Bank Indonesia (BI), the country’s central bank, is advancing plans to launch what it calls a “national stablecoin version” — a digital rupiah backed by government bonds (SBN).
The announcement was made by BI Governor Perry Warjiyo during the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 in Jakarta, according to a report from CNBC Indonesia.
Warjiyo explained that the central bank intends to issue digital central bank securities — tokenized representations of SBN — built atop the upcoming digital rupiah, Indonesia’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 said.
Blockchain Integration into the Monetary System
The move aligns with BI’s broader strategy to digitize and modernize the national financial system. If implemented, it would represent one of the most significant steps toward integrating blockchain technology into Indonesia’s monetary infrastructure.
Although stablecoins are not yet recognized as legal tender in Indonesia, the Financial Services Authority (OJK) has begun monitoring their use due to their rising relevance in payments, remittances, and financial innovation.
Dino Milano Siregar, head of OJK’s crypto and digital asset division, said the regulator is enforcing anti-money laundering (AML) compliance and regular reporting obligations for entities trading stablecoins.
He noted that, despite lacking official payment status, stablecoins are already being used domestically as hedging instruments — especially those backed by credible, low-volatility assets. “These assets are tradable and significantly less volatile than other cryptocurrencies,” Siregar said.
Indonesia’s Growing Crypto Presence
Indonesia ranks seventh globally in crypto adoption, according to Chainalysis’ 2025 Global Crypto Adoption Index. The country placed ninth for retail activity, seventh for value received through centralized services, and fourth in decentralized finance (DeFi) activity — underscoring its growing prominence in the global digital asset landscape.
In August, local advocacy group Bitcoin Indonesia disclosed that the Indonesian government has been evaluating the potential of using Bitcoin as a reserve asset. The group said it had met with government officials to discuss how such a move could support the country’s economic growth.
