HARIANEXPRESS – Bank Indonesia (BI) is actively developing the Digital Rupiah as physical transactions across the country rapidly shift to digital platforms. During a hearing with House Commission XI on September 28, 2026, the BI Governor announced that the central bank had secured a halal fatwa from the National Sharia Council.
Shifting to a Sovereign Digital Ecosystem
This step, along with experimental cross-border testing, aims to build a secure, inclusive, and trusted rupiah-based ecosystem. It ensures that the national currency remains the primary monetary anchor amid rapid fintech evolution.
Digital payments in Indonesia have already shown massive growth in recent years. By June 2026, users of the Quick Response Code Indonesian Standard (QRIS) reached 65.77 million across 44.86 million merchants, with 96.68 percent being micro, small, and medium enterprises (MSMEs).
The Growth of Digital Transactions in Indonesia
During the first half of 2026, QRIS recorded 12.55 billion transactions valued at Rp1.12 quadrillion (approximately US$62.92 billion). This represents a massive 93.92 percent year-on-year (yoy) increase.
The upward trend continued into the third quarter of the year. In August 2026 alone, total digital payments reached 6.11 billion transactions, marking a 40.36 percent jump yoy.
Meanwhile, the BI-FAST retail payment system processed 549 million transactions. These transactions reached a total value of Rp1,346 trillion (US$75.62 billion) during the same period.
This rapid modernization shows that Indonesia is well-positioned for its Central Bank Digital Currency (CBDC) transition. The primary objective is to smoothly connect these various digital channels into a single, unified system.
As a CBDC, the Digital Rupiah serves as a direct sovereign liability of Bank Indonesia. It is designed to complement physical cash rather than completely replace it.
This sovereign status differentiates the digital currency from volatile crypto assets and private stablecoins. According to a Bank for International Settlements (BIS) survey of 93 central banks in 2024, 91 percent were actively exploring CBDCs.
Furthermore, more than a third of these central banks are accelerating their efforts to counter private stablecoins. This is crucial because 98 percent of global stablecoins are currently pegged to the US dollar.
The implementation of the Digital Rupiah also aims to support Indonesia’s broad national economic goals for 2027. These targets include achieving 6 percent economic growth and reducing poverty to 6–6.5 percent.
The government also aims to lower unemployment to 4.30–4.87 percent through these digital initiatives. Additionally, this ecosystem is expected to help create up to 3.49 million jobs.
“With these foundations in place, Indonesia is well positioned to ensure the rupiah remains a trusted, efficient medium of exchange in the digital age,” stated Dr. M. Lucky Akbar, civil servant at the Finance Ministry and public policy practitioner-lecturer.
