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All Journal DE JURE Wacana, Jurnal Sosial dan Humaniora ECSOFiM (Economic and Social of Fisheries and Marine Journal) Brawijaya Law Journal : Journal of Legal Studies REKAYASA Jurnal Media Hukum PADJADJARAN Jurnal Ilmu Hukum (Journal of Law) Jurnal Akta Jurnal Ilmiah Hukum LEGALITY JFMR (Journal of Fisheries and Marine Research) Jurnal Bina Mulia Hukum STTAL POSTGRADUATE - INTERNATIONAL CONFERENCE Jurnal Pendidikan dan Konseling Jurnal Suara Hukum International Journal of Business, Law, and Education Journal of Social and Policy Issues International Journal of Educational Review, Law And Social Sciences (IJERLAS) Indonesian Journal of International Law International Law Discourse in Southeast Asia Klausula: Jurnal Hukum Tata Negara, Hukum Adminitrasi, Pidana dan Perdata International Law Discourse in Southeast Asia
Adi Kusumaningrum
Fakultas Hukum Universitas Brawijaya
Religion Agriculture, Biological Sciences & Forestry Humanities Biochemistry, Genetics & Molecular Biology Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Mechanical Engineering Neuroscience Physics Social Sciences Other

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Regulatory Mitigation of Digital Bank-Run Risk in Indonesia's Rupiah Digital: A Normative Legal Framework for Monetary and Financial Stability Mochamad Ilham Fatahillah; Adi Kusumaningrum; Reka Dewantara
International Journal of Business, Law, and Education Vol. 7 No. 2 (2026): International Journal of Business, Law, and Education (on progres)
Publisher : IJBLE Scientific Publications Community Inc.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56442/ijble.v7i2.1503

Abstract

Indonesia's development of the Rupiah Digital, the country's prospective central bank digital currency (CBDC), offers a strategic opportunity to modernise the payment system, strengthen monetary sovereignty in the digital sphere, and broaden access to central-bank money. Yet a retail CBDC also creates a distinctive financial-stability risk: a digital bank run in which depositors rapidly migrate funds from commercial bank deposits to risk-free central-bank liabilities. This article examines the urgency of regulating digital bank-run risk in the circulation of the Rupiah Digital and reconstructs an ideal regulatory model for Indonesia. Using normative legal research with statutory, conceptual, and comparative-institutional approaches, the article analyses the 1945 Constitution, the Currency Law, the Banking Law, the Bank Indonesia Law, the Financial System Crisis Prevention and Resolution Law, the Financial Services Authority Law, and Law No. 4 of 2023 on Financial Sector Development and Strengthening. The study finds five structural gaps in Indonesia's existing legal framework: the absence of retail CBDC holding limits, tiered remuneration rules, digital-run crisis protocols, CBDC-specific emergency liquidity arrangements, and ecosystem-wide cyber-risk governance. These gaps are legally significant because the Digital Rupiah's status as a direct liability of Bank Indonesia may accelerate systemic disintermediation under conditions of panic. The article proposes a five-pillar regulatory architecture comprising dynamic holding limits, tiered remuneration, statutory crisis protocols and circuit breakers, an emergency CBDC liquidity facility, and cyber-risk governance. It argues that these safeguards should be enacted at the statutory level and integrated into the Financial System Stability Committee framework before full public deployment of the Rupiah Digital.
Co-Authors Asyifa Anandya Asyifa Anandya Dewi Yustiana Dhiana Puspitawati FADLI, MOH Fadli, Moh. Fadli, Mohammad Hadi, Yoos Suryono Hamamah, Hamamah Herman Suryokumoro Istislam Khusaini, Mohammad Khusaisni, Moh. Kurniaty, Rika M. Rifqinizamy Karsayuda, M. Rifqinizamy Marcello Ardra P. S Mentari Puspa Wardani Mochamad Ilham Fatahillah Moeljadi Moeljadi Moelyadi Moelyadi Moh. Khusaini Mohammad Fadli Muhammad Fathur Rahman Nuddin Harahab Nur Chanifah Prakoso, Lukman Yudho Prasetya, Heri Prischa Listiningrum Puspoayu, Elisabeth Septin Reka Dewantara Riansyah, Wildan Rizqi Bachtiar Setyo Widagdo Setyo, Amin Shinta Hadiyantina Siswahyudianto Solimun Solimun Sungkono Sungkono Supriyadi Supriyadi Supriyadi Supriyadi Suryono Hadi, Yoos Syahrani, Nabila Tajudin, Amalina Ahmad Tinambunan, Hezron Sabar Rotua Wardani, Mentari Puspa Widagdo , Setyo Widyanto Pudyo P Windu Wahyu Wijaya