D3 labs and Indonesian Blockchain Association to Advance the Development of Digital Rupiah

D3 Labs, an Indonesian blockchain-based solutions provider, has partnered with the Indonesian Blockchain Association to accelerate the first phase of Digital Rupiah development. The Garuda Project, a Bank Indonesia initiative to develop the Digital Rupiah, has gotten a lot of attention since it was announced, according to D3 Labs in a statement on Aug 7.

Bank Indonesia has requested feedback and input on the consultative paper in order to refine the design of Digital Rupiah development.

The consultative paper also discusses the effects of issuing Digital Rupiah on the payment system, financial stability, and monetary issues.

According to Asih Karnengsih, Chairwoman of the Indonesian Blockchain Association, since Bank Indonesia released the consultative paper in January 2023, the association and its members, including D3 Labs, have invited the Indonesian blockchain industry to participate in the early stages of Digital Rupiah development.

He claims that they have worked hard to provide recommendations for efficiency and benefits to Indonesian society.

"This initiative is about how we can integrate technology with the real needs of the Indonesian people, not just technology." "With synergistic efforts among stakeholders, including businesses, the government, and the general public, we hope that the development of the Digital Rupiah can create optimal solutions for the future," he said.

Meanwhile, D3 Labs Co-Chief Executive Officer Tigran Adiwirya expressed that active participation from industry players in developing the Digital Rupiah is a valuable opportunity to accelerate the growth of the blockchain ecosystem in Indonesia.