Project Garuda is Bank Indonesia's strategic initiative to design and validate a wholesale Central Bank Digital Currency, 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 and interoperability with existing payment rails including RTGS.

Bank Indonesia needed to validate whether a permissioned distributed ledger could meet the operational, scalability, and privacy requirements of a systemically important wholesale payment network, while maintaining interoperability with existing domestic infrastructure including RTGS and alignment with international standards for future cross-border applications.

Kaleido served as the core infrastructure provider and technical partner throughout the engagement. Kaleido designed, deployed, and operated the wholesale settlement ledger, and delivered a customized CBDC platform covering issuance, transfer, and redemption workflows with full asset lifecycle controls and governance segmentation aligned to central bank requirements. The project evaluated two protocol options across more than 20 use cases and validated privacy in data exchange and programmability of settlement and compliance logic. Bank Indonesia is currently running an industry sandbox with a dozen commercial banks built on the cash ledger flows.