Bank Indonesia Plans Digital Rupiah-Backed Securities as National Stablecoin

• Bank Indonesia’s initiative involves issuing digital securities derived from the digital rupiah, supported by government bonds for stability.

• This move positions the digital assets as a regulated alternative to private stablecoins, focusing on compliance and economic integration.

• Indonesia ranks seventh globally in crypto adoption per Chainalysis’s 2025 index, with strong DeFi activity driving the need for such innovations.

Discover Bank Indonesia’s national stablecoin: tokenized bonds on digital rupiah CBDC for secure digital finance. Explore impacts on adoption and regulation—read now for expert insights!

What is Bank Indonesia’s national stablecoin?

Bank Indonesia’s national stablecoin refers to a planned digital security backed by government bonds and built on the country’s central bank digital currency, the digital rupiah. This initiative aims to create a stable, tokenized asset that functions similarly to a stablecoin but under central bank oversight. Announced by Governor Perry Warjiyo, it represents a strategic step toward embedding blockchain technology within Indonesia’s financial infrastructure, promoting secure and efficient digital transactions.

How will the digital rupiah support tokenized government bonds?

The digital rupiah, Indonesia’s CBDC, will serve as the foundational layer for these tokenized securities, ensuring their value is pegged to the rupiah and collateralized by Surat Berharga Negara (SBN) government bonds. This structure provides inherent stability, minimizing volatility risks associated with other cryptocurrencies. According to Bank Indonesia’s plans, the tokenized SBN will enable faster settlement times and broader accessibility for investors, while adhering to stringent regulatory standards.

Experts highlight the potential for this system to streamline cross-border payments and remittances, sectors where Indonesia already sees significant stablecoin usage. Dino Milano Siregar, head of the Financial Services Authority’s (OJK) crypto division, emphasized that such assets, when backed by credible reserves, act as effective hedging tools. “These are tradable and far less volatile than other cryptocurrencies,” Siregar noted, underscoring their role in fostering a balanced digital economy.

Data from regulatory reports indicate that stablecoin transactions in Indonesia have grown by over 40% year-over-year, driven by remittances from the country’s large migrant worker population. By integrating the digital rupiah, Bank Indonesia aims to capture this volume while enforcing anti-money laundering (AML) protocols and periodic reporting. This approach not only enhances transparency but also positions the nation as a leader in CBDC-backed innovations in Southeast Asia.

The development aligns with global trends, where central banks like those in China and the Bahamas have piloted similar CBDC-linked assets. In Indonesia’s context, it addresses the limitations of unregulated stablecoins, which, despite their utility, lack formal legal tender status. OJK’s monitoring framework ensures compliance, with traders required to report activities regularly, mitigating risks in an economy projected to see digital finance contribute 16% to GDP by 2025.

Frequently Asked Questions

What are the key features of Bank Indonesia’s tokenized digital securities?

Bank Indonesia’s tokenized digital securities feature backing by SBN government bonds and integration with the digital rupiah CBDC, offering stability and blockchain efficiency. They support quick transactions, regulatory compliance, and serve as a national stablecoin alternative, with issuance planned to boost secure digital investments without the volatility of traditional cryptos.

Why is Indonesia advancing its national stablecoin amid high crypto adoption?

Indonesia’s push for a national stablecoin stems from its seventh-place ranking in global crypto adoption, as per Chainalysis’s 2025 index, with robust DeFi and retail activity. This initiative by Bank Indonesia integrates blockchain safely into the monetary system, regulates stablecoin use in payments, and leverages the digital rupiah to drive economic growth through stable, government-backed digital assets.

Key Takeaways

• Stable Foundation: The national stablecoin is collateralized by government bonds on the digital rupiah, providing rupiah-pegged reliability for users.
• Regulatory Edge: OJK enforces AML and reporting for stablecoin activities, ensuring secure integration into Indonesia’s financial ecosystem.
• Adoption Boost: With Indonesia’s top DeFi rankings, this could accelerate blockchain use—investors should monitor pilots for portfolio opportunities.

Conclusion

Bank Indonesia’s national stablecoin, powered by tokenized SBN on the digital rupiah CBDC, marks a pivotal advancement in regulated digital finance. This initiative, as outlined by Governor Perry Warjiyo, complements ongoing efforts to monitor stablecoin usage and harness Indonesia’s seventh-ranked crypto adoption status. As blockchain weaves deeper into the monetary framework, stakeholders can anticipate enhanced stability and innovation, paving the way for a more resilient digital economy in the years ahead.

Bank Indonesia (BI), Indonesia’s central bank, is advancing plans to issue digital securities described as the nation’s “national stablecoin version.” These will be tokenized versions of government bonds (SBN) backed by the digital rupiah, the country’s CBDC.

The announcement came from Governor Perry Warjiyo at the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 in Jakarta. A report by CNBC Indonesia covered the details.

Warjiyo explained that BI will issue these digital central bank securities to integrate blockchain into the monetary system. “We will issue Bank Indonesia securities in digital form — the digital rupiah with underlying SBN, Indonesia’s national version of a stablecoin,” he stated.

This complements BI’s digital finance strategy, potentially marking a significant blockchain adoption in Indonesia’s economy.

Stablecoins are not legal tender yet, but the OJK monitors their role in payments and remittances. Dino Milano Siregar from OJK noted enforcement of AML compliance for traders.

Siregar added that stablecoins backed by solid assets serve as hedging tools with low volatility.

Indonesia ranks seventh in global crypto adoption

Indonesia holds the seventh spot in Chainalysis’s 2025 Global Crypto Adoption Index, ranking ninth in retail activity, seventh in centralized service value, and fourth in DeFi value received.

Top 20 countries in overall crypto adoption. Source: Chainalysis

In August, Bitcoin Indonesia, a local advocacy group, disclosed government explorations of Bitcoin as a reserve asset to spur economic growth.

The initiative reflects Indonesia’s proactive stance on digital assets. With a population exceeding 270 million and a booming fintech sector, the country sees crypto as a tool for financial inclusion. Bank Indonesia’s move could attract institutional investors seeking regulated alternatives to volatile cryptos.

Furthermore, the digital rupiah project, in its pilot phase since 2023, has tested wholesale and retail applications. Integrating tokenized securities expands this scope, potentially linking with existing payment systems like QRIS for seamless adoption.

Challenges remain, including cybersecurity and interoperability with global standards. However, BI’s collaboration with OJK ensures a robust framework. Experts from the Asian Development Bank have praised similar CBDC efforts for reducing transaction costs by up to 50% in remittance corridors.

As Indonesia navigates this transition, the national stablecoin could set a precedent for other emerging markets, balancing innovation with stability in the evolving crypto landscape.