Email this article 
3.png)
Study on Implementation of China's Central Bank Digital Currency to Improve Financial Inclusion in Indonesia
Abstract
Central Bank Digital Currency (CBDC) has emerged as focal point for global monetary policy authorities as an effort to enhance financial inclusion. This study aims to investigate the regulation and implementation of CBDC in Indonesia by referring to China's experience in implementing e-CNY or China’s CBDC. The method used is a normative legal research method with a statutory and comparative approach through the exploration of regulations and governance that can be adopted by Indonesia in implementing CBDC as an instrument to improve financial inclusion. The analysis reveals that China's experience in implementing e-CNY provides valuable insights for Indonesia in designing and implementing CBDC. Prerequisites in implementing CBDC includes a strong blockchain technology infrastructure, strict data protection, and partnerships between the central bank and financial service providers. This study further illustrates the potential for CBDC’s implementation and implications for the financial sector.
Keywords
References
Adiningsih, Sri. Transformasi Ekonomi Berbasis Digital Di Indonesia: Lahirnya Tren Baru Teknologi, Bisnis, Ekonomi, Dan Kebijakan Di Indonesia. PT Gramedia Pustaka Utama, 2019. https://books.google.co.id/books?id=8zCyDwAAQBAJ.
Ayu Az Zahra, Della, and Shochrul Rohmatul Ajija. “The Effect of Financial Inclusion on Inclusive Economic Growth in Indonesia.” Jurnal Ilmu Ekonomi Terapan 8, no. 1 (2023): 55–67. https://doi.org/10.20473/jiet.v8i1.45426.
Bank Indonesia. “Proyek Garuda Menavigasi Arsitektur Digital Rupiah,” 2022.
Bell, S, and H Feng. The Rise of the People’s Bank of China: The Politics of Institutional Change. Harvard University Press, 2013.
BIS Innovation Hub. “Project MBridge Update: Experimenting with a Multi-CBDC Platform for Cross-Border Payments (October 2023),” 2023.
Bossu, Wouter, Masaru Itatani, Catalina Margulis, Arthur D. P. Rossi, Hans Weenink, and Akihiro Yoshinaga. “Legal Aspects of Central Bank Digital Currency.” IMF Working Papers 20, no. 254 (2020). https://doi.org/10.5089/9781513561622.001.
Chen, Donghua, Oliver Zhen Li, and Fu Xin. “Five-Year Plans, China Finance and Their Consequences.” China Journal of Accounting Research 10, no. 3 (2017): 189–230. https://doi.org/10.1016/j.cjar.2017.06.001.
Chen, Qi, Suyi Dong, and Jinqiao Li. “Outlook of Digital Currencies and Future Restrictions on Cryptocurrencies.” Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022) 648, no. Icfied (2022): 806–12. https://doi.org/10.2991/aebmr.k.220307.130.
Cheng, Xiaoqiang, and Hans Degryse. “The Impact of Bank and Non-Bank Financial Institutions on Local Economic Growth in China.” Journal of Financial Services Research 37, no. 2–3 (2010): 179–99. https://doi.org/10.1007/s10693-009-0077-4.
Coutinho, F P, M L Pires, and B C Barradas. Blockchain and the Law: Dogmatics and Dynamics. Information Technology and Law Series. T.M.C. Asser Press, 2023. https://books.google.co.id/books?id=gaLjEAAAQBAJ.
Das, Mitali. Implications of Central Bank Digital Currencies for Monetary Policy Transmission. Fintech Notes. Vol. 2023, 2023. https://doi.org/10.5089/9798400252792.063.
Didenko, Anton, and Ross Buckley. “Central Bank Digital Currencies: A Potential Response to the Financial Inclusion Challenges of the Pacific.” Manila, Philippines, August 1, 2021. https://doi.org/10.22617/ARM210301-2.
Direktorat Pengelolaan Kas Negara. “Central Bank Digital Currency (CBDC),” 2022.
Dombret, A, and P S Kenadjian. Data, Digitalization, Decentralized Finance and Central Bank Digital Currencies: The Future of Banking and Money. Institute for Law and Finance Series. De Gruyter, 2023.
Feng, Coco. “China’s Digital Currency: E-CNY Trials Move beyond Retail to Cover Corporate Loans for Small Businesses and Tax Payments | South China Morning Post.” South China Morning Post, 2022. https://www.scmp.com/tech/big-tech/article/3181809/chinas-digital-currency-e-cny-trials-move-beyond-retail-cover.
