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Deployments · platform by R3

Bank Indonesia Project Garuda (wholesale digital rupiah)New

Bank Indonesia's programme to design a digital rupiah central bank currency in three stages: a wholesale cash ledger (immediate state), wholesale digital rupiah for digital assets and securities (intermediate state), and links with other ledgers and the retail version (end state). The immediate-state proof of concept ran from July 2023 to August 2024 on two permissioned platforms built by their developers, R3 Corda and Kaleido's Hyperledger Besu, testing issuance, redemption and interbank transfer of wholesale digital rupiah across 55 test scenarios, with a limited delivery-versus-payment scenario. Bank Indonesia reported in December 2024 that all scenarios were met. In October 2025 the governor said the second stage had begun, exploring digital securities on DLT, with Bank Indonesia securities in digital form backed by government bonds to be tested in monetary operations. No live service yet.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Proof of concept since Jul 2023[1] — Test environment only; access to results limited to Bank Indonesia and authorised parties. Second-stage experiments reported by the press (October 2025), not yet by a Bank Indonesia publication opened. · Reviewed 12d ago

Assets
Wholesale central-bank money[1]
Wholesale digital rupiah (test)
Networks
Use cases
Domestic payments[1]Delivery versus payment (DvP)[1]Primary issuance[4]
Jurisdictions
Indonesia

Participants

  • Bank IndonesiaOperator, Issuer[1][2]Indonesia
  • R3Platform provider, Technology provider[1]United States
  • KaleidoPlatform provider, Technology provider[1]United States
  • Wholesale participant node clusters run in the test environment; participants not named in the report.[1]

Timeline

  1. Happened 30 Oct 2025 · Scope expansion · recorded 27 Oct 2026
    Governor Perry Warjiyo says the second stage has begun, exploring digital securities on DLT, including digital Bank Indonesia securities backed by government bonds.[4]
  2. Happened 13 Dec 2024 · Production milestone · recorded 27 Oct 2026
    Bank Indonesia reports that the wholesale cash ledger proof of concept met all test scenarios.[2][1]
  3. Happened Jul 2023 (month only) · Launch · recorded 27 Oct 2026
    The immediate-state proof of concept starts on R3 Corda and Kaleido Hyperledger Besu test networks.[1]
  4. Happened 31 Jan 2023 · Announcement · recorded 27 Oct 2026
    Consultative paper on the wholesale digital rupiah cash ledger (issuance, destruction and transfer) opens for public comment until 15 July 2023.[3]
  5. Happened 30 Nov 2022 · Announcement · recorded 27 Oct 2026
    Bank Indonesia publishes the Project Garuda white paper setting out the digital rupiah design and its three stages.[3]

Sources

  1. [1]Project Garuda: Wholesale Rupiah Digital Cash Ledger (proof of concept report) — Bank Indonesia, Dec 2024. Accessed 27 Oct 2026.A
  2. [2]Bank Indonesia completes the Rupiah Digital wholesale cash ledger proof of concept (news release 26/270/DKom) — Bank Indonesia, 13 Dec 2024. Accessed 27 Oct 2026.A
  3. [3]Project Garuda: Navigating the Architecture of Digital Rupiah — Bank Indonesia. Accessed 27 Oct 2026.B
  4. [4]Bank Indonesia moves forward with national stablecoin plan, eyes digital rupiah integration into securities market — Investortrust, 31 Oct 2025. Accessed 27 Oct 2026.C

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