Bank Indonesia said that they project Digital Rupiah will have a significant effect. It is believed that digital banking transactions will reach IDR 67 trillion. However, this projection is considered too fast because the road to Digital Rupiah is still very long.

The Governor of Bank Indonesia, Perry Warjiyo, projects that the development of digital banking will increase to Rp. 67,600 trillion and electronic money to 508 trillion in 2023. He said that the total end-to-end transactions were evenly distributed.

Furthermore, Governor Perry said the payment industry would be implemented through the 2025 Indonesian payment system Blueprint. Bank Indonesia also stated that they would continue to support accelerating the digitalization transformation of payments.

The fast payments in question are BI-FAST, SNAP, and QRIS. He even mentioned the world that is in turmoil through cooperation and collaboration. Bank Indonesia is said to welcome 2023 with optimism and remain vigilant so that digitalization will accelerate.

Digital Rupiah Still Has a Long Way to go to Penetrate the Metaverse Market

To accelerate the digitization of financial transactions, it is stated that regulation is central—transactions and infrastructure, two things that are interrelated to support ideal digital services. Bank Indonesia will also increase the synergy between the government and OJK.

However, remember that Bank Indonesia is currently not completely easy to develop digital money. Even though they have released the Digital Money White Paper, this is the first step for Indonesia to have a transaction-free digital rupiah.

Bank Indonesia (BI) will also issue digital rupiah, and it is stated that this is different from currency and physical rupiah. Bank Indonesia is targeting this so that it can be used in cyberspace and the metaverse, so this is a very long way to go as well.

"All means of payment can be used to buy shoes, yes you can, but with a digital version. You can also buy houses and cars, all with digital transactions. It's also possible to buy goods in the metaverse," BI Governor Perry Warjiyo said at the BIRAMA on 6 December 2022.

Apart from being a means of payment, the digital rupiah also functions as a unit of account, which is also a standard for measuring the market value of a good or service. This includes transactions between countries; 1 digital rupiah will be the exchange rate for dollars.

Currently, digital bank accounts and electronic money have already been used. A digital wallet is a place to store digital rupiah. So that later, the Rupiah path will lead to the metaverse market, and the Digital Rupiah is prepared for future use.

When Will the Digital Rupiah Be Officially Implemented, and What's the Difference from Common Digital Transactions?

Bank Indonesia's (BI) plans to launch a central bank digital currency, or digital rupiah, are unanimous. But until now, Bank Indonesia has yet to be able to confirm when the digital rupiah will be launched.

Bank Indonesia is also conducting a technology experiment by completing a proof of concept. A review of the stance on the Digital Rupiah policy will be carried out and implemented by the government's initial steps so that access is considered broader.

Rupiah Digital will continue to receive updates. Especially when you see the trend of cryptocurrencies continuing to rise, it is as if Bank Indonesia is forced to find answers to these trends so that the Digital Rupiah benchmark against the dollar remains stable.

3 The implementation phase will be implemented after explaining the white paper document, which will be continued by distributing it through intermediaries before finally being used freely. And don't worry paper and metal rupiah can still be used as usual.

Rupiah Digital is an innovation presented by the Indonesian government and banks. In addition, various focuses have been deployed to minimize misuse and increase the effectiveness of the monetary policy.