CENTRAL BANK DIGITAL CURRENCY UNDER THE STATE THEORY OF MONEY: A PRELIMINARY LEGAL ANALYSIS

Fransiska Ari Indrawati
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引用次数: 2

Abstract

Innovations in digital payments have triggered many central banks to apprehend and consider central bank digital currency (CBDC). CBDC is believed to be the next milestone in the evolution of money because many studies have shown the significant advantages of using government-issued digital currency. However, to function as money, CBDC must fulfil the fundamental role of money, among others, contended by the state theory of money. This paper addresses the applicability of the state theory of money to CBDC as digital money, which is prefaced by the discussion on money as legal tender and the theory of sovereign power over money. After analysing these theories, this paper offers a preliminary legal analysis of CBDC, mainly from the perspective of Indonesian law. This paper concludes that the concept of CBDC as money and legal tender may fulfil the notion of money under the state theory of money and can serve as legal tender. Applying this theory to CBDC and assuming CBDC is used as legal tender, the State should create a legal framework to regulate CBDC as a valid medium of exchange and legal tender. However, it is also acknowledged that various designs of CBDC must be supported by different legal environments. Furthermore, this paper recommends the preparation of an Indonesian legal ecosystem for CBDC, consisting of a solid regulatory framework and clear legal relationships among relevant parties, that are needed to ensure the legality of the issuance, distribution and transference of CBDC once the design of CBDC is determined. Furthermore, to accommodate the use of CBDC, a thorough assessment of the relevant Indonesian laws should be undertaken relating, among other factors, to the central bank, money, currency, and technology.
国家货币下的中央银行数字货币理论:初步的法律分析
数字支付的创新引发了许多央行对央行数字货币(CBDC)的理解和考虑。CBDC被认为是货币发展的下一个里程碑,因为许多研究表明,使用政府发行的数字货币具有显着优势。然而,要发挥货币的作用,CBDC必须履行货币的基本作用,其中包括国家货币理论所主张的货币作用。本文讨论了货币国家理论对CBDC作为数字货币的适用性,首先讨论了货币作为法定货币和货币主权权力理论。在分析了这些理论之后,本文主要从印尼法律的角度对CBDC进行了初步的法律分析。本文的结论是,CBDC作为货币和法定货币的概念可以满足货币国家理论下的货币概念,可以作为法定货币。将这一理论应用于CBDC,并假设CBDC被用作法定货币,国家应该建立一个法律框架来规范CBDC作为有效的交换媒介和法定货币。然而,人们也承认,不同的CBDC设计必须得到不同法律环境的支持。此外,本文建议为CBDC准备一个印度尼西亚的法律生态系统,包括一个坚实的监管框架和相关各方之间明确的法律关系,一旦确定了CBDC的设计,就需要确保CBDC的发行、分销和转让的合法性。此外,为了适应CBDC的使用,应对印度尼西亚的相关法律进行全面评估,其中包括与中央银行、货币、货币和技术相关的法律。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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