Smart governance for smart money: AI-enabled monitoring of Indonesian Digital Rupiah (CBDC)

This study examines the integration of artificial intelligence (AI) within the governance architecture of Indonesia’s Central Bank Digital Currency (CBDC), the Digital Rupiah, situating the analysis within the broader global landscape of CBDC experimentation. Drawing on comparative evidence from jurisdictions at research, proof-of-concept, pilot, and halted stages, the paper demonstrates that CBDC development is shaped not only by technological capability but also by institutional readiness, governance structures, and policy objectives. Using a conceptual framework that combines AI-driven supervision and cyclical audit mechanisms, the study analyses how Indonesia’s dual-ledger design (Corda and Hyperledger Besu) enables secure issuance, programmability, and interoperability while supporting advanced supervisory functions such as anomaly detection, liquidity monitoring, and policy simulation. The findings show that the incorporation of an AI Supervisory Layer and AI Audit Workflow enhances transparency, resilience, and regulatory coherence across the CBDC ecosystem. Indonesia’s approach, when compared with international experiences, positions the Digital Rupiah as a regional model for AI-augmented monetary innovation. The study concludes by outlining policy implications for governance, model accountability, data regulation, and cross-border integration, and recommends the development of a Digital Cash and Securities Ledger as the next phase of Project Garuda.