Indonesia Digital Rupiah (Project Garuda)
Bank Indonesia
Status
Architecture
Cross-Border Projects
No cross-border projects reported.
Capabilities
Frequently Asked Questions
Does Indonesia have a CBDC?
Yes, Indonesia is developing Indonesia Digital Rupiah (Project Garuda), currently in pilot phase.
What is the status of Indonesia's CBDC?
Indonesia Digital Rupiah (Project Garuda) is in pilot phase as of 2026-02-18. The pilot program is actively testing with real users.
When did Indonesia launch its CBDC pilot?
No pilot launch date has been announced yet. The project is currently in pilot phase.
How many people use Indonesia's CBDC?
User and wallet metrics are not publicly available at this time.
Is Indonesia's CBDC retail or wholesale?
Indonesia Digital Rupiah (Project Garuda) is a wholesale CBDC designed for interbank settlements and large-value transactions.
Which central bank manages Indonesia Digital Rupiah (Project Garuda)?
Indonesia Digital Rupiah (Project Garuda) is managed by Bank Indonesia.
Recent Developments
According to Bank Indonesia (BI), the Digital Rupiah is being developed under Project Garuda as part of the Indonesian Payment System Blueprint 2030. The project follows a structured three-phase approach: Immediate State (completed), Intermediate State (in progress), and End State (long-term vision). The Immediate State focused on wholesale CBDC design, with a proof of concept conducted from July 2023 to August 2024 using permissioned distributed ledger technology. Bank Indonesia published a white paper on the Digital Rupiah in 2024, outlining both wholesale (w-CBDC) and retail (r-CBDC) approaches. The wholesale CBDC is prioritized for interbank transactions and large-value transfers between financial institutions. Governor Perry Warjiyo emphasized that the Digital Rupiah aims to safeguard the Rupiah's sovereignty against private cryptocurrencies and stablecoins. BI has set long-term liquidity targets including Rp81 trillion in daily money-market turnover by 2030.
Updated: 2/18/2026