Bank Indonesia moves to issue a national stablecoin backed by government bonds
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The Financial Services Authority is enforcing AML compliance for stablecoin traders. Indonesia ranks seventh in the 2025 Global Crypto Adoption Index. The government is exploring Bitcoin as a potential reserve asset. Bank Indonesia (BI) is advancing plans to introduce a blockchain-based financial instrument described as the country’s “national stablecoin version,” a digital currency backed by government bonds. The initiative was unveiled by BI Governor Perry Warjiyo at the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 in Jakarta. It reflects Indonesia’s effort to integrate blockchain technology into its monetary system through tokenised securities tied to the digital rupiah. The announcement was first reported by CNBC Indonesia. The central bank said the new digital assets will take the form of tokenised government securities backed by the central bank’s planned digital rupiah, Indonesia’s central bank digital currency (CBDC). The project is designed to blend monetary innovation with national financial stability, positioning Indonesia among a handful of emerging economies developing bond-backed digital assets. Digital rupiah to underpin Indonesia’s national stablecoin According to Warjiyo, the bank will issue digital versions of its securities, referred to as Bank Indonesia securities in digital form, which will operate as blockchain-based representations of sovereign bond holdings. These digital securities will be backed by the digital rupiah, making them the foundation of what the central bank describes as Indonesia’s national stablecoin. He explained that the stablecoin structure would rely on government bonds, or Surat Berharga Negara (SBN), as its underlying collateral, ensuring that its value remains tied to official assets rather than speculative cryptocurrencies. The initiative marks a step towards tokenising the country’s debt market, creating an ecosystem where digital securities, stablecoins, and the central bank digital currency coexist. Warjiyo said the plan reflects BI’s broader digital finance strategy aimed at improving transparency, efficiency, and liquidity across…
