No mention of Bitcoin becoming a legal tender in Singapore. But a CBDC could very well become one soon.
Bank of Indonesia governor Perry Warjiyo has announced developments in its plans to launch a central bank digital currency, or CBDC, for “various digital economic and financial transactions.”the bank planned to release details on the conceptual design of a digital rupiah — a currency the equivalent of the country’s fiat — and open the matter to public comment.
The CBDC initiative, called Project Garuda, will start with the launch of a wholesale digital rupiah for “use cases of issuance, redemption, and interbank fund transfer” followed by “monetary operations and financial market development.” The project’s white paper stated the third phase will deal with end-to-end transactions between wholesale and retail digital rupiah users.
“Collaboration and synergy on national and international level is critical to the development of Digital Rupiah,” said Warjiyo.
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