Want to get digital rupee from Indonesia bank, here’s how!

Jakarta, CNBC Indonesia – Bank Indonesia (BI) already has a digital rupee distribution project starting from the level of wholesaler or wholesalers, both bank and non-bank, to the retail stage or the community at large.

The group head of BI’s payment systems policy department, Ryan Rizaldy, said that the origin of the issuance of this digital rupee would start later with the appointment of a wholesaler by BI using very strict special criteria , so the number was limited.

“When we talk about issuance, we talk about the wholesaler side. How there will be a wholesaler, the parties that will be named later, there are conditions mentioned earlier that will be very strict,” Ryan said in the Meniti Jalan Toward Digital Rupiah event , Monday (5/12/2022)

Ryan explained, there are no definite amounts and conditions that were determined when BI later appoints a bank or non-bank as a digital rupee wholesaler. This is because currently the development phase of the digital rupee is still in the process of publishing the Garuda project white paper.

“We will definitely look to see what the criteria look like again. This is just a white paper, in the future we will work together with the industry to compile the criteria,” he said.

After the wholesaler is appointed, they will subsequently exchange their current accounts at Bank Indonesia for the digital rupee. Since it is only on request, the amount exchanged will be immediately registered in the Digital Rupiah Treasure, a kind of digital safe for BI rupee money.

“It was registered there, so when it is released outside BI, it will immediately disappear from the Digital Rupee Treasury,” Ryan said.

After the digital rupee is owned by the wholesalers, the next step can be up to the retail level. At this stage of retail digital rupee, the wider community can already get digital rupee in their digital accounts.

To be able to get this digital rupee, Ryan said, people will then need to exchange the money they currently have, either in the form of bills or coins, or even by converting the money into their own savings.

“For example, these wholesalers hold the digital rupee and then people come and exchange their money to get the digital rupee, so there will be a conversion of the digital rupee to the retail digital rupee,” Ryan said.

When the rupee in the form of currency that has been in the hands of the public is converted into the digital rupee, then the money will immediately be allowed to be used as a transaction tool for their various needs.

“So it’s going to be used for various needs in the commodity market, individuals, traders, companies are going to use it in the commodity market, at the retail level,” Ryan said.

[Gambas:Video CNBC]