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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 7 Documents
 1 
Search results for , issue "Vol. 1 No. 3 (2022)" : 7 Documents clear
CENTRAL BANK DIGITAL CURRENCY UNDER THE STATE THEORY OF MONEY: A PRELIMINARY LEGAL ANALYSIS Fransiska Ari Indrawati
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.23

Abstract

Innovations in digital payments have triggered many central banks to apprehend and consider central bank digital currency (CBDC). CBDC is believed to be the next milestone in the evolution of money because many studies have shown the significant advantages of using government-issued digital currency. However, to function as money, CBDC must fulfil the fundamental role of money, among others, contended by the state theory of money. This paper addresses the applicability of the state theory of money to CBDC as digital money, which is prefaced by the discussion on money as legal tender and the theory of sovereign power over money. After analysing these theories, this paper offers a preliminary legal analysis of CBDC, mainly from the perspective of Indonesian law. This paper concludes that the concept of CBDC as money and legal tender may fulfil the notion of money under the state theory of money and can serve as legal tender. Applying this theory to CBDC and assuming CBDC is used as legal tender, the State should create a legal framework to regulate CBDC as a valid medium of exchange and legal tender. However, it is also acknowledged that various designs of CBDC must be supported by different legal environments. Furthermore, this paper recommends the preparation of an Indonesian legal ecosystem for CBDC, consisting of a solid regulatory framework and clear legal relationships among relevant parties, that are needed to ensure the legality of the issuance, distribution and transference of CBDC once the design of CBDC is determined. Furthermore, to accommodate the use of CBDC, a thorough assessment of the relevant Indonesian laws should be undertaken relating, among other factors, to the central bank, money, currency, and technology.
THE PRESENCE OF COMMERCIAL BANKS IN METAVERSE’S FINANCIAL ECOSYSTEM: OPPORTUNITIES AND RISKS Muhammad Raffi Hasta Anggara; M. Reihan Davie; Mahanani Margani; Made Ayu Aristyana D; Mahdiah Aulia
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.28

Abstract

The metaverse has been widely discussed as it is believed will affect almost every sector, one of those is the financial sector. The financial sector developed in the metaverse will likely be based on decentralized finance and blockchain technology, the latter of which is the primary source of the development of cryptocurrency and stable coins. Other than cryptocurrency and stable coins, CBDC is also predicted to emerge as one of the payment instrument options used in the metaverse. The presence of these technologies has formed the unique financial ecosystem in metaverse, differentiating it from the existing ecosystem which is characterized as centralized and traditionalfinance. The recently developed Meta Fi has created the question of whether commercial banks, as one of the most important financial institutions in the current financial ecosystem, will be able to penetrate and keep its relevance in the Meta Fi. This research will attempt to answer this question by explaining Meta Fi, its characteristics, and how commercial banks could co-exist alongside blockchain-based service in Metaverse.
DIGITAL CONSTITUTIONALISM ERA IN THE DEVELOPMENT OF BANKING LAW IN INDONESIA Mery Christian Putri; Nalom Kurniawan
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.29

Abstract

Digitalisation has changed, bringing the world in an almost borderless direction, and impacting various fields. Banking law in particular has been disrupted by the rapid development of digitalisation, as well as shifting paradigms of thinking across the banking world. As a result of the digital economy era, conventional banking services have been forced to adapt to the development of the concept of digital constitutionalism. The digital economy era must provide better banking services to guarantee the protection of citizens’ constitutional rights, especially related to the use of technology in banking services. This concept of the digital economy must be able to improve the quality of banking services in terms of ease and speed of access, efficiency, effectiveness, and optimal management of risk. Thus, it is expected that the development of the era of digital constitutionalism in banking law in Indonesia can provide a more optimal guarantee of protection of future constitutional rights protection for its citizens. This study describes the transitional process of the digital constitutionalism era in the development of banking law in Indonesia as a factual condition by using normative juridical research methods and library approaches, as well as comparative approaches. The study finds that the development of the digital constitutionalism era in banking law in Indonesia has progressed rapidly. This progress has benefitted users of banking services, but it also has led to a residual deviant behaviour due to the ease of access to technology.
THE EXTRA-LEGAL PROPERTY RIGHTS DESIGN OF BITCOIN AND ITS PHILOSOPHICAL ISSUES M. Pasha Nur Fauzan; Muhammad Yoppy A
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.31

