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INDONESIA
Journal of Central Banking Law and Institutions
Published by Bank Indonesia Institute
ISSN : 28277775     EISSN : 28099885     DOI : https://doi.org/10.21098/jcli.v2i1
Core Subject : Economy, Humanities, Science, Social,
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences
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 regulations, governance (including transparency & accountability), credibility, institutional politics, institutional arrangements, and institutional communication. The JCLI’s scope is global, and the journal endeavours to publish high-quality research that contributes to the literature and/or impacts macro-economic policy aimed at enhancing social & economic welfare. Research papers are welcome from central and non-central bank practitioners, academics, and policymakers, regardless of their institutional affiliation and geographic location.
Arjuna Subject : Ilmu Sosial - Hukum
Articles 84 Documents
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Protection of Data Privacy in The Era of Artificial Intelligence in The Financial Sector in Indonesia Sinta Dewi Rosadi; Siti Yuniarti; Rizki Fauzi
Journal of Central Banking Law and Institutions Vol. 1 No. 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i2.18

Abstract

The concept of privacy has broad ramifications, and it is implemented in a number of disciplines, ranging from philosophy to computer science, political science and legal science. This paper covers the impact of artificial intelligence on privacy protection, especially in the finance sector. Privacy protection is associated with control over information about personal data, also known as private information. This research is a normative legal research of analytical nature, and it is conducted by studying and interpreting theoretical matters relating to the principles, conceptions, doctrines and legal norms pertaining to the problems. The results of this research show that the concept of privacy in the era of artificial intelligence in Indonesia is best achieved by combining comprehensive rules with self-regulation to serve as a balancing agent between laws and technology in order to control and fulfill the protection of personal data in the era of artificial intelligence.
Legal Issues of Personal Data Protection and Consumer Protection in Open API Payments Camila Amalia; Esha Gianne Poetry; Mochamad Kemal Kono; Dadang Arief Kusuma; Alex Kurniawan
Journal of Central Banking Law and Institutions Vol. 1 No. 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i2.19

Abstract

Digital financial innovation in Indonesia demands equal disclosure of data and information between banks and financial technology (fintech) companies through the Open API. Bank Indonesia as the authority in the payment system issued a series of regulations to regulate the standardization of Open API Payments to create data disclosure integrity, as well as improve personal data protection and consumer protection in open banking. This paper will review several legal aspects that have emerged, and it will be assessed whether the current provisions have addressed a number of these legal aspects. This paper uses a normative juridical approach with a descriptive analysis specification, which uses laws and regulations as the primary material. Based on research, currently existing regulations have succeeded in addressing the legal aspects of the Open API Payment. However, to strengthen consumer rights in the Open API Payments, it is still necessary to enact a Personal Data Protection Law (PDP Law) and amend the Consumer Law that is more in favor of the interests of consumers.
CENTRAL BANK DIGITAL CURRENCY UNDER THE STATE THEORY OF MONEY: A PRELIMINARY LEGAL ANALYSIS Indrawati, Fransiska Ari
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.23

Abstract

Innovations in digital payments have triggered many central banks to apprehend and consider central bank digital currency (CBDC). CBDC is believed to be the next milestone in the evolution of money because many studies have shown the significant advantages of using government-issued digital currency. However, to function as money, CBDC must fulfil the fundamental role of money, among others, contended by the state theory of money. This paper addresses the applicability of the state theory of money to CBDC as digital money, which is prefaced by the discussion on money as legal tender and the theory of sovereign power over money. After analysing these theories, this paper offers a preliminary legal analysis of CBDC, mainly from the perspective of Indonesian law. This paper concludes that the concept of CBDC as money and legal tender may fulfil the notion of money under the state theory of money and can serve as legal tender. Applying this theory to CBDC and assuming CBDC is used as legal tender, the State should create a legal framework to regulate CBDC as a valid medium of exchange and legal tender. However, it is also acknowledged that various designs of CBDC must be supported by different legal environments. Furthermore, this paper recommends the preparation of an Indonesian legal ecosystem for CBDC, consisting of a solid regulatory framework and clear legal relationships among relevant parties, that are needed to ensure the legality of the issuance, distribution and transference of CBDC once the design of CBDC is determined. Furthermore, to accommodate the use of CBDC, a thorough assessment of the relevant Indonesian laws should be undertaken relating, among other factors, to the central bank, money, currency, and technology.
The Legal Conundrums of the Metaverse Safari Kasiyanto; Mustafa R. Kilinc
Journal of Central Banking Law and Institutions Vol. 1 No. 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i2.25

