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All Journal Journal of Information Systems Engineering and Business Intelligence Journal of Information Systems and Informatics
Made Harta Dwijaksara
Faculty Of Computer Science,Universitas Indonesia, Depok
Computer Science & IT

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Designing Smart-Contract-Enabled Liquidity Management for Wholesale Rupiah Digital: A Design Science Research Approach Satria Rana Dityantomo; Made Harta Dwijaksara
Journal of Information System and Informatics Vol 8 No 3 (2026): June
Publisher : Asosiasi Doktor Sistem Informasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63158/journalisi.v8i3.1609

Abstract

This study proposes a smart-contract-enabled liquidity management reference architecture for Bank Indonesia's Wholesale Rupiah Digital (wRD), addressing a gap in Project Garuda where the Proof-of-Concept adopts a gross settlement model supplemented by decentralized queueing but lacks a liquidity-saving mechanism. Using Design Science Research (DSR), a Multivocal Literature Review (MLR) was conducted to synthesize eight academic and grey literature sources that include central bank reports, BIS publications, and industry white papers. Five key takeaways were extracted and mapped to architectural modules. The resulting architecture operates on a unified ledger and comprises five modules: a Policy & Criteria smart contract for participant eligibility and compliance, a centralized Queue smart contract with configurable release rules, a Liquidity-Saving Mechanism (LSM) for periodic multilateral netting, an Automated Liquidity Provisioning (ALP) module for just-in-time intraday repo against tokenized bonds when netting is insufficient, and a guarded Automated Market Maker (AMM) for cross-currency settlement. The architecture is illustrated through a payment state lifecycle with two scenario transaction walkthroughs and assessed through a criteria-based analytical evaluation that verifies design completeness against requirements. Empirical validation through prototyping, simulation, or expert review is left for future work. The main contribution is a literature-derived reference architecture that integrates global CBDC mechanisms adapted to Indonesia's context.
Transitioning to Digital Currency: Factors Influencing Public Acceptance of the Digital Rupiah Nusandika Patria; Made Harta Dwijaksara; Setiadi Yazid
Journal of Information Systems Engineering and Business Intelligence Vol. 12 No. 2 (2026): June
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jisebi.12.2.534-547

Abstract

Background: The transformation of payment systems from cash-based transactions to digital platforms has significantly influenced the financial behavior of Indonesian society. A major innovation in this transition is the development of the Digital Rupiah, a Central Bank Digital Currency (CBDC) initiated by Bank Indonesia. Although global studies on CBDC adoption are emerging, limited research has examined its acceptance in Indonesia, particularly among technologically literate users, such as cryptocurrency customers. Objective: This study focuses on public acceptance of the digital rupiah and examines how trust and innovativeness serve as additional determinants beyond the core constructs of the UTAUT. Methods: A quantitative research design was employed using scanning electron microscopy-PLS. The study involved 400 respondents who are active Indonesian cryptocurrency users. The relationships between UTAUT variables and extended constructs were assessed using data derived from systematically designed questionnaires. Results: Performance expectancy, effort expectancy, social influence, trust, and innovativeness have a significant impact on behavioral intention to use digital rupiah, whereas facilitating conditions and behavioral intention directly influence use behavior. Importantly, the inclusion of trust and innovativeness as additional constructs revealed their substantial contribution in shaping attitudes and intentions toward adopting CBDC-based financial technologies. Conclusion: The following factors play vital roles in the acceptance of the digital rupiah. These insights provide valuable guidance for policymakers, particularly the Bank of Indonesia, in designing effective communication and socialization strategies to foster adoption. Future studies should further examine user acceptance across different demographic groups and broader segments of Indonesian financial technology users.   Keywords: Digital Rupiah, Central Bank Digital Currency (CBDC), UTAUT, Trust, Innovativeness, SEM-PLS
Co-Authors Nusandika Patria Satria Rana Dityantomo Setiadi Yazid