Kedudukan Hukum Rupiah Digital sebagai Alat Pembayaran yang Sah: Analisis Yuridis atas Kesiapan Regulasi Bank Indonesia dan Dampaknya terhadap Sistem Perbankan Konvensional

Kristina Alviani; Revalina Setyaningayu; Decak Tri Adelia; Jennifer Margareth

doi:10.71417/jchi.v2i1.198

Authors

Kristina Alviani Universitas Negeri Semarang Author
Revalina Setyaningayu Universitas Negeri Semarang Author
Decak Tri Adelia Universitas Negeri Semarang Author
Jennifer Margareth Universitas Negeri Semarang Author

DOI:

https://doi.org/10.71417/jchi.v2i1.198

Keywords:

Digital Rupiah, monetary sovereignty, financial regulation, banking disintermediation, legal protection.

Abstract

Developments in the digitization of the financial sector are driving changes in the monetary system through the launch of the Digital Rupiah as a new innovation in recognized means of payment. The purpose of this article is to examine the legal status of the Digital Rupiah from the perspective of positive law in Indonesia and to evaluate the extent to which the regulations drafted by Bank Indonesia are ready to be implemented, as well as their impact on traditional banking. The methodology employed is normative legal research with a legislative and conceptual approach, encompassing an analysis of Law No. 7 of 2011 on Currency, the Bank of Indonesia Law, and Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector. The findings of this study indicate that, theoretically, the Digital Rupiah can be considered a valid means of payment within the context of the country’s monetary sovereignty, where Bank Indonesia holds an exclusive mandate to manage and issue it. Nevertheless, the legal framework contains a number of regulatory gaps and potential legal vacuums that require careful consideration, particularly regarding technical regulations, legal protections, and the harmonization of regulations in the era of financial digitalization. Furthermore, the implementation of the Digital Rupiah could lead to disintermediation in the banking sector, which could disrupt financial institutions’ ability to raise funds, affect bank liquidity, and alter the mechanisms for implementing monetary policy. Furthermore, there are significant challenges regarding compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) principles, personal data protection, and cybersecurity. Therefore, an adaptive and comprehensive regulatory overhaul is necessary, with strengthened coordination between Bank Indonesia, the Financial Services Authority, and the Ministry of Finance to ensure legal certainty, financial system stability, and protection for Digital Rupiah users.

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