Central Bank Advances Digital Rupiah Infrastructure for Bond-Backed Securities
Bank Indonesia is advancing plans to issue digital securities backed by government bonds, describing the initiative as the nation's stablecoin version built on its central bank digital currency infrastructure. Governor Perry Warjiyo announced the program during the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 in Jakarta on Thursday.
The central bank plans to issue digital securities that are tokenized versions of government bonds, backed by the digital rupiah CBDC. These digital securities will be derived from the digital rupiah and supported by government bond holdings, forming what Bank Indonesia calls Indonesia's national stablecoin version.
"We will issue Bank Indonesia securities in digital form, the digital rupiah with underlying SBN, Indonesia's national version of a stablecoin," Warjiyo announced during the summit.
The digital securities are designed to complement the central bank's broader digital finance strategy.
Regulatory Landscape and Crypto Adoption in Indonesia
If realized, this would mark a major step in integrating blockchain into Indonesia's monetary framework. While stablecoins are not yet legal tender in Indonesia, the country's Financial Services Authority (OJK) has started monitoring their use due to growing importance in payments and remittances.
Dino Milano Siregar, head of the OJK's crypto and digital asset division, explained that the regulator enforces Anti-Money Laundering compliance and periodic reporting requirements for stablecoin traders. Even without formal recognition as payment instruments, stablecoins are already being used as hedging tools, particularly those backed by credible underlying assets.
"These assets are tradable and far less volatile than other cryptocurrencies," Siregar noted, highlighting the practical applications already emerging in the market.
Indonesia's Strong Position in Global Crypto Adoption
Indonesia secured 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 value received. This strong adoption rate underscores the potential impact of official digital currency initiatives.
Broader Government Interest in Cryptocurrency
In August, local advocacy group Bitcoin Indonesia revealed that the Indonesian government has been exploring Bitcoin as a reserve asset. The group stated they have met with officials to discuss how the strategy could drive economic growth in the country, indicating broader governmental interest in crypto integration beyond just payment systems.