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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
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Search results for , issue "Vol. 2 No. 1 (2023)" : 7 Documents clear
COVID-19 POPULISM CHALLENGES AND CHINA’S FINANCIAL LAW RESPONSES: THREE EMERGING CASE SCENARIOS Wei Shen; Carrie Shu Shang; Li Fang
Journal of Central Banking Law and Institutions Vol. 2 No. 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i1.27

Abstract

China’s increasing engagement in international governance has had significant ramifications in international rule-making and institutional build-up. The post-COVID-19 era has seen a rise of populism in China, as well as an elevation of China’s significance in international governance. This article offers a new perspective on China’s growing influence in the midst of resurgent populism, by focusing on three case scenarios: defending state liability in public health crisis lawsuits, championing financial multilateralism, and an emerging digital currency landscape. The argument made here is that China’s status as a rising power has led it to advocate for international rules, standards, and institutions in a de-Americanised and anti-populist manner.
THE CENTRAL BANK’S POLICY JUSTIFICATION IN MITIGATING CLIMATE CHANGE Muchammad Chanif Chamdani; Bramanda Sajiwo Santoso
Journal of Central Banking Law and Institutions Vol. 2 No. 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i1.36

Abstract

In recent years, increasing awareness of the impact of climate change has attracted the attention of central banks in a number of countries. Under their authority, some central banks have started to formulate “green policies.” These green policies include a green version of quantitative easing, buying green bonds in order to support the growth of environmentally friendly financial institutions, and imposing restrictions or prohibitions on non-environmentally friendly industry lending by banks. Bank Indonesia itself is starting to explore banking policies that are more environmentally friendly, one of which is by managing financial instruments in a sustainable manner and providing green incentives. This raises unavoidable questions about the legitimacy of Bank Indonesia’s promulgation of these environmentally friendly bankingpolicies and the issues of independence, accountability and legitimacy that accompany them. This research found that green finance policies were adopted by Bank Indonesia due to its flexibility and/or independence in deploying various policy instruments, the expansion of Bank Indonesia’s mandate to maintain financial system stability, institutional relationships, and involvement in various green financial forums. However, further discussion shows that this expansion of its mandate simultaneously affects the independence of the central bank leading to issues surrounding the accountability and even legitimacy of the central bank
LEGAL ASPECTS OF THE CENTRAL BANK’S GREEN FINANCE INSTRUMENTS IN INDONESIA: AN OVERVIEW Ratu Silfa Addiba Nursahla; Nismara Paramayoga; Muhammad Anas Fadli; Muhammad Pravest Hamidi
Journal of Central Banking Law and Institutions Vol. 2 No. 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i1.38

Abstract

For experts in the field of central banking, the growth of green finance presents a significant opportunity for of research. This rapid emergence of green finance springs from the urgent need to address the threat of climate damage and the important role of central banks in supporting this transition to sustainability. In this study, we utilise the legal instruments framework proposed by Volz to analyse the legal aspects of green finance within the context of the central bank in Indonesia. Our findings indicate that Bank Indonesia, as well as the Financial Service Authority, has a range of regulatory tools at its disposal to influence borrowing and lending policies, as well as investment choices. Several green finance instruments have been created under Indonesian laws and regulations, including loan to value/finance to value, green finance guidelines and frameworks, and affirmative measures to support green finance. The future of the legal framework on green finance in Indonesia looks promising, with the implementation of sustainable finance from businesses and support from the government. However, there is still room for Bank Indonesia to adopt additional regulatory instruments, such as incentives for redirecting resources to low-carbon investments to further promote sustainable finance.
GOING DIGITAL RUPIAH: SOME CONSIDERATIONS FROM SOVEREIGNTY AND CYBERSECURITY PERSPECTIVES Zahrashafa Mahardika; Rizky Banyualam Permana; Nadia Maulisa
Journal of Central Banking Law and Institutions Vol. 2 No. 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i1.42

