Indonesia Set to Launch Digital Rupiah CBDC with Government-Bond-Backed Stablecoin

Indonesia’s digital rupiah CBDC to get ‘stablecoin’ companion backed by government bonds

Summary: Bank Indonesia is moving forward with plans to introduce a digital version of its national currency, the rupiah, alongside a stablecoin backed by government bonds. This initiative aims to strengthen the country’s digital finance landscape and incorporate blockchain technology into its monetary system.

Key Takeaways

Bank Indonesia plans to release a stablecoin, referred to as "Indonesia’s national stablecoin version," which will be backed by government bonds.
The initiative was announced by Governor Perry Warjiyo during a significant financial summit in Jakarta.
The digital securities will emerge from the digital rupiah, Indonesia's central bank digital currency (CBDC).
Although stablecoins are not recognized as legal tender in Indonesia, their use is being monitored for payments and remittances.
Indonesia ranks seventh globally in cryptocurrency adoption, according to the recent Chainalysis report.

Bank Indonesia Introduces National Stablecoin

Bank Indonesia (BI), the central bank of Indonesia, is progressing with its initiative to issue a "national stablecoin version," which is essentially a digital currency backed by government bonds (SBN). This announcement was made by BI Governor Perry Warjiyo during the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 held in Jakarta, as reported by CNBC Indonesia.

Warjiyo explained that Bank Indonesia plans to create digital central bank securities, which are tokenized forms of SBN. These digital securities will be closely associated with the digital rupiah, the nation’s central bank digital currency (CBDC). In essence, these digital securities will be built upon the digital rupiah and supported by government bonds, integrating into what the central bank describes as Indonesia's version of a stablecoin.

"We will issue Bank Indonesia securities in digital form — the digital rupiah with underlying SBN, Indonesia’s national version of a stablecoin," Warjiyo stated.

Related: Indonesia raises taxes on crypto exchange sales and miners

Blockchain Integration in Indonesia’s Financial System

The new digital securities are part of Bank Indonesia's comprehensive digital finance strategy. If this initiative comes to fruition, it will signify a significant advancement in incorporating blockchain technology into Indonesia’s monetary system. Currently, while stablecoins are not yet classified as legal tender in Indonesia, the Financial Services Authority (OJK) has begun monitoring their application due to their rising significance in payments and remittances.

Dino Milano Siregar, the head of the OJK’s crypto and digital asset division, noted that the regulator is focused on enforcing Anti-Money Laundering (AML) compliance alongside ongoing reporting requirements for stablecoin traders. He acknowledged that even though stablecoins do not yet hold formal status as payment instruments, they are already utilized as hedging tools, especially those tied to trustworthy underlying assets. "These assets are tradable and far less volatile than other cryptocurrencies," Siregar added.

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Indonesia's Position in Global Crypto Adoption

Indonesia has secured the seventh position in Chainalysis’s 2025 Global Crypto Adoption Index. The country ranked ninth in retail activity, seventh in centralized service value received, and fourth in decentralized finance (DeFi) value received.

Top 20 countries in overall crypto adoption. Source: Chainalysis

In August, the local advocacy group Bitcoin Indonesia disclosed that the Indonesian government has been investigating Bitcoin as a possible reserve asset. The group indicated that they have engaged with officials to discuss how this strategy could bolster economic growth in the nation.

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