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INDONESIA
Journal of Central Banking Law and Institutions
Published by Bank Indonesia Institute
ISSN : 28277775     EISSN : 28099885     DOI : https://doi.org/10.21098/jcli.v2i1
Core Subject : Economy, Humanities, Science, Social,
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences
Journal of Central Banking Law and Institutions (JCLI) is an international peer-reviewed journal. ​​JCLI publishes triannually. JCLI focuses on a range of topics examining the intersection of central banking law and institutions on the monetary, financial system, and payment systems that include regulations, governance (including transparency & accountability), credibility, institutional politics, institutional arrangements, and institutional communication. The JCLI’s scope is global, and the journal endeavours to publish high-quality research that contributes to the literature and/or impacts macro-economic policy aimed at enhancing social & economic welfare. Research papers are welcome from central and non-central bank practitioners, academics, and policymakers, regardless of their institutional affiliation and geographic location.
Arjuna Subject : Ilmu Sosial - Hukum
Articles 40 Documents
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The Principle of Amanah in the Utilization of Consumer’s Personal Data and Information in Open Banking Trisadini Prasastinah Usanti
Journal of Central Banking Law and Institutions Vol. 1 No. 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i1.2

Abstract

Banks are generally prohibited in any possible way from providing customers’ data or information to third parties unless there is a written consent from the customer, or it is required by laws or regulations. Open banking allows banks to obtain customer financial data and information and forward them to third parties to accelerate a digital transformation in banking. The existence of the customer’s consent resulted in the bank’s legal action providing customer data and information to a third party is not considered as a violation to the principle of confidentiality. However, the provision of customer data by banks to third parties must be based on the fiduciary principle, prudential principle, and principle of amanah, since the misuse of customers’ data can lead to administrative sanctions, criminal sanctions, and civil liability.
China’s Central Bank and Monetary Policy in the Context of Global Financial Crisis: A Historical View Shen Wei
Journal of Central Banking Law and Institutions Vol. 1 No. 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i1.4

Abstract

Central banks have been said to take partial responsibility for the global financial crisis. In a broader sense, central banks play a key role in shaping monetary and economic policies. After the global financial crisis, central banks are burdened with more tasks of ensuring economic growth, employment, and financial stability. This article takes a historical view towards the policy landscape and monetary instruments the People’s Bank of China, China’s central bank, has been working on to achieve various policy initiative. Although the general consensus is that China’s central bank may have more authority in policymaking, its multiple tasks, functions,and goals may constrain its capabilities and autonomy. China central bank’s ambition to internationalize Renminbi may further complicate its policy agenda and the way it deploys monetary instruments.
The Impact of Crypto-Asset Utilization as Payment Instrument toward Rupiah as Legal Tender in Indonesia Bacelius Ruru; I Nyoman Tjager; Amalia Mayasari; Agradinda Adhistita; M. Raffi Hasta A.; August Santro
Journal of Central Banking Law and Institutions Vol. 1 No. 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i1.6

Abstract

The utilization of Cryptocurrency increased across the globe. This phenomenon has led to varied responses from countries concerning whether this new phenomenon will affect the national monetary policy. As one of the countries where Cryptocurrency usage has flourished, Indonesia has reacted to its utilization. To this day, Indonesia has clearly stated that CryptoAsset (referring to Cryptocurrency) is considered as a tradable commodity, but not as a payment instrument. However, this policy does have not decreased the utilization of Cryptocurrency in Indonesia, proven by its market capitalization which has kept increasing over the years.This article thoroughly discusses Cryptocurrency utilization as a payment instrument, and how it will affect the legal tender (The Rupiah) in Indonesia. This article also analyzes the extent to which Cryptocurrency will affect the payment systems in Indonesia and how Bank of Indonesia will counter the Cryptocurrency’s utilization as a payment instrument within Indonesia’s jurisdiction.
Financial Crime In Digital Payments Jamal Wiwoho; Dona Budi Kharisma; Dwi Tjahja K. Wardhono
Journal of Central Banking Law and Institutions Vol. 1 No. 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i1.7