Abstract

Central banks worldwide are coming to terms with the bits and bytes of digital money, commonly referred to as Central Bank Digital Currency (CBDC). CBDC has been claimed to be safer, more secure, and inherently less volatile, unlike cryptocurrencies, as it is issued and regulated by central banks. The development of digital currency not only emerged in, and isolated developed countries’ monetary policy but also came from the emerging markets. However, the policy and academic discussion on CBDC is clouded as only a significant minority of states have instituted it. From a regulatory point of view, the basic concept of CBDC is still significantly understudied. Among the emerging scholarship, there remains a paucity of study on the (legal) aspects of cybersecurity risk and resilience of the proposed CBDC. This paper explores the role of Bank Indonesia (BI), as the central bank, in implementing CBDC and conducts a preliminary expose associated with cybersecurity risks. This paper shows that CBDC understood as not only usage of Digital Ledger Technologies, (DLTs), but in all models of electronic payment. There are diverging models for the implementation of CBDC, some models involve multiple actors and electronic systems. However, as a currency the Central Bank would ultimately bear the liability for each transaction. Therefore, it is important for BI, as the central bank, consider cybersecurity risks associated with the implementation of CBDC. Cybersecurity risks in the financial sectors including CBDC, is the potential disruption caused by cyber-attacks, IT failures, personnel, and physical or infrastructure security risks.
LEGAL ANALYSIS ON PRESIDENT REGULATION ON CARBON PRICING IN INDONESIA Linda Yanti Sulistiawati; Louie Buana
Journal of Central Banking Law and Institutions Vol. 2 No. 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i1.46

Abstract

This paper aims to analyse Indonesia’s new law of carbon pricing namely Presidential Regulation Number 98 Year 2021 on Carbon Economic Value (Presidential Regulation No. 98/2021). The Presidential Regulation is analyzed based on the legal framework for hierarchy in Law Number 12 Year 2011on the Formation of Legislation). This paper found that even though this regulation has fulfilled all the principles stated in the Law on the Formation of Legislation, many details are left to be regulated in the implementing regulation (as indeed requested in the Presidential Regulation), and more clarification needed for the roles of each actors and stakeholders in carbon economic value and how carbon economic value will invite public participation in its implementation.
DEVISING AN INDONESIAN LEGAL ARCHITECTURE FOR METAVERSE BANKING: CHALLENGES AND OPPORTUNITIES Kristianus Jimy Pratama
Journal of Central Banking Law and Institutions Vol. 2 No. 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i1.48

Abstract

The objective of this research is to correct misconceptions about the metaverse and metaverse banking, as well as to refute national legal perspectives on metaverse banking. It is designed to also shed some light on challenges and opportunities connected to the plan of legal architecture on metaverse banking along with its supervision and enforcement mechanisms. Metaverse banking consists of banking activities in the metaverse ecosystem. Due to the rapid development of metaverse banking on a global level and unresponsive national regulations to govern it, there is no adequate legal regulation for this activity in Indonesia. The research method is normative through literature study. This research findings illustrate persistent errors about the concept of metaverse banking including the national legal authority’s perspective on the substance of regulation. The results also show that challenges and opportunities exist for devising a legal architecture on metaverse banking accompanied by a mechanism for supervision and dispute resolution. This research contributes to as well as serves as one of the references for study on metaverse banking in Indonesia
ENHANCING THE COMPETITIVENESS OF INDONESIA’S FINANCIAL SERVICES SECTOR IN THE DIGITAL ERA THROUGH OPEN BANKING: LESSONS LEARNED FROM THE UK’S EXPERIENCE Paripurna P Sugarda; Muhammad Rifky Wicaksono
Journal of Central Banking Law and Institutions Vol. 2 No. 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i1.63

Abstract

In 2021, Bank Indonesia launched the National Open API Payment Standard (SNAP) to facilitate interoperable data-access for Indonesia’s digital payments sector. This article examines the lessons learned from the UK’s experience in open payments to improve the regulatory and institutional framework of Indonesia’s open banking regime. This article employs a comparative legal analysis of the UK’s open banking regime and concludes that Indonesia’s open banking regime could be improved by expanding the delivery of the Open API standards enabling interoperable data access for the entire financial services sector through an outcomes-based approach. Such expansion could be facilitated by encouraging collaboration between banks and fintechs and by creating an Open Banking App Store to increase user adoption, enhance product visibility, and widen access to digital financial services for Micro, Small, and Medium Enterprises (MSMEs)

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