Perry Varjiyo, governor of the Indonesian Central Bank (BI), announced on Monday that the digital rupiah could be used in the metaverse in the future.

Last Wednesday, the government unveiled its plans to launch a rupiah digital currency based on blockchain technology.

Notably, many banks around the world have begun developing central bank digital currencies (CBDCs), either as retail or wholesale tokens. While retail tokens can be used directly by consumers, wholesale tokens can be used by banks within the financial system.

Following the trend when BI launched the digital rupee, the governor revealed that the currency will use technology that will be compatible with digital currencies issued by other banks.

It has been reported that the digital rupee will be gradually available from wholesale CBDC to participate in cash transactions to eventually become a retail CBDC for everyday use. The Governor said:

The digital rupee will be rolled out in phases, starting with CBDC wholesale and bank-to-bank transfers.

Currently, the country restricts cryptocurrencies from participating in financial transactions or payments, except for transactions with digital assets in the commodity market for the purpose of investment.

In addition, Perry said that central banks will adhere to the digital currency exchange rate agreement and its operational oversight, including cyber risk and capital flows.