Abstract

Digital payments are proliferating along with a massive and rapid digital transformation. However, the characteristics of transactions using digital payments, which are real-time, not face-to-face, and borderless create potential risks for financial crimes, including, Money Laundering and Funding Terrorism. The potential for abuse occurs in the registered and licensed digital payments sector and illegal digital payments that are not registered with the Bank Indonesia. Undoubtedly, this condition can threaten economic stability and financial system integrity. This article seeks to identify the potential for digital payment use for financial crime and construct a legal framework to prevent the misuse of FinTech for financial crime in Indonesia. This type of research is legal research. The research method used was a statutory comparative approach. The legal materials used were primary and secondary legal materials. The findings have been analyzed using qualitative data analysis techniques. The results of the study show that several cases of terrorism financing have been proven to have used FinTech digital payments as a means of online funding. In this regard, to maintain the integrity of the financial system and strengthen the government’s control functions, a comprehensive legal framework is needed through the establishment of Law on FinTech.
The Urgent Need to Amend the Indonesian Law on Currencies to Face the Digital Age Arman Nefi; Agus Sardjono
Journal of Central Banking Law and Institutions Vol. 1 No. 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i1.8

Abstract

This research focuses on Indonesian Law No. 7 of 2011 on Currency. Over the past ten years, information technology has developed so rapidly that it has been necessary to take another look at whether this law is still relevant now and in the near future. The research uses normative legal analysis methods with a conceptual approach, analytical approach, comparative approach across multiple countries, and case studies. The rapid development has left the law behind when addressing violations of the currency law. To eliminate ambiguity and hesitation in the implementation of the use of currency, this law must be amended. It is necessary to establishclear laws on digital money or electronic money (e-money), which is currently only regulated at the level of Bank Indonesia and Bank Indonesia Circular Letter. The use of foreign currency in border markets and places of foreign tourists, money in some places due to technological advances, and about the local wisdom of a society that has a history of using certain goods as currency. Things that develop and are a reality in society should be contained in statutes to settle the law.
Supervening Events in Indonesian Commercial Contracts and Notes on the UNIDROIT PICC in Relation to COVID-19 Health Crisis Tiurma M. P. Allagan; Dinda R. Himmah; Tazqia Aulia
Journal of Central Banking Law and Institutions Vol. 1 No. 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i2.14

Abstract

The pandemic situation of COVID-19 has been affecting many sectors in our daily life, including law and economics. In regard to this matter, the issue of international commercial contract is significantly affected as well. It is well-known that the pandemic situation could be classified as a supervening event. This could be the basis to a party for not being able to fulfill a contractual obligation, or to postpone the fulfillment of such contractual obligation. However, different approaches of each national law of a State as well as what have been governed by several regulations might lead to multi-interpretation relating to whether COVID-19 shall be classified into force majeure or hardship. As one of UNIDROIT member states, it would be important to examine Indonesia's perspective towards this issue. Notably during the recent situation in which the increasing number of international commercial contracts involving Indonesian parties. This article would examine supervening events on international commercial contracts, especially in the perspective of Indonesian law.
Legal and Institutional Aspects of the Financial Sector in Handling the COVID-19 Pandemic Yunus Husein; Ichsan Zikry
Journal of Central Banking Law and Institutions Vol. 1 No. 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i2.15

