<![CDATA[The innovation in Indonesian civil law that recognizes digital receivables (such as YouTube advertising revenue) as objects of fiduciary collateral faces serious challenges when faced with the reality of global corporations that are not subject to national jurisdiction. This study aims to analyze the legal construction of fiduciary for digital receivables in the Indonesian legal system and identify obstacles to execution due to the inaccessibility of global platforms. The research method used is normative juridical with statutory, conceptual, and comparative approaches. The results show that normatively, Law Number 42 of 1999 concerning Fiduciary Guarantees and Government Regulation Number 24 of 2022 concerning the Creative Economy allow digital receivables as objects of collateral. However, the unpreparedness of the administrative infrastructure (SISMINFIDU), the weakness of the analogy of digital control in the constitutum possessorium, and the conflict of choice of law with the Terms of Service of global platforms make this fiduciary obligation "semi-formal" and difficult to enforce. Execution through an Indonesian auction is not binding on YouTube due to differences in jurisdiction, unreasonable cross-border litigation costs, and fluctuations in the value of receivables. In conclusion, fiduciary over digital receivables is currently only a "pseudo-collateral" that requires a bilateral agreement or cross-border escrow mechanism to provide legal certainty.]]>
