Journal of Central Banking Law and Institutions
Vol. 2 No. 1 (2023)

DEVISING AN INDONESIAN LEGAL ARCHITECTURE FOR METAVERSE BANKING: CHALLENGES AND OPPORTUNITIES

Kristianus Jimy Pratama (Law Faculty, Gadjah Mada University)



Article Info

Publish Date
31 Jan 2023

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

Copyrights © 2023






Journal Info

Abbrev

jcli

Publisher

Subject

Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

Description

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 ...