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Journal : Pena Justisia: Media Komunikasi dan Kajian Hukum

Cryptoization and Shadow Currency: Legal Overview of the Importance of Digital Rupiah in Indonesia Sulistiyono, Adi; Kharisma, Dona Budi
Pena Justisia: Media Komunikasi dan Kajian Hukum Vol. 23 No. 2 (2024): Pena Justisia
Publisher : Faculty of Law, Universitas Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31941/pj.v23i2.4369

Abstract

Cryptoization in Indonesia can be seen in the number of investors and crypto asset transactions. As of January 2024, the total number of crypto asset investors reached 18.83 million investors. Meanwhile, the total accumulated value of crypto asset transactions throughout 2024 was recorded at IDR 48.82 trillion. Various types and developments in crypto assets trigger shadow currency risks. Shadow currency is a currency function that can be replaced by another form. In this regard, research is needed regarding the relationship between crypto assets as shadow currency in financial stability and the importance of regulating digital rupiah in Indonesia. The approach used is the statute approach. This research will examine various laws and regulations relating to crypto assets, fintech, financial systems and currencies. The research results show that the crypto asset transaction process occurs outside the official monetary system and can develop into a digital currency area outside certain jurisdictions. The materialization of this risk can threaten a country's monetary sovereignty, thus triggering the risk of shadow currency. Therefore, it is recommended that the Digital Rupiah be a Central Bank Digital Currency (CDBC) which is officially implemented in Indonesia. However, there needs to be regulatory and policy support needed so that CBDC can be implemented in Indonesia, one of which is through a revision of the Indonesian Act on Currency.
Co-Authors Abdul Wahid Ahya Mofidi Lahida AL Hakim, Dimas Al Sentot Sudarwanto Albertus Sentot Sudarwanto Albertus Sentot Sudarwanto, Albertus Sentot Anggraeni, Sindi Ayu Arief Suryono Arsyad Aldyan Aziz, Sannia Beryl Alfarez Hertanto Beta Wulansari Brigita Natalia Rose Santi Budi Prasetyo Burhanudin Burhanudin Burhanudin Harahap Caska - Deselta, Azalia Dewi Septiana Dhikma Heradika Diana Tantri Cahyaningsih Dona Budi Kharisma, Dona Budi Eddy Ramon Torong Emmy Latifah Endang Pandamdari Fadilla Mariska Putri Fitri Fatmawati, Vera Fitriyah, Sarah Fitriyah, Sarah Grahani Wahyu Widhyastuti Hari Purwadi,, Hari Hariati, Sri Hartiwiningsih Hatimah, Khusnul Hazdan, M Fahmi Heradika, Dhikma Heri Azwansyah Hermawan, Sapto I Gusti Ayu Ketut Rachmi Handayani Idris Assaf, Muhammad Iksan Isharyanto ,, Isharyanto Isharyanto Isharyanto Ivan Renaldi Kartika Cahyaningtyas Krista Yitawati Kukuh Tejomurti, Kukuh M Syamsudin M. Hawin M. Syamsudin Melati Adventine Christi Silitonga Moh. Jamin Monaya, Nova Musataklima Musataklima Musataklima, Musataklima Nadhifah Thifal Kurnia Wibowo Nanda Bagus Trihatmojo Novianti, Dinda Nurwati Nur Padma Widyantari Perwitasari, RR. Intan Ratih Prameswari, RA Alilah Fathyarani Pranoto , Prasetyo Hadi Purwandoko PUJIONO Pujiyono Pujiyono , Purnama Adi , Fadhil Putri, Fadilla Mariska Rahmaidha, Dewandira Darruning Sripradnya Rahman, Reza Fazlur Rahman, Reza Fazlur Rahmawati, Nur Ainiyah Rehnalemken Ginting Ridwan Rochim, Bayu Nur Roestamy, Martin Said Said, Said Salsabila, Elora Salsabila, Sekar Salma Saptanti, Noor Saputra, Toni Tri Setiaji, Sigit Sihotang, Sudiman Sindi Ayu Anggraeni Sri Dwi Retno Ningsih Sri Utami Syamsuddin Talitha Danti Elvina Tesalonika Marta Ayuning Tyas Tifani Rizki Dianisa Torong, Eddy Ramon Torry, Ayub Trihatmojo, Nanda Bagus Tuhana Tuhana Umi Handayani Wardhani, Rachmalia Rosa Wardhani, Rachmalia Rosa Wicaksono, Bagas Wahyu Widyantari, Padma Winuratri Gita Prawardhani Yitawati, Krista Yudho Taruno Muryanto Zuhrah