Bank Indonesia's consultation report on its wholesale CBDC initiative, Project Garuda, shows that most of the 42 participating entities favor using a permissioned ledger over a centralized system.
Bank Indonesia's plans for its central bank digital currency, the digital rupiah, will focus on wholesale interbank settlement using blockchain technology.
Project Garuda's second phase will explore CBDC usage in the tokenization and settlement of securities transactions.
Bank Indonesia is firm with its plan to explore and develop a CBDC, with Governor Perry Warjiyo saying their future deployment could improve economic and financial transactions.
Bank Indonesia is currently working on improving the cybersecurity features of the digital rupiah and exploring its cross-border interoperability with CBDCs of other countries.
