Supporting Bank Indonesia's CBDC Infrastructure

Project Garuda is Bank Indonesia’s strategic initiative to design and validate a wholesale Central Bank Digital Currency (CBDC), the Digital Rupiah, as a modernization of Indonesia’s core monetary and settlement infrastructure. 

The initiative focuses on digitizing central bank money for institutional use cases, primarily interbank settlement, liquidity management, and the integration of cash and securities workflows, while maintaining financial stability, regulatory oversight, and interoperability with existing systems. The project prioritizes integration and interconnection with domestic payment rails such as RTGS, alongside alignment with international standards to support future cross-border applications. 

Kaleido has served as the core infrastructure provider and technical partner throughout the completed Proof-of-Concept phase and continues to provide infrastructure support as the initiative advances toward production readiness and expanded securities use cases. 

During the initial phases of Project Garuda, Kaleido designed, deployed, and operated a permissioned Hyperledger Besu network that functioned as the wholesale settlement ledger for the Digital Rupiah, supporting participation from more than ten commercial banks during testing. Kaleido delivered a customized CBDC platform enabling issuance, transfer, and redemption workflows with full asset lifecycle controls and role-based access aligned to central bank governance requirements. Privacy was a central design principle, with Paladin enabling confidential transaction models and selective transparency on top of the EVM-based ledger. Through Hyperledger FireFly and its web3 middleware capabilities, Kaleido integrated the blockchain network with Bank Indonesia’s existing infrastructure, ensuring seamless interoperability between traditional financial systems and the distributed ledger environment.

To date, the project has demonstrated that a permissioned EVM-based distributed ledger can meet the operational, scalability, and privacy requirements of a systemically important wholesale CBDC network. The infrastructure validated high-throughput transaction processing using enterprise-grade consensus, secure multiparty participation among commercial banks, and reliable integration with core central bank systems. The platform successfully proved issuance and redemption mechanics, governance segmentation, interoperability layers, and privacy configurations suitable for regulated financial institutions. Beyond the technical milestones, the initiative has strengthened collaboration between Bank Indonesia, commercial banks, and technology partners, positioning the Digital Rupiah as a credible and scalable foundation for future phases of Indonesia’s digital monetary infrastructure. 

As the program progresses, Kaleido remains committed to supporting the underlying infrastructure and providing strategic guidance on digital asset architecture and emerging securities use cases.