Journal of Central Banking Law and Institutions 2022-01-14T05:07:38+00:00 Arie Afriansyah Open Journal Systems <p style="font-size: 14px;">Journal title : <strong>Journal of Central Banking Law and Institutions</strong><br />Initials : <strong>JCLI</strong><br />Frequency : <strong>Triannually (January, May, and September)<br /></strong>DOI : <strong>Prefix 10.21098</strong><br />Online ISSN : <a href="" target="_blank" rel="noopener"><strong>2809-9885</strong></a><br />Print ISSN : <a href="" target="_blank" rel="noopener"><strong>2827-7775</strong></a><br />Editor-in-chief : <a href="" target="_blank" rel="noopener"><strong>Dr.Perry Warjiyo</strong></a><br />Publisher : <strong>Bank Indonesia Institute</strong></p> <hr /> <p style="text-align: justify;">Journal of Central Banking Law and Institutions is an international peer-reviewed journal published by Bank Indonesia Institute. JCLI focuses on a range of topics examining the intersection of central banking law and institutions on monetary, financial system, and payment systems that include regulations, governance (transparency &amp; accountability), credibility, institutional politics, institutional arrangements, and institutional communication.</p> BALANCING CONSUMER RIGHTS AND BUSINESS INTERESTS IN ONLINE CROSS-BORDER CONSUMER CONTRACTS 2022-01-14T05:07:38+00:00 Mathijs H. ten Wolde <p>Protection of consumers as weaker parties is an important goal in Indonesian society and in Indonesian law. The same applies to the EU Member States. When it comes to crossborder consumer contracts, special rules are needed to ensure this goal can still be achieved. In this regard the European Union developed rules on jurisdiction and applicable law which apply both to situations exclusively connected with EU Member States and to international situations connected with third countries. The Brussels I Regulation pursues an objective of legal certainty which consists in strengthening the legal protection of persons established in the European Union, by enabling the applicant to easily identify the court in which he may sue and the defendant reasonably to foresee before which court, he may be sued. The Rome I Regulation does the same for the law regulating the protection of the consumer. This way both the aims of protection of the weaker consumer and legal certainty on the side of the commercial party go hand in hand. Where legal certainty is an important precondition for international trade and thus for a nation’s economy, clear rules are needed. By presenting the EU rules in the dynamics of the caselaw of the European Court of Justice, this article aims to contribute to the discussion on how future cross-border consumer protecting regulations could be shaped in Indonesia and ASEAN.</p> 2022-01-14T00:00:00+00:00 Copyright (c) 2022 Journal of Central Banking Law and Institutions THE URGENT NEED TO AMEND THE INDONESIAN LAW ON CURRENCIES TO FACE THE DIGITAL AGE 2021-12-28T08:16:17+00:00 Arman Nefi Agus Sardjono <p>This research focuses on Indonesian Law No. 7 of 2011 on Currency. Over the past ten years, information technology has developed so rapidly that it has been necessary to take another look at whether this law is still relevant now and in the near future. The research uses normative legal analysis methods with a conceptual approach, analytical approach, comparative approach across multiple countries, and case studies. The rapid development has left the law behind when addressing violations of the currency law. To eliminate ambiguity and hesitation in the implementation of the use of currency, this law must be amended. It is necessary to establish clear laws on digital money or electronic money (e-money), which is currently only regulated at the level of Bank Indonesia and Bank Indonesia Circular Letter. The use of foreign currency in border markets and places of foreign tourists, money in some places due to technological advances, and about the local wisdom of a society that has a history of using certain goods as currency. Things that develop and are a reality in society should be contained in statutes to settle the law.</p> 2022-01-31T00:00:00+00:00 Copyright (c) 2021 Journal of Central Banking Law and Institutions FINANCIAL CRIME IN DIGITAL PAYMENTS 2021-12-28T08:10:45+00:00 Jamal Wiwoho Dona Budi Kharisma Dwi Tjahja K. Wardhono <p>Digital payments are proliferating along with a massive and rapid digital transformation. However, the characteristics of transactions using digital payments, which are real-time, not face-to-face, and borderless create potential risks for financial crimes, including, Money Laundering and Funding Terrorism. The potential for abuse occurs in the registered and licensed digital payments sector and illegal digital payments that are not registered with the Bank Indonesia. Undoubtedly, this condition can threaten economic stability and financial system integrity. This article seeks to identify the potential for digital payment use for financial crime and construct a legal framework to prevent the misuse of FinTech for financial crime in Indonesia. This type of research is legal research. The research method used was a statutory comparative approach. The legal materials used were primary and secondary legal materials. The findings have been analyzed using qualitative data analysis techniques. The results of the study show that several cases of terrorism financing have been proven to have used FinTech digital payments as a means of online funding. In this regard, to maintain the integrity of the financial system and strengthen the government’s control functions, a comprehensive legal framework is needed through the establishment of Law on FinTech.