Abstract

This article provides a philosophical examination of the Bitcoin concept of property rights protection. To that end, several fundamental questions must be addressed on the subject, including what money is, what purpose it seeks to serve, and how the system that supports it is related to the concept of property rights. Finally, it is important to identity what, if anything, Bitcoin has to offer in these matters. This article concludes that the primary function of money as a social institution is to store one’s labour as part of one’s property right. In comparison to fiat currency, Bitcoin is the superior medium of exchange. However, the ideological foundation of Bitcoin has philosophical issues: it is based on the false premises of absolute individual property rights derived from the concept of natural rights, which is incompatible with Indonesia’s economic commitment and goals of establishing a welfare state, as reflected in the constitution.
CENTRAL BANK INDEPENDENCE AND POLICY OUTCOMES: A TRANS-BOUNDARY COMPARISON Muhamad Iksan; Tetsu Konishi
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.34

Abstract

This paper examines how Central Bank Independence (CB Independence), using a dataset that compiled by Garriga (2016), can explain the policy outcomes. This dataset was mainly compiled from Cukierman’s work (1995). The dataset identifies statutory reforms affecting CB Independence, their direction, and the attributes necessary with the aim of building on previous literature, the most widely used Cukierman, Webb and Neyapti index. The focus of this paper is empirically estimating causal inferences of inflation and economic growth with an explanatory variable of the central bank Independence measures. It has four components including central bank CEOs, central bank objectives, policy formulations and central bank lending limit policies. The second focus of this paper aims to harness the Asia Financial Crisis 1998-1999, as natural experiment to understand effect of crises by using semi-experimental method Difference-In-Difference (DID). Panel data regression and DID are two empirical research methods applied in this research. This paper proposes all four CB Independence measures can explain the inflation; but this paper does not find statistical support for the economic growth. Supported by DID estimation, this paper also estimates the effect of CB Independence to inflation and economic growth for the sample countries before and after the 1998 Asia financial crisis experienced by sample countries. To enrich our historicalinstitutional narrative, this paper underlines narrative under the tale of two countries – Japan and Indonesia as exemplify.
DESIGN AND LEGAL ASPECT OF CENTRAL BANK DIGITAL CURRENCY: A LITERATURE REVIEW Fitri Handayani
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.35

Abstract

The development of digitalisation in the financial services sector has compelled Bank Indonesia to develop Central Bank Digital Currency (CBDC). CBDC as a new type of money requires adjustments in terms of applicable laws and regulations. In an attempt to identify the design and legal regulations regarding CBDC, this paper performs a literature review through various related studies carried out internationally and in Indonesia. The novelty of this paper is to apply the rule of law to each selected CBDC design. Based on the study, CBDC design consists of wholesale and retail that can use token or account-based authentication. Then, CBDC transactions can be managed by the central bank or transacted through a Distributed Ledger Technology (DLT) system. In addition, another CBDC characteristic is based on interest-bearing and non-interest-bearing. The different implementation and selection of CBDC resulted in regulations that needed to be improved. Related to the legal aspect of CBDC in Indonesia, revisions are required to the substance of Law No. 7 of 2011 on Currency which must state that the form of rupiah includes CBDC. Furthermore, other rules that need to be considered are privacy and property laws, DLT, and insolvency law, as well as regulation of competition between CBDC and depository banks.
REGULATING INITIAL COIN OFFERING AMIDST THE DEVELOPMENT OF CRYPTO ASSETS IN INDONESIA Alexander Harryandi; Fira Natasha; Muhammad Akbar
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.41

Abstract

In the era of digital economic development, blockchain and crypto asset innovations have gained wide acceptance and skyrocketing worldwide demand. Behind the emergence of popular crypto assets, the mechanism of an Initial Coin Offering (ICO) is used to issue this new form of currency. An ICO is highly favoured because of its efficiency, minimum underwriting requirements, high profits, and liquidity. Without exception, the hype accompanying ICOs has also influenced the Indonesian public. There remains, however, very minimal protection for investors who participate in ICOs that are being held in Indonesia. There are many disadvantages to an ICO, including high risks for investors, its vulnerability to fraud or crime, and the lack of regulation regarding the mechanism of ICOs. Furthermore, ICOs are very much intertwined with the development of decentralised finance (DeFi), one of the latest crypto-related financial innovations. DeFi likewise poses various risks and threats to the traditional financial system that needs to be monitored from the beginning of the ICO process. Therefore, by using normative research methods based on literature studies, this study aims to comprehensively explain the problems of ICO investor protection in Indonesia and the solutions for overcoming these problems.

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