Bank of Indonesia governor Perry Warjiyo has introduced developments in its plans to launch a central bank digital foreign money, or CBDC, for “various digital economic and financial transactions.”

In a Dec. 5 speech on the central bank’s annual assembly, Warjiyo mentioned the bank deliberate to launch particulars on the conceptual design of a digital rupiah — a foreign money the equal of the nation’s fiat — and open the matter to public remark. According to the governor, the Bank of Indonesia supposed for the digital rupiah to be “integrated, interconnected, and interoperable” with different nation’s CBDCs following discussions with central bank officers.

The CBDC initiative, referred to as Project Garuda, will begin with the launch of a wholesale digital rupiah for “use cases of issuance, redemption, and interbank fund transfer” adopted by “monetary operations and financial market development.” The undertaking’s white paper acknowledged the third part will take care of end-to-end transactions between wholesale and retail digital rupiah customers.

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

Digital rupiah roadmap. Source: Bank of Indonesia

Related: Indonesia’s cryptocurrency group in 2022: An overview

Indonesia imposed a blanket ban on crypto funds beginning in 2017, whereas buying and selling in digital property largely remained legal in the nation as regulated beneath the Commodity Futures Trading Regulatory Agency. Warjiyo first introduced plans for Indonesia to introduce a CBDC in May 2021 however didn’t present a particular timeline on the digital foreign money’s launch.

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