The Role of BI Policy in the Development of Central Bank Digital Currency (CBDC) as a Future Payment Tool

Abstrak

This article aims to analyze the role of Bank Indonesia's policies in the development of the Digital Rupiah as a Central Bank Digital Currency (CBDC) and its implications for monetary stability and the national payment system. The method used is a descriptive qualitative approach with literature analysis and a review of relevant regulations. The results of the study show that Bank Indonesia plays a strategic role not only as a monetary authority, but also as a leader in the transformation of the national payment system through the Garuda Project and the 2030 Indonesian Payment System Blueprint. The successful completion of the wholesale Proof of Concept (PoC) at the end of 2024 proves the readiness of technology and regulations in supporting the implementation of the Digital Rupiah, particularly in improving the efficiency of settlements between financial institutions through the use of Distributed Ledger Technology (DLT). Overall, the Digital Rupiah has the potential to improve payment system efficiency, expand financial inclusion, and strengthen monetary policy transmission through increased money circulation speed and real-time economic condition monitoring. These findings confirm that Bank Indonesia's policy on CBDC development is a strategic step to maintain monetary stability and sovereignty in the digital economy era.