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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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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.
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.
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)
COMPARATIVE LEGAL ANALYSIS ON THE COMPETENCE OF THE INDONESIA’S FINANCIAL SERVICES AUTHORITY AND MONETARY AUTHORITY OF SINGAPORE ON THE ENFORCEMENT OF INSIDER TRADING LAWS Fabian Jonathan; Fajar Sugianto; Tomy Michael
Journal of Central Banking Law and Institutions Vol. 2 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i2.24

Abstract

This article investigates the competencies of both Indonesian and Singaporean capital market supervisory and regulatory bodies, namely Otoritas Jasa Keuangan and the Monetary Authority of Singapore. It further assesses the effectiveness of each body in enforcing laws prohibiting insider trading specifically. It shall further evaluate the passiveness portrayed by the Indonesian counterpart when it comes to the eradication of day trading activities in the market as well as variables that are weighed in its implementation. A normative-empirical method is used for this article as it considers legal principles and legal systems, following a comparative approach. The materials relied on for this article include an interview with a capital market lawyer, an analysis of the law and other supporting documents, and a comparative study. The nature of competence for Indonesia and Singapore’s capital market supervisory and regulatory bodies is quite similar which adopt integrated approaches towards regulation and supervision of the capital market and with adequate authority to enforce their mandates. Since 2012, OJK has replaces the role of Bapepam-LK to administer the Capital Market Law as an independent body. OJK is responsible for enacting rules and other oversight of the sector.
GREEN BONDS IN INDONESIA: SYNERGY BETWEEN BANK INDONESIA AND OTORITAS JASA KEUANGAN’S COMMITMENT orima davey; Ria Wierma Putri; Tristiyanto; Yunita Maya Putri; Febryani Sabatira
Journal of Central Banking Law and Institutions Vol. 2 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i2.37

Abstract

Climate change's impact on environmental quality has always been an interesting topic on the international platform, especially for developing countries. As a form of prevention and preparation, the World Bank green bonds by the World Bank have supported developing countries in participating in resilience to climate change. This article uses normative legal analysis with secondary data resources from books and other relevant scientific publications. The study result shows that the World Bank provided numerous recommendations and guidance for developing countries in implementing green bonds in their national regulations. Indonesia is one of the countries that applied green bonds through Bank Indonesia and Otoritas Jasa Keuangan (OJK). Bank Indonesia and OJK are now focusing on developing a Sustainable Finance Instrument (SFI) to stimulate the growth of a green and sustainable economy. A collaboration between the government and the authorities is essential to continuously build and preserve SFI in the market in the long term.
CENTRAL BANK DIGITAL CURRENCIES IN THE INDONESIAN SETTING: QUESTIONS & CHOICES David K Linnan
Journal of Central Banking Law and Institutions Vol. 2 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i2.45

Abstract

Central Bank Digital Currencies or CBDC have attracted increasing attention worldwide. Discussions take place chiefly at the institutional central bank level, and among financial and monetary economists, but now are moving into legal and political spaces. Meanwhile, Bank Indonesia or BI, the Indonesian central bank, has been an active proponent of a digital Rupiah for several years, seemingly focused on payment system improvements, problematic to the extent on-going digitalisation of the economy is not purely a payment system exercise.The Indonesian Parliament or DPR recently authorised in Law No. 4/2023 BI’s creation and management of a digital Rupiah, but open issues remain: (1) the DPR’s emphasis in its guidelines for the digital Rupiah contemplates currently only a domestic rather than crossborder digital Rupiah; (2) the DPR seemingly contemplated broader financial inclusion and more equitable development as a practical matter, while BI’s prior proposals seemed more focused on efficiency and banking sector; and (3) domestic CBDC’s introduction probably constitutes a dress rehearsal for an eventual international CBDC, so a planning function lies hidden. Digital Rupiah’s implementation presumably lies 12 to 24 months ahead, taking place under a new Indonesian President to be elected in 2024, implying new senior financial sector regulators as well. The best legal approach would be for BI to manage the digital Rupiah through external clearing and settlement institutions, and there are numerous international economic law complications in the hidden planning exercise if domestic is to become international digital Rupiah over time. Developing versus developed country CBDC concerns are simply different.
REGULATING THE CONVERSION OF CONVENTIONAL BANKS TO ISLAMIC: THE 4 QUADRANTS CONVERSION (4-QC) FRAMEWORK Suleiman Sani; Ashurov Sharofiddin; Mustapha Abubakar
Journal of Central Banking Law and Institutions Vol. 2 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i2.158

Abstract

This research paper proposes a framework for converting conventional banks to full-fledged Islamic banks as a catalyst for propelling the Islamic finance industry to Islamic Finance 2.0 by addressing the paucity of a regulatory framework for Central Banks to regulate this conversion. To address this, the paper proposes the “4Quadrants Conversion (4-QC) Framework” as a model framework for Central Banks to regulate the conversion process, consisting of twentyfour components classified into four quadrants. The proposed conversion involves leaving Shari’ah non-compliant activities and adopting Shari’ah permissible alternatives. This paper adopts a qualitative research method based on content analysis. The research findings suggest that the proposed regulatory framework can facilitate the successful conversion, resulting in a dual result of creating new Shari’ah-compliant entities and eliminating non-compliant entities. The proposed regulatory framework can also guide banks to plan, implement, and self-assess their progress to ensure a timely and less cumbersome conversion.

Page 3 of 4 | Total Record : 40

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