Bank Indonesia Moves Forward with National Stablecoin Plan, Eyes Digital Rupiah Integration into Securities Market
Key Takeaways
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JAKARTA, Investortrust.id — Bank Indonesia Governor Perry Warjiyo has signaled that the country’s digital rupiah will evolve into Indonesia’s official national stablecoin, marking a major step toward the integration of blockchain-based currencies into the country’s financial infrastructure.
Speaking at the joint opening of the Festival Ekonomi Keuangan Digital (Fekdi) and Indonesia Fintech Summit & Expo (IFSE) 2025 in Jakarta on Thursday, Oct 30, Perry said the central bank’s digital currency initiative—known as the Digital Rupiah—is designed to function as a stablecoin with official status.
“This is the stablecoin version of the rupiah, officially Indonesia’s national one. God willing, we will develop it in that direction,” Perry said.
The national stablecoin initiative positions Bank Indonesia among Asia’s frontrunners in central bank digital currency (CBDC) experimentation, comparable to Singapore’s Project Ubin and Hong Kong’s mBridge. Its successful implementation could boost liquidity efficiency and financial inclusion.
Blueprint for a National Stablecoin
The central bank’s long-term vision for digital currency is outlined in the Blueprint Sistem Pembayaran Indonesia (BSPI) 2030 under Project Garuda. The project is divided into three phases—immediate, intermediate, and end state—each focusing on progressive use cases for the Digital Rupiah.
The first phase, completed in 2024, focused on the wholesale-Rupiah Digital (w-Rupiah Digital) for issuance, destruction, and interbank transfers. The second phase expands these use cases to include digital transactions in the financial market, while the final stage will integrate both wholesale and retail versions of the Digital Rupiah.
Bank Indonesia has now entered the second phase of experimentation, exploring digital securities through distributed ledger technology (DLT). This phase aims to develop a securities ledger that allows the issuance, transfer, and destruction of digital securities—both native tokens and informational tokens—while maintaining monetary control through the Khazanah Rupiah Digital (KRD) and Khazanah Sekuritas Digital (KSD) systems.
Subsequent tests will apply these digital securities to monetary operations and money market transactions, effectively simulating the functions of a modern central bank within a blockchain ecosystem.
According to BI’s internal documentation, this step “includes identifying the potential added value that could arise from this innovation compared with the traditional system.”
The final phase will explore programmability, composability, and tokenization features to evaluate their benefits in deepening financial markets. These tests will remain within the domestic rupiah transaction context, forming a strong foundation for future cross-border interoperability.
Integrating Tokenized Government Bonds
Bank Indonesia also plans to issue digital securities backed by government bonds (SBN), creating what Perry described as “the national version of a stablecoin.” The securities would represent an evolution of the central bank’s existing instruments introduced in 2023, known as Bank Indonesia Rupiah Securities (SRBI).
“We will issue Bank Indonesia securities, with the digital version of the rupiah backed by government bonds—Indonesia’s national stablecoin version,” Perry said.
This initiative reflects BI’s intention to use blockchain technology within the country’s formal monetary framework. It aims to strengthen transparency, improve settlement efficiency, and foster innovation in the financial system while maintaining sovereign control over the currency.
Indonesia’s Onchain Momentum
Indonesia’s position as a fast-growing crypto market reinforces the policy’s timing. According to the State of Crypto 2025 report by global venture capital firm a16z, Indonesia ranks among the top emerging markets for onchain activity and mobile crypto wallet adoption since 2022—alongside India and Nigeria.
More than half of all global onchain activity now originates from developing economies, the report noted, signaling a shift in digital financial power toward the Global South.
Supporting this, the Chainalysis Global Crypto Adoption Index 2025 placed Indonesia seventh worldwide for overall crypto adoption and fourth in decentralized finance (DeFi) activity. Meanwhile, Indonesia’s Ministry of Trade recorded over 18.08 million registered crypto investors as of October 2025, with cumulative transactions reaching Rp 360.30 trillion year to date.
Market Reaction and Industry Perspective
Calvin Kizana, CEO of Tokocrypto, said the combination of strong retail adoption and proactive regulation marked a turning point for the country’s digital asset landscape.
“The growth of onchain activity in Indonesia reflects rising digital literacy and public trust in crypto assets. The combination of mass retail adoption and policy innovation such as a national stablecoin is a crucial momentum to move the industry toward maturity,” Calvin said on Friday, Oct 31.
He added that collaboration between regulators and private players would be essential to maintain a transparent and secure ecosystem. “With the active roles of Bank Indonesia and the Financial Services Authority, supported by the industry’s infrastructure, Indonesia could emerge as one of Southeast Asia’s blockchain-based digital economy hubs.”
Calvin emphasized that a national stablecoin could serve as “a bridge between the traditional financial system and the blockchain-based digital economy,” enhancing public confidence and opening doors for Web3 innovation and asset tokenization.
Outlook: Digital Sovereignty Through Innovation
With rapid onchain growth, regulatory readiness, and increasing industry participation, Indonesia is moving toward becoming a leading digital economy in the region. The launch of a Digital Rupiah-backed stablecoin, supported by tokenized government securities, represents a milestone in modernizing the country’s financial system while asserting monetary sovereignty in the digital era.