Legal Analysis of Central Bank Digital Currency (CBDC) Regulation in the Indonesian Payment System: A Comparative Study with the Implementation of E-CNY in China and Sand Dollar in the Bahamas

Syakira Maghfira; Wardah Yuspin

Authors

Syakira Maghfira Fakultas Hukum, UMS Author
Wardah Yuspin Fakultas Hukum, UMS Author https://orcid.org/0000-0002-7475-4804

Keywords:

Payment instruments, Digital rupiah, Central Bank Digital Currency

Abstract

This study examines the legal framework governing payment instruments in Indonesia and the development of Central Bank Digital Currency (CBDC) as part of the digital transformation of the financial system. The research focuses on two main issues: the legal regulations related to legal tender in Indonesia and the role of CBDC in strengthening the national payment system. Using a normative juridical method through literature study, this research analyzes legislation, Bank Indonesia policies, journal articles, and other relevant sources. The results show that the Rupiah is the only legal tender in Indonesia, available in three forms: paper, metal, and digital. Bank Indonesia holds full authority to issue and manage the digital Rupiah, which is currently still under development. The findings also highlight that the development of CBDC is not merely a technological innovation, but a strategic effort to expand financial access, accelerate transactions, enhance efficiency, and support digital economic growth. In conclusion, the study emphasizes the importance of comprehensive preparation for CBDC implementation, including the establishment of clear legal regulations, the strengthening of technological infrastructure, and public education on the use of digital payment instruments. Thus, this research provides an in-depth overview of the future of Indonesia’s payment system, in which digital currency is expected to play an increasingly vital role.

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