Bank Indonesia unveils plans for digital securities backed by sovereign bonds — its version of a national stablecoin built on the digital rupiah.
Bank Indonesia Unveils ‘National Stablecoin Version’
Bank Indonesia (BI) is advancing its digital currency initiative by developing what it calls the nation’s “stablecoin version” — a tokenized asset backed by government bonds (SBN) and anchored to the digital rupiah, the country’s central bank digital currency (CBDC).
Governor Perry Warjiyo announced the plan during the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 in Jakarta, according to a report by CNBC Indonesia.
“We will issue Bank Indonesia securities in digital form — the digital rupiah with underlying SBN, Indonesia’s national version of a stablecoin,” Warjiyo said.
These digital securities — effectively tokenized sovereign bonds — will be issued through the CBDC infrastructure and are intended to strengthen liquidity, transparency, and efficiency within Indonesia’s financial ecosystem.
Integrating Blockchain into the National Financial System
The new initiative forms part of Bank Indonesia’s broader digital finance roadmap, which seeks to integrate blockchain technology into the country’s monetary and payments system.
If implemented, this would make Indonesia one of the first major economies to issue CBDC-backed digital securities that function similarly to state-backed stablecoins.
Stablecoins are not currently recognized as legal tender in Indonesia. However, the Financial Services Authority (OJK) has begun monitoring their use due to their growing role in payments, remittances, and DeFi activity.
Regulatory Oversight and AML Measures
Dino Milano Siregar, head of the OJK’s crypto and digital asset division, confirmed that regulators already enforce Anti-Money Laundering (AML) compliance and reporting requirements for stablecoin-related activities.
He emphasized that stablecoins backed by credible underlying assets, such as bonds or fiat reserves, are less volatile and increasingly used as hedging tools by local traders and institutions.
“These assets are tradable and far less volatile than other cryptocurrencies,” Siregar said.
Crypto Adoption Rising Rapidly in Indonesia
Indonesia has emerged as a global leader in crypto adoption, ranking seventh in the 2025 Chainalysis Global Crypto Adoption Index.
The country also ranked:
- 9th in retail crypto activity
- 7th in centralized exchange value received
- 4th in decentralized finance (DeFi) value received
In a related development, advocacy group Bitcoin Indonesia revealed in August that the government has been considering Bitcoin (BTC) as a reserve asset, citing discussions with officials on how the move could boost economic resilience and growth.
By combining sovereign bond tokenization with a CBDC-based framework, Bank Indonesia aims to modernize its monetary system while maintaining state control over digital financial infrastructure.
If successful, the project could position Indonesia as a regional pioneer in state-backed digital finance, blending CBDC technology with stablecoin efficiency — and offering a potential model for other emerging economies.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.