DEVISING AN INDONESIAN LEGAL ARCHITECTURE FOR METAVERSE BANKING: CHALLENGES AND OPPORTUNITIES
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 metavers...
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| Format: | Article |
| Language: | English |
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Bank Indonesia
2023-03-01
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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/48 |
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| _version_ | 1849722614040231936 |
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| author | Kristianus Jimy Pratama |
| author_facet | Kristianus Jimy Pratama |
| author_sort | Kristianus Jimy Pratama |
| collection | DOAJ |
| description | 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 |
| format | Article |
| id | doaj-art-4ff54d8823f84aeba6ff88fddc9b7097 |
| institution | DOAJ |
| issn | 2827-7775 2809-9885 |
| language | English |
| publishDate | 2023-03-01 |
| publisher | Bank Indonesia |
| record_format | Article |
| series | Journal of Central Banking Law and Institutions |
| spelling | doaj-art-4ff54d8823f84aeba6ff88fddc9b70972025-08-20T03:11:18ZengBank IndonesiaJournal of Central Banking Law and Institutions2827-77752809-98852023-03-012112410.21098/jcli.v2i1.4848DEVISING AN INDONESIAN LEGAL ARCHITECTURE FOR METAVERSE BANKING: CHALLENGES AND OPPORTUNITIESKristianus Jimy Pratama0Law Faculty, Gadjah Mada UniversityThe 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 Indonesiahttps://jcli-bi.org/index.php/jcli/article/view/48bank indonesiafinancial services authoritylegal architecturemetaverse banking |
| spellingShingle | Kristianus Jimy Pratama DEVISING AN INDONESIAN LEGAL ARCHITECTURE FOR METAVERSE BANKING: CHALLENGES AND OPPORTUNITIES Journal of Central Banking Law and Institutions bank indonesia financial services authority legal architecture metaverse banking |
| title | DEVISING AN INDONESIAN LEGAL ARCHITECTURE FOR METAVERSE BANKING: CHALLENGES AND OPPORTUNITIES |
| title_full | DEVISING AN INDONESIAN LEGAL ARCHITECTURE FOR METAVERSE BANKING: CHALLENGES AND OPPORTUNITIES |
| title_fullStr | DEVISING AN INDONESIAN LEGAL ARCHITECTURE FOR METAVERSE BANKING: CHALLENGES AND OPPORTUNITIES |
| title_full_unstemmed | DEVISING AN INDONESIAN LEGAL ARCHITECTURE FOR METAVERSE BANKING: CHALLENGES AND OPPORTUNITIES |
| title_short | DEVISING AN INDONESIAN LEGAL ARCHITECTURE FOR METAVERSE BANKING: CHALLENGES AND OPPORTUNITIES |
| title_sort | devising an indonesian legal architecture for metaverse banking challenges and opportunities |
| topic | bank indonesia financial services authority legal architecture metaverse banking |
| url | https://jcli-bi.org/index.php/jcli/article/view/48 |
| work_keys_str_mv | AT kristianusjimypratama devisinganindonesianlegalarchitectureformetaversebankingchallengesandopportunities |