Eksistensi Cryptocurrency dalam Pembentukan Central Bank Digital Currency di Indonesia: Perspektif Ius Constituendum

Abstract

Digital breakthroughs in addressing societal concerns as a solution and sovereignty for the security of virtual asset owners underlie the idea of forming a Central Bank Digital Currency or CBDC. Using a normative juridical method based on literature research, complemented by deductive thinking analysis, as well as a descriptive method with supporting data from primary and secondary sources. The aim is to examine the existence of circulating cryptocurrencies in the presence of CBDC. The result of this research is the need for technology infrastructure readiness and governance to establish a central bank capable of supervising the movement of virtual money in Indonesia, preventive actions related to legal protection are necessary to ensure justice, security, and civility in the nation. However, conflicts arise from Article 2 of Law No. 7 of 2011, Article 34 letter a of Regulation No. 18/40/PBI/2018, Article 62 of Regulation No. 20/6/PBI/2018, and POJK 13 of 2018 refer to the prohibition of using other types of currency as a medium of exchange. In the end, CBDC is positioned to monitor risks to financial stability, monetary stability, and the global financial system.