Bank Indonesia is preparing to launch a digital version of the rupiah by 2030, beginning phased trials next year. The central bank aims to introduce a digital rupiah backed by tokenized government bonds, described by officials as Indonesia’s “national version of a stablecoin”.
Governor Perry Warjiyo announced the initiative during the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 in Jakarta. He said the central bank will issue digital securities representing sovereign bonds (SBN), which will serve as the underlying assets supporting the digital rupiah.
“We will issue Bank Indonesia securities in digital form — a digital rupiah backed by government bonds, which will serve as Indonesia’s national version of a stablecoin”. Warjiyo said.
Phased Launch and Broader Integration
The digital rupiah rollout will unfold in several stages. Between 2025 and 2028, Bank Indonesia will test the use of digital securities and monetary operations through distributed ledger technology. The project is expected to be fully rolled out by 2030. At that point, programmable and tokenized financial instruments are intended to be used within Indonesia’s payment and financial systems.
Your completely free resource hub designed to boost your knowledge of cryptocurrencies
Bank Indonesia has been developing its digital currency since 2022. By the end of 2024, it completed the first phase of Project Garuda, known as the “Immediate State.” This stage functioned as a proof of concept for a wholesale digital rupiah cash ledger. Later phases are expected to involve linking the system with existing payment infrastructure, which includes domestic use and cross-border transactions.
Responding to Currency Pressure and Market Shifts
The announcement comes as Indonesia’s Financial Services Authority (OJK) continues tightening oversight of stablecoins. In April 2025, the rupiah fell to Rp16,850 per U.S. dollar, the lowest level recorded.
Dino Milano Siregar, head of OJK’s Digital Financial Assets department, told CNBC Indonesia that although stablecoins are not yet an official means of payment, they have become an important tool for transactions. The regulator has introduced new rules to ensure compliance with anti-money-laundering standards and to require regular reporting by traders.
Indonesia Joins Asia’s CBDC Momentum
Bank Indonesia’s digital rupiah project places the country among a growing list of Asian nations experimenting with central bank digital currencies (CBDCs). Other countries in the region, such as China, Hong Kong, and Singapore, have also been running trials related to digital currencies.
Analysts have noted that using tokenized government bonds alongside a programmable digital currency could affect how certain settlement processes are carried out.
