Kristianus Jimy Pratama


The objective of this research is to correct misconceptions about the metaverse and metaverse banking, as well as to refute national legal perspectives on metaverse banking. It is designed to also shed some light on challenges and opportunities connected to the plan of legal architecture on metaverse banking along with its supervision and enforcement mechanisms. Metaverse banking consists of banking activities in the metaverse ecosystem. Due to the rapid development of metaverse banking on a global level and unresponsive national regulations to govern it, there is no adequate legal regulation for this activity in Indonesia. The research method is normative through literature study. This research findings illustrate persistent errors about the concept of metaverse banking including the national legal authority’s perspective on the substance of regulation. The results also show that challenges and opportunities exist for devising a legal architecture on metaverse banking accompanied by a mechanism for supervision and dispute resolution. This research contributes to as well as serves as one of the references for study on metaverse banking in Indonesia

Keywords: Bank Indonesia, Financial Services Authority, Legal Architecture, Metaverse Banking



  1. Accenture. “Technology Vision 2022, Meet Me in the Metaverse: The Continuum of Technology and Experience, Reshaping Business.” Accenture Full Report (2022): 39.
  2. Alesina, Alberto. “Macroeconomics and Politics,” in NBER Macroeconomic Annual, by Stanley Fischer. Cambridge: MIT Press, 1988.
  3. Alesina, Alberto and Lawrence H. Summers. “Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence,” Journal of Money, Credit and Banking 25, no. 2 (1993): 151,
  4. Anderson, Janna and Lee, Rainie. “The Metaverse in 2040.” Pew Research Center Release (June 2022): 7.
  5. Blinder, Alan S. Central Banking in Theory and Practice. Cambridge: MIT Press, 1998.
  6. Bodea, Christina and Hicks, Raymond. “Price Stability and Central Bank Independence: Discipline, Credibility, and Democratic Institutions,” International Organization 69, no. 1 (2015): 35,
  7. Broby, Daniel. “Financial Technology and The Future of Banking.” Financial Innovation 7, no. 47 (2021): 11,
  8. Brown Sr., Rodney, Soo Il Shin, and Joo Baek Kim. “Will NFTs be the Best Digital Asset for the Metaverse?” 24th Proceedings of the Southern Association for Information Systems Conference (2022): 2,
  9. Bushnell, Michael J. “Global Capital Markets and Cryptocurrency: Exploring the International Political Economy of Blockchain Ecosystem and Metaverse Development,” Thesis, The University of Chicago (2022): 54,
  10. Carson, Brant, Abhishek Chakravarty, Kristy Koh, and Renny Thomas. “Platform Operating Model for the AI Bank of the Future.” in McKinsey & Company. “Global Banking Practice: Building the AI Bank of the Future.” McKinsey Article Publication (2021): 52.
  11. Christensen, Lau and Robinson, Alex. “The Potential Global Economic Impact of the Metaverse.” Analysis Group White Paper (2022): 7.
  12. Citi Global Perspective & Solutions. “Metaverse and Money: Decrypting the Future,” City GPS Report, March 2022: 3.
  13. Chandavarkar, Anand. Central Banking in Developing Countries. New York: St. Martin’s Press, 1996.
  14. Cheong, Ben Chestor. “Avatars in the Metaverse: Potential Legal Issues and Remedies.” International Cybersecurity Law Review(2022): 4,
  15. Conti-Brown, Peter. “The Central Banking Century: An Introduction to Institutional Central Banking,” in Research Handbook on Central Banking, by Peter Conti-Brown and Rosa Maria Lastra. Cheltenham: Edward Elgar Publishing Limited, 2018
  16. Cranston, Ross., Principles of Banking Law: Third Edition. Oxford: Oxford University Press, 2017
  17. Cukierman, Alex. “The Economics of Central Banking,” in Contemporary Economic Issues, by H.C. Wolf. London: Palgrave Macmillan, 1998.
  18. Dauda, Samson Yusuf and Jongsu Lee. “Technology Adoption: A Conjoint Analysis of Consumer’s Preference on Future Online Banking Services.” Information Systems 53 (2015): 2,
  19. Departemen Penelitian dan Pengembangan dan Pengaturan Perbankan Otoritas Jasa Keuangan. Cetak Biru Transformasi Digital Perbankan. Jakarta: Departemen Penelitian dan Pengembangan, 2021.
  20. De Souza, Siddharth, Peter, and Spohr, Maximilian. “Introduction Making Access to Justice Count: Debating the Future of Law.” in Siddharth Peter de Souza and Maximilian Spohr. Technology, Innovation and Access to Justice Dialogues on the Future of Law. Edinburgh: Edinburgh University Press, 2021.
  21. Duran, Camila Villard. “The Framework for the Social Accountability of Central Banks: The Growing Relevance of the Soft Law in Central Banking,” European Journal of Legal Studies 8, no. 2 (2015): 97.
