With the rise of digital currency, many countries have been drawn to this new form of money and Indonesia is the latest addition to the countries that are embracing digital currency. The nation’s move provides an opportunity for them to monetize their initiative while also expanding the scope of financial technology.
However, before starting its journey to become a part of this cutting-edge technology Cental Bank of Indonesia is embarking on a consultation process for its ambitious digital currency initiative, Project Garuda.
This move marks a monumental shift in the country’s financial landscape and reflects its commitment to modernizing banking infrastructure by leveraging cutting-edge technology. Although, the initiative is not completely open-ended; the central bank will determine which entity is eligible to become wholesalers to dole up imminent Digital Rupiah.
As such, it can be said that their involvement in the process adds an additional layer of control and ensures greater oversight of all transactions conducted in relation to the CBDC. Moreover, with the availability of digital assets comes a higher degree of flexibility, transparency, and security when dealing with financial products.
How Will They Gain Insightful Knowledge for a Successful Initiative?
The Central Bank of Indonesia is engaging in a public consultation process to gain insight from industry stakeholders on their full-scale Central Bank Digital Currency (CBDC) launch.
However, the consultation will be limited to the general CBDC model only and more detailed plans for a retail version are already being formulated. This initiative opens up a lot of potential groundbreaking opportunities such as offering financial inclusion, greater efficiency, and privacy benefits