CandleFocus Project Garuda takes flight: First phase of Indonesia’s Digital Rupiah achieved
2024-12-15
Author: Content Editor
Bank Indonesia has completed the Proof of Concept (PoC) for its Wholesale Rupiah Digital Cash Ledger, advancing the country's Central Bank Digital Currency (CBDC) development. The PoC validated the technical capabilities using distributed ledger technology (DLT) and tested two DLT platforms, Corda and Hyperledger Besu. The PoC showed that the DLT platforms integrated successfully with conventional systems and demonstrated better transaction efficiency and flexibility. The completion of this initial phase positions Indonesia among other nations actively advancing their digital currency initiatives. The Rupiah Digital will be integrated with existing payment systems and financial market infrastructure, supporting domestic and cross-border transactions. Further exploration is needed in areas such as privacy mechanisms and liquidity management protocols.
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