Abstract

The Covid-19 pandemic has negatively impacted economic conditions, health, and social activities of the community. This study elaborated on two things. First, the legal aspects of handling the Covid-19 Pandemic. Second, it outlines the aspects of institutions involved in handling the Covid-19 Pandemic. The results of this study show that the legal aspects of the Government in dealing with the Covid-19 Pandemic are through Law No. 2 of 2020. In this regulation, at least two main things are regulated, namely the legal protection of members of the Financial System Stability Committee (KSSK) from lawsuits in exercising their authority and exceeding the deficit limit of 3 percent of GDP, furthermore, regarding institutions involved in handling the Covid-19 Pandemic, it is necessary to strengthen institutions. In this case, the institution in question is included in the KSSK members, because of its large authority in handling the Pandemic, especially for national economic recovery, as well as large state budget allocations.  The strengthening efforts that can be done are First, amendments to Law No. 2 of 2020, especially regarding the protection of the KSSK against claims and exemptions from state financial losses.  Second, the issuance of a PERPPU on supervision and reporting of financial responsibility for handling the Covid-19 Pandemic. Through these institutional strengthening efforts, it is hoped that the handling of the Pandemic, especially in the context of national economic recovery, can run optimally.
The Legal Perspective on Strengthening the Practice of Bank Guarantees in Indonesia: Revisiting the Provisions Related to Payment Ramlan Ginting
Journal of Central Banking Law and Institutions Vol. 1 No. 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i2.16

Abstract

This Article provides the legal perspective of the transaction of bank guarantees in the banking practice in Indonesia. It examines the provisions related to payment for bank guarantees by comparing the provisions related to payment for the bank garansi and that of the standby letter of credit or demand guarantee. The work shows that the bank garansi is dependent guaranty, whereas the standby letter of credit or demand guarantee is independent guaranty. The payment for the bank garansi is based on the actual default, whereas the payment for the standby letter of credit or demand guarantee is based on the statement of default. The primary obligation to pay for the bank garansi is that of the issuing bank or guaranteed party, while the primary obligation to pay for the standby letter of credit or demand guarantee is that of the issuing bank. And, as to the international counter guarantee, the conflicting provisions arise when it is asking the bank garansi as the domestic bank guarantee. The banks, companies and government agencies involved in the transaction of bank guarantees are encouraged to understand the implication of these findings and further prepare the appropriate solution.
Protection of Data Privacy in The Era of Artificial Intelligence in The Financial Sector in Indonesia Sinta Dewi Rosadi; Siti Yuniarti; Rizki Fauzi
Journal of Central Banking Law and Institutions Vol. 1 No. 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i2.18

Abstract

The concept of privacy has broad ramifications, and it is implemented in a number of disciplines, ranging from philosophy to computer science, political science and legal science. This paper covers the impact of artificial intelligence on privacy protection, especially in the finance sector. Privacy protection is associated with control over information about personal data, also known as private information. This research is a normative legal research of analytical nature, and it is conducted by studying and interpreting theoretical matters relating to the principles, conceptions, doctrines and legal norms pertaining to the problems. The results of this research show that the concept of privacy in the era of artificial intelligence in Indonesia is best achieved by combining comprehensive rules with self-regulation to serve as a balancing agent between laws and technology in order to control and fulfill the protection of personal data in the era of artificial intelligence.
Legal Issues of Personal Data Protection and Consumer Protection in Open API Payments Camila Amalia; Esha Gianne Poetry; Mochamad Kemal Kono; Dadang Arief Kusuma; Alex Kurniawan
Journal of Central Banking Law and Institutions Vol. 1 No. 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i2.19

Abstract

Digital financial innovation in Indonesia demands equal disclosure of data and information between banks and financial technology (fintech) companies through the Open API. Bank Indonesia as the authority in the payment system issued a series of regulations to regulate the standardization of Open API Payments to create data disclosure integrity, as well as improve personal data protection and consumer protection in open banking. This paper will review several legal aspects that have emerged, and it will be assessed whether the current provisions have addressed a number of these legal aspects. This paper uses a normative juridical approach with a descriptive analysis specification, which uses laws and regulations as the primary material. Based on research, currently existing regulations have succeeded in addressing the legal aspects of the Open API Payment. However, to strengthen consumer rights in the Open API Payments, it is still necessary to enact a Personal Data Protection Law (PDP Law) and amend the Consumer Law that is more in favor of the interests of consumers.

Page 1 of 4 | Total Record : 40

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