The challenge started in April and consisted of three phases from entrepreneurs, developers and stakeholders. The key issue of the challenge is to develop, distribute and migrate CBDC to help promote financial diversity, interoperability and better payment platforms.
As part of the Indonesian Digital Economy and Finance Festival, the selected team presented its ideas to experts invited by the Bank of Indonesia, the Bank for International Settlements and central banks around the world before the Minister of Finance and Central Bank Governors Conference.
In addition, they also participated in the CBDC master class, mastering the ongoing CBDC projects in some innovation centers of BIS.
The selected teams have time to complete the prototype by August 31, after which they will be evaluated by a separate panel of experts established by Bank Indonesia. In October, ahead of the G Summit, winners for each of the three categories will be announced.
Twenty-one finalists were selected from nearly 100 teams from 15 different countries and jurisdictions. Nominated teams include large multinational corporations and more specialized fintech companies.
In fact, Ripple is one of the selected teams along with Mastercard, BitMint and several other platforms.
