Indonesia’s central bank is working on releasing the conceptual design of its own digital currency for banks to use by the end of this year, Bank Indonesia Governor Perry Warjiyo said on Thursday.
- Bank Indonesia’s digital rupiah will be the only legal currency for digital transactions and will be treated similar to paper money, a Bloomberg report quoting Warjiyo said.
- The digital rupiah will be available with large banks and various payment getaways who will sell to smaller banks for retail transactions, he said.
- The central bank is currently exploring cross-border use for the digital rupiah, Warjiyo said.
- Indonesia’s central bank is currently working on the cybersecurity aspects of the CBDC as well as interoperability with other countries’ financial systems, he added.