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Marking a pivotal point, Indonesias efforts underscore its drive to harness digital technologies for modernising payment systems while safeguarding financial stability and promoting inclusivity. The PoC demonstrated the transformative potential of DLT-based systems in improving liquiditymanagement.
This PoC involved executing real-time cross-border test transactions between various Central Bank Digital Currency (CBDC) systems. The project tested the feasibility of conducting multilateral cross-currency transfers through the UDPN, involving both DistributedLedgerTechnology (DLT) and non-DLT-based CBDCtechnologies.
This marks a critical milestone in the exploration of a Central Bank Digital Currency (CBDC). This phase, part of the Immediate State of Project Garuda, focused on testing a distributedledgertechnology (DLT)-based wholesale cash ledger system to assess its feasibility, security, and compatibility with Indonesia’s financial ecosystem.
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