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“Collaboration and synergy on national and international level is critical to the development of Digital Rupiah,” said Perry Warjiyo.

Bank of indonesia Governor Perry Warjiyo has declared developments in its plans to launch a central bank digital currency, or CBDC, for “various digital economic and money transactions.”

In a Dec. five speech at the central bank’s annual meeting, Warjiyo said the bank planned to release details on the conceptual style of a digital rupiah — a currency the equivalent of the country’s edict — and open the matter to public comment. according to the governor, the Bank of indonesia intended for the digital rupiah to be “integrated, interconnected, and interoperable” with alternative countries’ CBDCs following discussions with central bank officials.

The CBDC initiative, referred to as Project garuda, can begin with the launch of a wholesale digital rupiah for “use cases of issuance, redemption, and interbank fund transfer” followed by “monetary operations and monetary market development.” The project’s written report states that the third phase can deal with end-to-end transactions between wholesale and retail digital rupiah users.

“Collaboration and synergy on national and international level is important to the event of Digital rupiah,” said Warjiyo.

Related: Indonesia’s cryptocurrency community in 2022: an overview

Indonesia obligatory a blanket ban on crypto payments beginning in 2017, whereas trading in digital assets has mostly remained legal within the country as regulated under the commodity Futures trading regulatory agency. Warjiyo first announced plans for indonesia to introduce a CBDC in might 2021 however didn't provide a specific timeline for the digital currency’s release.