Harahap, Berry A., Pakasa Bary Idham, Anggita Cinditya M. Kusuma, and Robbi Nur Rakhman. “Perkembangan Financial Technology Terkait Central Bank Digital Currency (CBDC) Terhadap Transmisi Kebijakan Moneter Dan Makroekonomi.” Bank Indonesia. Vol. 2, 2017.
Huang, Yufei, Wenxu Qiu, Wenjun Yang, Yuhang Hou, and Chunzan Peng. “A Study on the Development Path and Promotion Measures of E-CNY.” In Proceedings of the 2023 2nd International Conference on Artificial Intelligence, Internet and Digital Economy (ICAID 2023), 233–39. Atlantis Press, 2023. https://doi.org/10.2991/978-94-6463-222-4_23.
Jiang, Jiaying, and Karman Lucero. “Background and Implications of China’s E-CNY.” University of Florida Levin College of Law Research Paper No. 23-7, no. 23 (2021): 1–26.
Kiff, John, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, et al. “A Survey of Research on Retail Central Bank Digital Currency.” IMF Working Papers 20, no. 104 (2020). https://doi.org/10.5089/9781513547787.001.
Kumar, Ananya. “Practice Makes Perfect: What China Wants from Its Digital Currency in 2023,” 2023. https://www.atlanticcouncil.org/blogs/econographics/practice-makes-perfect-what-china-wants-from-its-digital-currency-in-2023/.
Lai, E L C. One Currency, Two Markets: China’s Attempt to Internationalize the Renminbi. Cambridge University Press, 2021. https://books.google.co.id/books?id=n1ctEAAAQBAJ.
Lisanawati, Go, and Erly Aristo. “Urgensi Pengaturan Hukum Central Bank Digital Currency Dalam Dimensi Anti Pencucian Uang.” Veritas et Justitia 8, no. 1 (2022): 49–75. https://doi.org/10.25123/vej.v8i1.4520.
Lloyd, Michael. Central Bank Digital Currencies: The Future of Money. London: Agenda Publishing, 2023.
Madjid, Zahwa. “BI Catat Transaksi QRIS Tumbuh 130,01% Di 2023, Transaksi Kartu Turun.” Katadata, 2023. https://katadata.co.id/finansial/makro/65a7b7704b96a/bi-catat-transaksi-qris-tumbuh-130-01-di-2023-transaksi-kartu-turun.
Maryaningsih, Novi, Suahasil Nazara, Febrio N. Kacaribu, and Solikin M. Juhro. “Central Bank Digital Currency: What Factors Determine Its Adoption?” Buletin Ekonomi Moneter Dan Perbankan 25, no. 2 (2022): 1–24. https://doi.org/10.21098/bemp.v25i1.1979.
Mookerjee, Ajay S. “What If Central Banks Issued Digital Currency?,” 2021. https://hbr.org/2021/10/what-if-central-banks-issued-digital-currency.
Muhaimin. Metode Penelitian Hukum. Mataram University Press, 2020.
Muhammad, Rafli Fadilah, and Rianda Dirkareshza. “Legalitas Penerapan Central Bank Digital Currency (CBDC)Di Indonesia.” Jurnal USM Law Review 6, no. 3 (May 31, 2023). https://doi.org/http://dx.doi.org/10.26623/julr.v6i3.7313.
Mulyono, Agung. “Menuju Era Uang Rupiah Digital.” Direktorat Jenderal Pajak, 2022. https://djpb.kemenkeu.go.id/portal/id/berita/lainnya/opini/3950-menuju-era-uang-rupiah-digital.html.
Olsson, David, Andrew Fei, Urszula McCormack, Yu Leimin, and Wang Rong. “China’s Digital RMB - Is Your Business Ready?” Lexology. Accessed March 11, 2024. https://www.lexology.com/library/detail.aspx?g=39c1a95d-2e06-4959-ac82-4b577c40e55f.
People’s Republic of China. Outline of the People’s Republic of China 14th Five-Year Plan for National Economic and Social Development and Long-Range Objectives for 2035 (2021).
Prasad, Eswar S. “The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance.” Administrative Science Quarterly 67, no. 4 (August 19, 2022): NP65–68. https://doi.org/10.1177/00018392221119293.
Presto, Gerard P., Michi Kakebayashi, Tomonori Yuyama, Masato Yamanaka, and Shin’ichiro Matsuo. “Retail & Wholesale Central Bank Digital Currencies: Comparison of Select Models, Use Case Analysis & Exploration of Potential Technical Features.” SSRN Electronic Journal, 2023, 1–43. https://doi.org/10.2139/ssrn.4448351.
