Bank Indonesia introduces Project Garuda

Bank Indonesia introduces Project Garuda, unveiling the innovative Rupiah Digital (wRD) as a pivotal component of Indonesia’s Central Bank Digital Currency endeavor.

The Proof of Concept (PoC) examines issuance, redemption, and fund transfers through advanced Distributed Ledger Technology (DLT) platforms: R3 Corda and Kaleido Hyperledger Besu. These platforms effectively meet business and technical requirements, demonstrating robustness, privacy, scalability, and seamless interoperability.

Integration of smart contracts enables automated transactions, real-time gross settlement, and alignment with systems like BI-RTGS following ISO 20022 standards. Notably, R3 Corda employs a notary system, while Kaleido Hyperledger Besu adopts Proof-of-Authority for consensus mechanisms.

The PoC showcases the limitless potential of DLT in realizing wRD, offering improved efficiency and seamless integration with financial frameworks. The upcoming phase will focus on exploring advanced functionalities, expanding digital asset applications, and involving stakeholders to enhance the project blueprint. This initiative aims to promote inclusivity, drive innovation, and strengthen the stability of the financial ecosystem.

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