THE IMPACT OF CRYPTO-ASSET UTILIZATION AS PAYMENT INSTRUMENT TOWARD RUPIAH AS LEGAL TENDER IN INDONESIA
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 ut...
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| Format: | Article |
| Language: | English |
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Bank Indonesia
2022-01-01
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| Series: | Journal of Central Banking Law and Institutions |
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| Online Access: | https://jcli-bi.org/index.php/jcli/article/view/6 |
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| author | Bacelius Ruru I Nyoman Tjager Amalia Mayasari Agradinda Adhistita M. Raffi Hasta A. August Santro |
| author_facet | Bacelius Ruru I Nyoman Tjager Amalia Mayasari Agradinda Adhistita M. Raffi Hasta A. August Santro |
| author_sort | Bacelius Ruru |
| collection | DOAJ |
| description | 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. |
| format | Article |
| id | doaj-art-4d3a2046586c48aabf359986e1f8b33d |
| institution | DOAJ |
| issn | 2827-7775 2809-9885 |
| language | English |
| publishDate | 2022-01-01 |
| publisher | Bank Indonesia |
| record_format | Article |
| series | Journal of Central Banking Law and Institutions |
| spelling | doaj-art-4d3a2046586c48aabf359986e1f8b33d2025-08-20T03:11:18ZengBank IndonesiaJournal of Central Banking Law and Institutions2827-77752809-98852022-01-011114118010.21098/jcli.v1i1.66THE IMPACT OF CRYPTO-ASSET UTILIZATION AS PAYMENT INSTRUMENT TOWARD RUPIAH AS LEGAL TENDER IN INDONESIABacelius Ruru0I Nyoman Tjager1Amalia Mayasari2Agradinda Adhistita3M. Raffi Hasta A.4August Santro5Podomoro University, Indonesia Universitas Gadjah Mada, IndonesiaPodomoro University, IndonesiaPodomoro University, IndonesiaPodomoro University, IndonesiaPodomoro University, IndonesiaThe 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.https://jcli-bi.org/index.php/jcli/article/view/6crypto-assetcryptocurrencylegal tendermonetary policypayment instrument |
| spellingShingle | Bacelius Ruru I Nyoman Tjager Amalia Mayasari Agradinda Adhistita M. Raffi Hasta A. August Santro THE IMPACT OF CRYPTO-ASSET UTILIZATION AS PAYMENT INSTRUMENT TOWARD RUPIAH AS LEGAL TENDER IN INDONESIA Journal of Central Banking Law and Institutions crypto-asset cryptocurrency legal tender monetary policy payment instrument |
| title | THE IMPACT OF CRYPTO-ASSET UTILIZATION AS PAYMENT INSTRUMENT TOWARD RUPIAH AS LEGAL TENDER IN INDONESIA |
| title_full | THE IMPACT OF CRYPTO-ASSET UTILIZATION AS PAYMENT INSTRUMENT TOWARD RUPIAH AS LEGAL TENDER IN INDONESIA |
| title_fullStr | THE IMPACT OF CRYPTO-ASSET UTILIZATION AS PAYMENT INSTRUMENT TOWARD RUPIAH AS LEGAL TENDER IN INDONESIA |
| title_full_unstemmed | THE IMPACT OF CRYPTO-ASSET UTILIZATION AS PAYMENT INSTRUMENT TOWARD RUPIAH AS LEGAL TENDER IN INDONESIA |
| title_short | THE IMPACT OF CRYPTO-ASSET UTILIZATION AS PAYMENT INSTRUMENT TOWARD RUPIAH AS LEGAL TENDER IN INDONESIA |
| title_sort | impact of crypto asset utilization as payment instrument toward rupiah as legal tender in indonesia |
| topic | crypto-asset cryptocurrency legal tender monetary policy payment instrument |
| url | https://jcli-bi.org/index.php/jcli/article/view/6 |
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