Rahman Desyanta, I Gede Putu. Blockchainisasi Keuangan: Transformasi Digital Masa Depan Di Industri Keuangan. Nas Media Pustaka, 2023. https://books.google.co.id/books?id=Qf7OEAAAQBAJ.
Rokhim, Rofikoh, Lin Mayasari, and Permata Wulandari. Kredit Usaha Rakyat Tinjauan Kebijakan & Implementasi. Depok: UI Publishing, 2023.
Rozalinda, and M. Zaki Kurniawan. “Pengaruh Inklusi Keuangan, Financial Technology Dan Pengelolaan Keuangan Terhadap Kinerja Umkm Pedesaan Di Madura.” Jurnal Ilmiah Mahasiswa Ekonomi 06, no. 2 (2023): 228–38.
Santosa, Aman. “Siaran Pers Pentingnya Literasi Keuangan Bagi Pelajar: OJK Gelar Edukasi Keuangan SMA Se-Jaksel.” Otoritas Jasa Keuangan, 2023.
Settlements, Bank for International. “Central Bank Digital Currencies for Cross-Border Payments: Report to the G20.” BIS Papers, 2021.
Söderberg, Gabriel, Marianne Bechara, Wouter Bossu, Natasha Che, Sonja Davidovic, John Kiff, Inutu Lukonga, Tommaso Mancini Griffoli, Tao Sun, and Akihiro Yoshinaga. Behind the Scenes of Central Bank Digital Currency: Emerging Trends, Insights, and Policy Lessons. SSRN Electronic Journal, 2024. https://doi.org/10.2139/ssrn.4663923.
Sriekaningsih, A. QRIS Dan Era Baru Transaksi Pembayaran 4.0. Penerbit Andi, 2020. https://books.google.co.id/books?id=NnEQEAAAQBAJ.
Sukomardojo, Tekat, Mutia Pamikatsih, Yulian Arpianto, Ani Nuraini, and Endang Fatmawati. “Cryptocurrency and Macro-Economic Stability: Impacts and Regulations.” International Journal of Science and Society. Vol. 5, 2023. http://ijsoc.goacademica.com.
Sun, Tao. “Some Lessons from Asian E-Money Schemes for the Adoption of Central Bank Digital Currency.” IMF Working Papers 2023, no. 123 (2023): 1. https://doi.org/10.5089/9798400245046.001.
Tran, A, M T Thai, and B Krishnamachari. Handbook on Blockchain. Springer Optimization and Its Applications. Springer International Publishing, 2022. https://books.google.co.id/books?id=NvGZEAAAQBAJ.
Ummah, Bintan Badriatul, Nunung Nuryartono, and Lukytawati Anggraeni. “Analisis Inklusi Keuangan Dan Pemerataan Pendapatan Di Indonesia.” Jurnal Ekonomi Dan Kebijakan Pembangunan 4, no. 1 (2018): 1–27. https://doi.org/10.29244/jekp.4.1.2015.1-27.
Wang, Heng. “China’s Approach To Central Bank Digital Currency: Selectively Reshaping International Financial Order?” Penn Carey Law , 2020, 77–134.
Wang, Zijian. “Money Laundering and the Privacy Design of Central Bank Digital Currency.” Review of Economic Dynamics 51 (2023): 604–32. https://doi.org/https://doi.org/10.1016/j.red.2023.06.004.
Wee, Rae. “China’s Digital Yuan Transactions Seeing Strong Momentum.” Reuters, 2023.
https://www.reuters.com/markets/asia/chinas-digital-yuan-transactions-seeing-strong-momentum-says-cbank-gov-yi-2023-07-19/.
Wei, Lingling. “Beijing Reins in China’s Central Bank.” The Wall Street Journal, 2021. https://doi.org/0099-9660.
Working Group on E-CNY Research and Development of the People’s Bank of China. “Progress on Research & Development of E-CNY in China.” Progress Progress Progress Progress, 2021.
Xu, Z, and C Zou. Fintech: Frontier and Beyond. ISSN. Taylor & Francis, 2022. https://books.google.co.id/books?id=jydaEAAAQBAJ.
DOI: http://dx.doi.org/10.51825/yta.v4i3.25400
Refbacks
- There are currently no refbacks.
Copyright (c) 2025 Yustisia Tirtayasa : Jurnal Tugas Akhir
Jl. Tirtayasa, Sindangsari, Kec. Pabuaran, Serang, Provinsi Banten
Telp. (0254) 280330 Ext. 218, Fax.: (0254) 281254
Website: https://jurnal.untirta.ac.id/index.php/nhk
E-mail : [email protected]
OPEN ACCESS POLICY
.png)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.