Destry: Digital Rupiah and BI Stablecoin Have Received Halal Fatwa

Bank Indonesia (BI) Governor Destry Damayanti has emphasised that the central bank is currently maturing the development of digital currency in the form of a Central Bank Digital Currency (CBDC) or stablecoin.

Destry ensured that the digital currency and stablecoins to be issued by BI are halal. She stated that the institution has already obtained a halal fatwa from the National Sharia Board (DSN).

“We have received a halal fatwa from the DSN that the digital currency or stablecoin to be issued by Bank Indonesia is halal,” she stated during a working meeting with Commission XI of the House of Representatives (DPR) at the Parliament Complex in Senayan, Jakarta.

Furthermore, Destry emphasised that BI is continuously developing the ecosystem and the creation of digital financial assets, which are projected to continue evolving within the market.

To this end, BI will continue to coordinate with the Financial Services Authority (OJK) to maintain stability and mitigate risks within this new ecosystem. According to Destry, the OJK has already established regulations regarding the issuance of private stablecoins.

“They (OJK) have issued regulations for private stablecoins. Therefore, we need to maintain continuous coordination. Regarding sandboxing, Bank Indonesia is always actively discussing this with the OJK,” she asserted.

Regarding the digital rupiah, she noted that its development has entered the third stage, which involves experimental testing to facilitate cross-border transactions. While Destry did not specify when the digital rupiah would be officially issued, she emphasised that the process is ongoing.

“The digital rupiah is still in progress. We have now entered the third stage, which is experimental for cross-border use. Currently, discussions are ongoing regarding whether it will be a CBDC or a stablecoin issued by the central bank,” she concluded.