Abstract

The metaverse gained its momentum after a CEO of the biggest social media made a statement that it would be the next big thing after the Internet. Although there is no single, agreed definition of the metaverse, the common understanding of the metaverse is that the concept combines IoT, AR, VR, XR, and 3D technologies. It is also called the Web 3.0. The market capital and the economic potential of the metaverse are enormous. The market cap was calculated around USD14.8 trillion in October 2021 while the economic potential ranged from USD3,75 trillion to USD12.5 trillion. Hence, it is of importance to discuss the legal aspects of the metaverse. This article is the first to elaborate the legal conundrums of the metaverse in a more proper manner. It includes discussion on the property law and intellectual property law, and whether the time has come to have “a virtual property law”. It also discusses some other legal aspects such as privacy and data protection, contract law and smart contracts, cybersecurity and cyberattacks, monetary and payment systems laws, and regulation of virtual assets (including securities and commodities laws), tax law, anti-money laundering and KYC, and criminal law. To give a more comprehensive view, some governance and ethical issues of the metaverse are also touched upon.
Politicians and Economic Policy During the Pandemic: Evidence from Emerging and Developed Countries Indri Dwi Apriliyanti; Cinintya Audori Fathin
Journal of Central Banking Law and Institutions Vol. 1 No. 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i2.26

Abstract

Our study explores economic policy communication in response to the Covid-19 pandemic crisis. Considering a major role of Twitter in information dissemination, we use tweets as a proxy to examine politicians’ crisis communication strategies in five countries, Australia, Canada, India, Indonesia, and Singapore. By using systematic content analysis approach, the study attested the degree to which SCCT and IRT model can be applied to political realm. We found two strategies, bolstering and mortification, emerge as the most frequently used strategies by politicians. Further, new strategies, i.e information provision and cohesion, as well as new categories, i.e morale boosting, political positioning, and cross border cooperation surfaced which further expanding the SCCT and IRT model in explaining political crisis communication. As this study explores the role of context and situational factors that determine specific strategies, our findings demonstrate no substantial differences among developed and emerging countries. We note the use of combination of bolstering, mortification, and cohesion strategies can be critical for politicians’ career, as they may restore politicians’ reputation, reinforce their political presentation, and foster public trust.
COVID-19 POPULISM CHALLENGES AND CHINA’S FINANCIAL LAW RESPONSES: THREE EMERGING CASE SCENARIOS Wei Shen; Carrie Shu Shang; Li Fang
Journal of Central Banking Law and Institutions Vol. 2 No. 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i1.27

Abstract

China’s increasing engagement in international governance has had significant ramifications in international rule-making and institutional build-up. The post-COVID-19 era has seen a rise of populism in China, as well as an elevation of China’s significance in international governance. This article offers a new perspective on China’s growing influence in the midst of resurgent populism, by focusing on three case scenarios: defending state liability in public health crisis lawsuits, championing financial multilateralism, and an emerging digital currency landscape. The argument made here is that China’s status as a rising power has led it to advocate for international rules, standards, and institutions in a de-Americanised and anti-populist manner.
THE PRESENCE OF COMMERCIAL BANKS IN METAVERSE’S FINANCIAL ECOSYSTEM: OPPORTUNITIES AND RISKS Raffi Hasta Anggara, Muhammad; Davie, M. Reihan; Margani, Mahanani; Aristyana D, Made Ayu; Aulia, Mahdiah
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.28

