Digital Rupiah to Underpin New Stablecoin Initiative
Bank Indonesia (BI), Indonesia’s central bank, is advancing plans to issue a digital currency it describes as its “national stablecoin version.” This digital currency will be backed by government bonds (SBN). The initiative was announced by central bank Governor Perry Warjiyo during the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 in Jakarta on Thursday.
During the summit, Warjiyo detailed that Bank Indonesia intends to issue digital central bank securities. These securities will be tokenized versions of SBN and will be built upon the digital rupiah, the country’s central bank digital currency (CBDC). "We will issue Bank Indonesia securities in digital form — the digital rupiah with underlying SBN, Indonesia’s national version of a stablecoin," he stated.
Integrating Blockchain into Indonesia's Monetary System
The proposed digital securities are designed to complement BI’s broader digital finance strategy. If implemented, this initiative would represent a significant step toward integrating blockchain technology into Indonesia’s monetary framework.
Although stablecoins are not yet recognized as legal tender in Indonesia, the country’s Financial Services Authority (OJK) has begun monitoring their usage due to their increasing significance in payment and remittance services. Dino Milano Siregar, head of the OJK’s crypto and digital asset division, confirmed that the regulator enforces Anti-Money Laundering (AML) compliance and periodic reporting requirements for stablecoin traders.
Siregar pointed out that stablecoins are already being utilized as hedging tools, particularly those supported by credible underlying assets. He noted, "These assets are tradable and far less volatile than other cryptocurrencies."
Indonesia's Strong Position in Global Crypto Adoption
Indonesia has achieved a notable position in the global cryptocurrency landscape, ranking seventh in Chainalysis’s 2025 Global Crypto Adoption Index. The country secured ninth place in retail activity, seventh in the value of centralized services received, and fourth in the value of decentralized finance (DeFi) received.
In August, the local advocacy group Bitcoin Indonesia reported that the Indonesian government has been investigating Bitcoin (BTC) as a potential reserve asset. The group mentioned having met with officials to discuss how such a strategy could stimulate economic growth within the country.