</p> 2022-01-31T00:00:00+00:00 Copyright (c) 2021 Journal of Central Banking Law and Institutions CHINA’S CENTRAL BANK AND MONETARY POLICY IN THE CONTEXT OF GLOBAL FINANCIAL CRISIS: A HISTORICAL VIEW 2021-12-28T08:01:11+00:00 Shen Wei <p>Central banks have been said to take partial responsibility for the global financial crisis. In a broader sense, central banks play a key role in shaping monetary and economic policies. After the global financial crisis, central banks are burdened with more tasks of ensuring economic growth, employment, and financial stability. This article takes a historical view towards the policy landscape and monetary instruments the People’s Bank of China, China’s central bank, has been working on to achieve various policy initiative. Although the general consensus is that China’s central bank may have more authority in policymaking, its multiple tasks, functions, and goals may constrain its capabilities and autonomy. China central bank’s ambition to internationalize Renminbi may further complicate its policy agenda and the way it deploys monetary instruments.</p> 2022-01-31T00:00:00+00:00 Copyright (c) 2021 Journal of Central Banking Law and Institutions BALANCING IP RIGHTS AND COMPETITION LAW THROUGH PATENT POOLS IN INDONESIA: A COMPARATIVE ANALYSIS 2021-12-28T07:58:27+00:00 Paripurna Sugarda Muhammad Rifky Wicaksono <p>In 1998, Heller and Eisenberg, discovered the ‘tragedy of the anticommons’ which occurs when there are numerous patent holders who must give their consent before a technology can be used. Consequently, where excessive property rights are claimed, some technology is underused, and innovation is stunted. To solve this issue, the patent owners can aggregate their patents into a single ‘patent pool.’ However, there are significant anticompetitive harms which may arise from such a practice. Hence, this paper aims to answer the question of whether the creation of patent pools as an antidote to the ‘tragedy of anticommons’ would be at the cost of competition law. This research found that it is possible to use patent pools as a solution to the tragedy of the anticommons, while preventing harm to competition. The Indonesian Competition Authority can take inspiration from EU regulations to create a ‘safe harbor’ for companies who engage in technology transfer agreements if they meet the market share thresholds. They can also improve the framework for analyzing patent pools by laying out the different categories of patents to ascertain the different levels of harm they bring to competition.</p> 2021-12-28T00:00:00+00:00 Copyright (c) 2021 Journal of Central Banking Law and Institutions THE PRINCIPLE OF AMANAH IN THE UTILIZATION OF CONSUMER’S PERSONAL DATA AND INFORMATION IN OPEN BANKING 2021-12-28T07:55:01+00:00 Trisadini Prasastinah Usanti <p>Banks are generally prohibited in any possible way from providing customers’ data or information to third parties unless there is a written consent from the customer, or it is required by laws or regulations. Open banking allows banks to obtain customer financial data and information and forward them to third parties to accelerate a digital transformation in banking. The existence of the customer’s consent resulted in the bank’s legal action providing customer data and information to a third party is not considered as a violation to the principle of confidentiality. However, the provision of customer data by banks to third parties must be based on the fiduciary principle, prudential principle, and principle of amanah, since the misuse of customers’ data can lead to administrative sanctions, criminal sanctions, and civil liability.</p> 2022-01-31T00:00:00+00:00 Copyright (c) 2021 Journal of Central Banking Law and Institutions THE IMPACT OF CRYPTO-ASSET UTILIZATION AS PAYMENT INSTRUMENT TOWARD RUPIAH AS LEGAL TENDER IN INDONESIA 2021-12-28T08:05:40+00:00 Bacelius Ruru I Nyoman Tjager Amalia Mayasari Agradinda Adhistita M. Raffi Hasta A. August Santro <p>The utilization of Cryptocurrency increased across the globe. This phenomenon has led to varied responses from countries concerning whether this new phenomenon will affect the national monetary policy. As one of the countries where Cryptocurrency usage has flourished, Indonesia has reacted to its utilization. To this day, Indonesia has clearly stated that CryptoAsset (referring to Cryptocurrency) is considered as a tradable commodity, but not as a payment instrument. However, this policy does have not decreased the utilization of Cryptocurrency in Indonesia, proven by its market capitalization which has kept increasing over the years. This article thoroughly discusses Cryptocurrency utilization as a payment instrument, and how it will affect the legal tender (The Rupiah) in Indonesia. This article also analyzes the extent to which Cryptocurrency will affect the payment systems in Indonesia and how Bank of Indonesia will counter the Cryptocurrency’s utilization as a payment instrument within Indonesia’s jurisdiction.</p> 2022-01-31T00:00:00+00:00 Copyright (c) 2021 Journal of Central Banking Law and Institutions