Framework: The phased rollout will utilize platforms like Corda and Hyperledger Besu, with anticipated regulatory changes outlined in Indonesia’s 2030 National Payment System Blueprint.

Global Context and Challenges: Historical trends from other countries suggest that while there may be no direct impact on public cryptocurrencies, the project could face adaptation challenges and redefine Indonesia's payment regulatory structure.