ANALISIS DAMPAK MONETER, KESIAPAN TEKNOLOGI, DAN ANCAMAN KEAMANAN MATA UANG DIGITAL BANK SENTRAL (CBDC)

Ika Diyah Candra Arifah; Futari Maysya Prasanna; Muhammad Abdul Aziz

doi:10.26740/jdbim.v1i2.50488

Ika Diyah Candra Arifah Universitas Negeri Surabaya
Futari Maysya Prasanna Universitas Negeri Surabaya
Muhammad Abdul Aziz Universitas Negeri Surabaya

DOI: https://doi.org/10.26740/jdbim.v1i2.50488

Keywords: CBDC, Central Bank, Monetary Impact, Technology Readiness, Security Threats

Abstract

Most central banks are exploring central bank digital currencies (CBDCs), and their work continues apace amid the Covid-19 pandemic. Central banks are moving into more advanced stages of CBDC engagement, progressing from conceptual research to practical experimentation. The CBDC (Central Bank Digital Currency) has certain benefits: it is account-based, interest-bearing and universally acceptable. CBDC is a monetary value stored electronically that represents the central bank's obligations and can be used by its users to make payments. This study aims to analyse Garuda's monetary impact, technology readiness and security threats (Indonesian CBDC) based on a systematic literature review conducted from 2020-2022. Publish and Perish are used for collecting articles data, and VosViewer is used for analyzing data that is further to be discussed. This research is expected to contribute knowledge about the state readiness of the CBDC implementation plan based on monetary, technological readiness and banking security perspectives.

References

Agur, I., Ari, A., & Dell’Ariccia, G. (2022). Designing central bank digital currencies. Journal of Monetary Economics.

Allen, F., Gu, X., & Jagtiani, J. (2022). Fintech, cryptocurrencies, and CBDC: Financial structural transformation in China. Journal of International Money and Finance.

Andolfatto, D. (2021). Assessing the impact of central bank digital currency on private banks. The Economic Journal.

Auer, R. and R. Boehme. (2020a). “The Technology of Retail Central Bank Digital Currency,” Bank for International Settlements Quarterly Review, March.

Auer, R., Frost, J., Gambacorta, L., Monnet, C., Rice, T., & Shin, H. S. (2022). Central bank digital currencies: motives, economic implications, and the research frontier. Annual Review of Economics.

Barrdear, J., & Kumhof, M. (2022). The macroeconomics of central bank digital currencies. Journal of Economic Dynamics and Control.

Bindseil, U. (2019). Central bank digital currency: Financial system implications and control. International Journal of Political Economy.

Brunnermeier, M. K., & Niepelt, D. (2019). On the equivalence of private and public money. Journal of Monetary Economics.

Chorzempa, M. (2021). China, the United States, and central bank digital currencies: how important is it to be first?. China Economic Journal.

Davoodalhosseini, S. M. (2018). Central bank digital currency and monetary policy. Available at SSRN 3011401.

Davoodalhosseini, S. M. (2022). Central bank digital currency and monetary policy. Journal of Economic Dynamics and Control.

Echarte Fernández, M. Á., Náñez Alonso, S. L., Jorge-Vázquez, J., & Reier Forradellas, R. F. (2021). Central banks’ monetary policy in the face of the COVID-19 economic crisis: Monetary stimulus and the emergence of CBDCs. Sustainability.

Engert, W., & Fung, B. S. C. (2017). Central bank digital currency: Motivations and implications (No. 2017-16). Bank of Canada Staff Discussion Paper.

Fantacci, L., & Gobbi, L. (2021). Stablecoins, central bank digital currencies and US dollar hegemony. Accounting, Economics, and Law: A Convivium.

Fernández-Villaverde, J., Sanches, D., Schilling, L., & Uhlig, H. (2021). Central bank digital currency: Central banking for all?. Review of Economic Dynamics.

Fung, B. S., & Halaburda, H. (2016). Central bank digital currencies: a framework for assessing why and how. Available at SSRN 2994052.

Joshi, Mohit & Joshi Dixit. (2020).” Why it's time to take central banks' digital currencies seriously“. World Economic Forum. Retrieved from <https://www.weforum.org/agenda/2020/08/why-its-time-to-take-central-banks-digital-currencies-seriously/#:~:text=The%20introduction%20of%20central%20bank,and%20a%20reduction%20in%20crime.>

Keister, T., & Monnet, C. (2022). Central bank digital currency: Stability and information. Journal of Economic Dynamics and Control.

Khiaonarong, T., & Humphrey, D. (2019). Cash use across countries and the demand for central bank digital currency. Journal of Payments Strategy & Systems.

Kumhof, M., & Noone, C. (2021). Central bank digital currencies—Design principles for financial stability. Economic Analysis and Policy.

Lee, D. K. C., Yan, L., & Wang, Y. (2021). A global perspective on central bank digital currency. China Economic Journal.

Mancini-Griffoli, T., Peria, M. S. M., Agur, I., Ari, A., Kiff, J., Popescu, A., & Rochon, C. (2018). Casting light on central bank digital currency. IMF Staff Discussion Notes.

Meaning, J., Dyson, B., Barker, J., & Clayton, E. (2018). Broadening narrow money: monetary policy with a central bank digital currency.

Mikhaylov, A. (2021). Development of Friedrich von Hayek’s theory of private money and economic implications for digital currencies. Terra Economicus.

Minesso, M. F., Mehl, A., & Stracca, L. (2022). Central bank digital currency in an open economy. Journal of Monetary Economics.

Nabilou, H. (2020). Testing the waters of the Rubicon: the European Central Bank and central bank digital currencies. Journal of Banking Regulation.

Náñez Alonso, S. L., Echarte Fernández, M. Á., Sanz Bas, D., & Kaczmarek, J. (2020). Reasons fostering or discouraging the implementation of central bank-backed digital currency: A review. Economies.

Náñez Alonso, S. L., Jorge-Vazquez, J., & Reier Forradellas, R. F. (2021). Central banks digital currency: Detection of optimal countries for the implementation of a CBDC and the implication for payment industry open innovation. Journal of Open Innovation: Technology, Market, and Complexity.

Rogoff, K. 2016. The Curse of Cash. Princeton University Press.

Soderberg, G., Bechara, M., Bossu, W., Che, N. X., Kiff, J., Lukonga, I., ... & Yoshinaga, A. (2022). Behind the Scenes of Central Bank Digital Currency: Emerging Trends, Insights, and Policy Lessons. FinTech Notes.

Tong, W., & Jiayou, C. (2021). A study of the economic impact of central bank digital currency under global competition. China Economic Journal.

Williamson, S. (2022). Central bank digital currency: Welfare and policy implications. Journal of Political Economy.

Williamson, S. D. (2022). Central bank digital currency and flight to safety. Journal of Economic Dynamics and Control.