Abstract

The metaverse has been widely discussed as it is believed will affect almost every sector, one of those is the financial sector. The financial sector developed in the metaverse will likely be based on decentralized finance and blockchain technology, the latter of which is the primary source of the development of cryptocurrency and stable coins. Other than cryptocurrency and stable coins, CBDC is also predicted to emerge as one of the payment instrument options used in the metaverse. The presence of these technologies has formed the unique financial ecosystem in metaverse, differentiating it from the existing ecosystem which is characterized as centralized and traditionalfinance. The recently developed Meta Fi has created the question of whether commercial banks, as one of the most important financial institutions in the current financial ecosystem, will be able to penetrate and keep its relevance in the Meta Fi. This research will attempt to answer this question by explaining Meta Fi, its characteristics, and how commercial banks could co-exist alongside blockchain-based service in Metaverse.
DIGITAL CONSTITUTIONALISM ERA IN THE DEVELOPMENT OF BANKING LAW IN INDONESIA Putri, Mery Christian; Kurniawan, Nalom
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.29

Abstract

Digitalisation has changed, bringing the world in an almost borderless direction, and impacting various fields. Banking law in particular has been disrupted by the rapid development of digitalisation, as well as shifting paradigms of thinking across the banking world. As a result of the digital economy era, conventional banking services have been forced to adapt to the development of the concept of digital constitutionalism. The digital economy era must provide better banking services to guarantee the protection of citizens’ constitutional rights, especially related to the use of technology in banking services. This concept of the digital economy must be able to improve the quality of banking services in terms of ease and speed of access, efficiency, effectiveness, and optimal management of risk. Thus, it is expected that the development of the era of digital constitutionalism in banking law in Indonesia can provide a more optimal guarantee of protection of future constitutional rights protection for its citizens. This study describes the transitional process of the digital constitutionalism era in the development of banking law in Indonesia as a factual condition by using normative juridical research methods and library approaches, as well as comparative approaches. The study finds that the development of the digital constitutionalism era in banking law in Indonesia has progressed rapidly. This progress has benefitted users of banking services, but it also has led to a residual deviant behaviour due to the ease of access to technology.
THE EXTRA-LEGAL PROPERTY RIGHTS DESIGN OF BITCOIN AND ITS PHILOSOPHICAL ISSUES Nur Fauzan, M. Pasha; Yoppy A, Muhammad
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.31

Abstract

This article provides a philosophical examination of the Bitcoin concept of property rights protection. To that end, several fundamental questions must be addressed on the subject, including what money is, what purpose it seeks to serve, and how the system that supports it is related to the concept of property rights. Finally, it is important to identity what, if anything, Bitcoin has to offer in these matters. This article concludes that the primary function of money as a social institution is to store one’s labour as part of one’s property right. In comparison to fiat currency, Bitcoin is the superior medium of exchange. However, the ideological foundation of Bitcoin has philosophical issues: it is based on the false premises of absolute individual property rights derived from the concept of natural rights, which is incompatible with Indonesia’s economic commitment and goals of establishing a welfare state, as reflected in the constitution.
CENTRAL BANK INDEPENDENCE AND POLICY OUTCOMES: A TRANS-BOUNDARY COMPARISON Iksan, Muhamad; Konishi, Tetsu
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.34

Abstract

This paper examines how Central Bank Independence (CB Independence), using a dataset that compiled by Garriga (2016), can explain the policy outcomes. This dataset was mainly compiled from Cukierman’s work (1995). The dataset identifies statutory reforms affecting CB Independence, their direction, and the attributes necessary with the aim of building on previous literature, the most widely used Cukierman, Webb and Neyapti index. The focus of this paper is empirically estimating causal inferences of inflation and economic growth with an explanatory variable of the central bank Independence measures. It has four components including central bank CEOs, central bank objectives, policy formulations and central bank lending limit policies. The second focus of this paper aims to harness the Asia Financial Crisis 1998-1999, as natural experiment to understand effect of crises by using semi-experimental method Difference-In-Difference (DID). Panel data regression and DID are two empirical research methods applied in this research. This paper proposes all four CB Independence measures can explain the inflation; but this paper does not find statistical support for the economic growth. Supported by DID estimation, this paper also estimates the effect of CB Independence to inflation and economic growth for the sample countries before and after the 1998 Asia financial crisis experienced by sample countries. To enrich our historicalinstitutional narrative, this paper underlines narrative under the tale of two countries – Japan and Indonesia as exemplify.

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