Multymeter.com-Business & Finance: Bank Indonesia (BI) plans to conduct a trial of a central bank digital currency (CBDC) or digital rupiah system in 2024. This test will be conducted in stages, starting with the wholesale stage in 2024 and continuing with the retail stage in 2025.
In the wholesale stage, tests will be conducted to check the readiness of the digital rupee system for use by financial institutions, such as banks and capital markets. This test will be conducted behind closed doors and will involve a number of banks and financial institutions that have met the requirements.
At the retail stage, tests will be conducted to check the readiness of the digital rupee system for use by the general public. This test will be conducted in an open manner and will involve the general public who have registered.
BI aims to have the digital rupee officially launched in 2027.
Here is more information on Indonesia’s digital cash trial:
• wholesale scenario
○ Target: Financial institutions
○ Time: 2024
○ Method: Closed
• Retail stage
○ Target: General public
○ Time: 2025
○ Method: Open
• Objectives of the test
○ Testing the readiness of the digital rupee system
○ Gather feedback from users
○ Determine necessary policies and regulations.
○ Benefits of the digital rupee
○ Increase the efficiency of the payment system.
○ Increase public access to financial services.
○ Improve the stability of the financial system
• Testing challenge
○ Security and integrity of the system
○ Compatibility with existing payment systems
○ Community outreach and education.
Source:Bard Google
