Garuda Project Proof of Concept, New Chapter of Digital Rupiah Exploration
Bank Indonesia, through Project Garuda, has successfully completed the Proof of Concept (PoC) for the Rupiah Digital wholesale cash ledger (immediate stage). The Garuda project is an initiative by Bank Indonesia to explore CBDC in Indonesia called Rupiah Digital. This new round is a continuation of the three previous stages which started in 2022, namely white paper, consultative paper and public consultation report. This initiative aims to test the readiness of technologies supporting the development of the Rupiah Digital business model. The comprehensive testing covered critical technical aspects, transaction security, and, interoperability with existing payment systems and financial infrastructure. The PoC was designed to focus deeply on these areas to ensure the developed system delivers efficient, secure, and reliable services.
Each testing phase was crucial for idea enrichment, innovation exploration, and validating the pre-defined concepts. The tests utilized potential distributed ledger technology[1] (DLT) platforms, which underwent comprehensive technical evaluations in order to ensure their alignment with the future needs of the Rupiah Digital business model. Overall, the PoC met all test scenarios, proving that the DLT-based technology solution can meet the business and technical needs of the wholesale Rupiah Digital cash ledger. This PoC phase marks a significant milestone in the exploration and experimentation of Rupiah Digital. The success and insights gained from this PoC will lay the foundation for strengthening the business and technical aspects of Rupiah Digital moving forward.
The publication of this PoC report reflects Bank Indonesia's commitment to transparency and collaboration with stakeholders in exploring and experimenting with the Rupiah Digital design. For more information on the Proof of Concept Report "Garuda Project: Wholesale Rupiah Digital Cash Ledger," please visit this page.
First, please LoginComment After ~