BibTex Citation Data :
@article{Dilrev50691, author = {Wahyu Yun Santoso and Araya Anggara Putra and Laras Susanti and Faiz Rahman}, title = {DESIGN ELEMENTS AND RISKS OF CENTRAL BANK DIGITAL CURRENCY IN TAILORING A PRUDENT ‘RUPIAH DIGITAL’}, journal = {Diponegoro Law Review}, volume = {8}, number = {2}, year = {2023}, keywords = {Central Bank Digital Currency; Blockchain; Privacy; Cybersecurity}, abstract = { As the risks associated with the use of stablecoins grow, BI intends to issue Indonesian CBDCs. However, as a financial system innovation, the design of a CBDC must also consider the consequences and risks that may arise from its implementation. In this regard, BI believes that the primary foundation for CBDC implementation should be a strong legal foundation. This normative paper discusses the legal concerns that could arise throughout CBDC implementation in Indonesia. However, because Indonesia's legal framework for cyber privacy and security is still in its infancy, this paper also investigates the privacy and cyber security risks of CBDC implementation. According to the research findings, Indonesia's regulatory framework is still far from being capable of accommodating CBDC implementation. The legality of this CBDC is primarily determined by whether it is a currency or merely a payment instrument. Furthermore, there are privacy and cybersecurity risks that are not mitigated by the current regulatory framework. Despite the passing of the umbrella regulation for Indonesian personal data protection, some aspects of privacy must be taken into account by enacting provisions that protect retail CBDC users. In terms of cybersecurity, there is an urgent need to enact a comprehensive Cybersecurity Law, given the existing cybersecurity provisions still lack adequate protection for CBDC. }, issn = {2527-4031}, pages = {141--158} doi = {10.14710/dilrev.8.2.2023.141-158}, url = {https://ejournal.undip.ac.id/index.php/dlr/article/view/50691} }
Refworks Citation Data :
As the risks associated with the use of stablecoins grow, BI intends to issue Indonesian CBDCs. However, as a financial system innovation, the design of a CBDC must also consider the consequences and risks that may arise from its implementation. In this regard, BI believes that the primary foundation for CBDC implementation should be a strong legal foundation. This normative paper discusses the legal concerns that could arise throughout CBDC implementation in Indonesia. However, because Indonesia's legal framework for cyber privacy and security is still in its infancy, this paper also investigates the privacy and cyber security risks of CBDC implementation. According to the research findings, Indonesia's regulatory framework is still far from being capable of accommodating CBDC implementation. The legality of this CBDC is primarily determined by whether it is a currency or merely a payment instrument. Furthermore, there are privacy and cybersecurity risks that are not mitigated by the current regulatory framework. Despite the passing of the umbrella regulation for Indonesian personal data protection, some aspects of privacy must be taken into account by enacting provisions that protect retail CBDC users. In terms of cybersecurity, there is an urgent need to enact a comprehensive Cybersecurity Law, given the existing cybersecurity provisions still lack adequate protection for CBDC.
Article Metrics:
Last update:
Last update: 2024-07-17 14:51:53
The Authors submitting a manuscript do so on the understanding that if accepted for publication, copyright of the article shall be assigned to Diponegoro Law Review journal (Dilrev) and Faculty of Law, Universitas Diponegoro as publisher of the journal. Copyright encompasses rights to reproduce and deliver the article in all form and media, including reprints, photographs, microfilms, and any other similar reproductions, as well as translations.
Diponegoro Law Review journal and Faculty of Law, Universitas Diponegoro and the Editors make every effort to ensure that no wrong or misleading data, opinions or statements be published in the journal. In any way, the contents of the articles and advertisements published in Dilrev journal are the sole responsibility of their respective authors and advertisers.
Faculty of Law, Universitas Diponegoro
Gedung Satjipto Rahardjo - Jl. Prof. Soedarto, SH. Tembalang-Semarang
diponegorolawreview@gmail.com
http://ejournal.undip.ac.id/index.php/dlr
024 - 76918201 / 024 - 76918206 (fax)
Diponegoro Law Review (DILREV, ISSN : 2527-4031) published by Faculty of Law, Universitas Diponegoro - in collaboration with Asosiasi Pengajar dan Peneliti Hukum Ekonomi Islam Indonesia (APPHEISI) and Asosiasi Sosiologi Hukum Indonesia (ASHI) - under Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
ISSN : 2527-4031