BI Plans Rupiah Stablecoin, Bond-Backed Digital Assets
- Bank Indonesia to launch a rupiah stablecoin and digital securities, both tied to government bonds.
- OJK strengthens oversight of stablecoins with stricter compliance and reporting standards.
- Indonesia aligns with Asian nations advancing sovereign-backed digital currency projects.
Bank Indonesia (BI) announced a plan to issue central bank digital securities backed by government bonds and to develop a rupiah-denominated stablecoin linked to those assets. Governor Perry Warjiyo presented the policy at a fintech forum in Jakarta. He framed it as part of Indonesia’s push to modernize payments and markets.
Bond-Backed National Stablecoin and SBN-Based Digital Securities
Warjiyo said BI will issue digital securities and a rupiah stablecoin tied to Surat Berharga Negara (SBN). He called it Indonesia’s “national version of a stablecoin.” The plan will complement the digital rupiah and aims to improve settlement and transparency in the domestic market.
“We will issue Bank Indonesia securities in digital form, Indonesia’s national version of a stablecoin,” Warjiyo said in Jakarta. His remarks outline the scope of BI’s next steps and the link to the rupiah’s digital form.
Indonesia’s OJK Enhances Stablecoin Monitoring and Compliance Rules
Indonesia’s Financial Services Authority (OJK) has expanded supervision of stablecoins. The OJK stated that exchanges must monitor stablecoin activity and adhere to specific rules. The rules include regular reporting and anti-money-laundering controls.
This move builds on earlier remarks from July, when Dino Milano Siregar of OJK reiterated that stablecoins should fall under exchange monitoring and trader supervision. He had noted that some users already hedge with stablecoins, even though they do not hold legal tender status.
Digital Rupiah Timeline and Regional Policy Context
BI initiated Project Garuda in 2022 and completed a wholesale digital rupiah proof of concept in December 2024. The “Immediate State” phase built a cash ledger among approved institutions and informed future phases. BI said later work will connect to payment rails and support cross-border pilots.
Policy moves across Asia set a baseline for comparison. Hong Kong’s legislature passed a stablecoin bill in May 2025, creating a licensing regime for fiat-referenced issuers. Officials expect the first licenses as early as 2026, subject to supervisory review.
Hong Kong lawmakers also suggested the idea of offshore renminbi-backed stablecoins this month. A Legislative Council brief suggested the city could serve as a testing ground under Mainland oversight. These discussions help frame Indonesia’s design choices for a bond-backed rupiah token.
Related: Indonesia’s $38M Crypto Tax Rise Sparks Innovation Concerns
BI’s Indonesia Payment System Blueprint 2030 mentions the future issuance of a digital rupiah and digital securities. It defines integration targets for the payment systems and market infrastructure, which include roles to be played by tokenized instruments.
BI has not outlined a launch timetable. Industry participants expect consultation on reserves, redemption, and wallet access. They also expect guidance on links to banks and e-money providers. Standards will influence adoption across retail and wholesale use.
BI framed the announcement around its three digital finance pillars. The program aims for wider adoption and innovation, a stronger industry framework, and stable market conditions. BI also indicated connections between tokenized instruments and existing payment and settlement systems to prevent fragmentation.
Indonesia’s next steps will depend on how regulators finalize rules for reserves, redemption, and interoperability. For now, Project Garuda provides the foundation, while policymakers weigh how to link a bond-backed stablecoin and the digital rupiah into the broader payment ecosystem.
