Bank Indonesia will issue tokenized government bond–backed digital securities built on its digital rupiah CBDC, calling it the nation’s “stablecoin version.”
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Bank Indonesia (BI), Indonesia’s central bank, is moving ahead with plans to issue what it describes as its “national stablecoin version,” a digital currency backed by government bonds (SBN).
The initiative was unveiled by central bank Governor Perry Warjiyo during the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 in Jakarta on Thursday, to a report by CNBC Indonesia.
During the summit, Warjiyo said Bank Indonesia plans to issue digital central bank securities, which are tokenized versions of SBN. The digital securities will be backed by the digital rupiah, the country’s .
In short, Bank Indonesia’s planned digital securities will be derived from the digital rupiah and backed by government bonds (SBN), forming what the central bank calls Indonesia’s national version of a stablecoin.
“We will issue Bank Indonesia securities in digital form — the digital rupiah with underlying SBN, Indonesia’s national version of a stablecoin,” Warjiyo said.
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The digital securities are designed to complement BI’s broader digital finance strategy. If realized, this would mark a major step in integrating blockchain into Indonesia’s monetary framework, per the report.
While stablecoins are not yet legal tender in Indonesia, the country’s Financial Services Authority, the OJK, has started monitoring their use due to their growing importance in payments and remittances.
Dino Milano Siregar, head of the OJK’s crypto and digital asset division, said the regulator enforces compliance and periodic reporting requirements for stablecoin traders.
Siregar noted that even without formal recognition as payment instruments, stablecoins are already being used as hedging tools, particularly those backed by credible underlying assets. “These assets are tradable and far less volatile than other cryptocurrencies,” he said.
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Indonesia in Chainalysis’s 2025 Global Crypto Adoption Index. The country ranked ninth in retail activity, seventh in centralized service value received and fourth in decentralized finance (DeFi) value received.
In August, local advocacy group Bitcoin Indonesia revealed that the Indonesian Bitcoin () as a reserve asset, adding that they have met with officials to discuss how the strategy could drive economic growth in the country.
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