  22. Gallant, Kenneth S. International Criminal Jurisdiction: Whose Law Must We Obey? Oxford: Oxford University Press, 2022.
  23. Garcia, D. Linda and Garrison LeMasters. “Synthetic Excellence: Standards, Play, and Unintended Outcomes.” Journal of Virtual Worlds Research 2, no. 3 (2009): 5,
  24. Gilbert, Sam. “Crypto, Web3, and the Metaverse.” Bennet Institute for Public Policy University of Cambridge Policy Brief (March 2022): 1.
  25. Hamilton-Hart, Natasha. Asian States, Asian Bankers: Central Banking in Southeast Asia. Ithaca and London: Cornel University Press, 2002.
  26. HSBC Group, “Banking of the Future: Finance in the Digital Age,” HSBC GroupReport (2019): 16.
  27. Kang, Kee-Youn and Seungduck Lee. “Money, Cryptocurrency, and Monetary Policy,” SSRN, (2019): 1, Kasiyanto, Safari and Mustafa R. Kilinc. “The Legal Conundrums of The Metaverse,” Journal of Central Banking Law and Institutions 1, no. 2 (2022): 304, 308, 313,
  28. KPMG Advisory Services Limited, “Meet EVA: Your Enlightened Virtual Assistant and the Future Face of the Invisible Bank,”KPMG Advisory Services Limited Report (2016): 8.
  29. Lammale, Sandy. “Multilevel Translation Analysis of a Key Legal Concept: Persona Juris and Legal Pluralism” in The Ashgate Handbook of Legal Translation, by Le Cheng and King Kui Sin. London: Routledge, 2014.
  30. Lee, Jee Young, “A Study on Metaverse Hype for Sustainable Growth,” International Journal of Advanced Smart Convergence 10, no. 3 (2021): 72,
  31. Leenes, Ronald E. “Privacy Regulation in the Metaverse.” in Brian Whitworth and Aldo de Moor (ed.). Handbook of Research on Socio-Technical Design and Social Networking Systems (Pennsylvania: Information Science Reference, 2009.
  32. Liu, Estelle Xue. “Stay Competitive in the Digital Age: The Future of Banks.” IMF Working Paper (February 2021): 16.
  33. Maes, Ivo, “Central Banking Through the Centuries.” National Bank of Belgium Working Paper Research, no. 345 (2018): 2.
  34. Milne, Alistair. “Competition Policy and the Financial Technology Revolution in Banking,” Communications & Strategies; Montpellier 103 (2016): 159.
  35. Nishith Desai Associates. “Metaverse: A New Universe, Legal, Regulatory and Tax Issues.” Nishith Desai Associates Research (July 2022): 1-37.
  36. Nurbayev, Daniyar. “The Rule of Law, Central Bank Independence and Price Stability,” Journal of Institutional Economics 14, no. 4 (2018): 660,
  37. Oliver Wyman Forum, “Reckoning with the Metaverse: A Primer on the Metaverse and NFTs,” Oliver Wyman Forum Report (2022): 3.
  38. Papagiannidis, Savvas and Michael Bourlakis Brunel. “Staging the New Retail Drama: At a Metaverse Near You!” Journal of Virtual Worlds Research 2, no. 5 (2010): 7,
  39. PwC and Workday, “Banking’s Digital Future: Accelerating Transformation, A Joint Point of View with PwC and Workday,” PwC and Workday Report(2021): 2.
  40. Rochon, Louis-Philippe and Sergio Rossi (ed.). The Encyclopedia of Central Banking. Cheltenham: Edward Elgar Publishing, 2015.
  41. Rosette, Daniela. “The Application of Real-World Rule to Banks in Online Games and Virtual Worlds,” University of Miami Business Law Review 16, no. 2 (2008): 290,
  42. See, Benedictus Renny, Ahmadi Miru, Muhadar, and Hasbir Paserangi. “Know Your Customer (KYC) Principles Relates to Bank Confidentiality as an Effort to Prevent Money Laundering Crimes,” Journal of Law, Policy, and Globalization 81, (2019): 103,
  43. Suzor, Nicholas. “The Role of The Rule of Law in Virtual Communities.” Berkeley Technology Law Journal 25, no. 4 (2010): 1820,
  44. Swiss Finance Council. “Getting Ready for the 20s: Technology and the Future of Global Banking.” Swiss Finance Council Discussion Paper (2020): 9.
  45. Truby, Jon, et al. “Banking on AI: Mandating a Proactive Approach to AI Regulation in the Financial Sector,” Law and Financial Markets Review 14, no. 2 (2020): 112,
  46. Tymoigne, Eric. Central Banking, Asset Prices and Financial Fragility. London: Routledge, 2008.
  47. Voermans, Wim. “Speeding Up the Legislative Process: To What End and at What Cost?” in Time, Law, and Change, by Sofia Ranchordas and Yanif Roznai. Oxford: Hart Publishing, 2020.
  48. Walker, George. “Financial Technology Law – A New Beginning and a New Future,” The International Lawyer 50, no. 1 (2017): 137,
  49. Wewege, Luigi, “Disruptions and Digital Banking Trends.” Journal of Applied Finance & Banking 10, no. 6 (2020): 19.
  50. World Economic Forum. “The Global Risks Report 2022 17th Edition.” World Economic Forum Insight Report (2022): 52.
  51. Yamaoka, Hiromi. “Digital Currencies and the Future of Money,” in Markus Heckel and Franz Waldenberger (ed). “The Future of Financial Systems in the Digital Age: Perspectives from Europe and Japan. Singapore: Springer Nature Singapore Pte Ltd., 2022