Bank Indonesia's 2024 Digital Rupiah Trial with Blockchain

Bank Indonesia plans to trial its digital rupiah, a central bank digital currency (CBDC), in 2024, utilizing blockchain technology.

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The focus initially is on wholesale interbank settlement, aiming to enhance efficiency in payments between banks and the central bank.

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Collaboration with large financial institutions is underway for input and feedback, with an emphasis on interoperability with other central bank digital currencies.

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The digital rupiah will be experimented with on two tracks: retail for direct consumer use and wholesale for more efficient interbank transactions via blockchain.

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Analysts highlight CBDC advantages, including full central bank backing, increased security, and lower volatility, but caution about potential impacts on traditional banking services.

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