Bank Indonesia announced on December 13 that it had successfully completed a proof-of-concept study for its wholesale central bank digital currency.

The study focused on testing the issuance, redemption and fund transfer of a wholesale CBDC prototype on two potential platforms based on distributed ledger technology (DLT).

The completion of the experiments marks the end of the first phase of Project Garuda, Bank Indonesia’s three-phase CBDC initiative.

In its report on the study’s findings, Bank

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