DESIGNING CENTRAL BANK DIGITAL CURRENCY FOR INDONESIA: THE DELPHI–ANALYTIC NETWORK PROCESS

Authors

Bastian Muzbar Zams, Bank Indonesia, IndonesiaFollow
Ratih Indrastuti, Bank Indonesia, IndonesiaFollow
Akhmad Ginulur Pangersa, Bank Indonesia, IndonesiaFollow
Nur Annisa Hasniawati, Bank Indonesia, IndonesiaFollow
Fatimah Az Zahra, Bank Indonesia, IndonesiaFollow
Indah Ayu Fauziah, Bank Indonesia, IndonesiaFollow

Document Type

Article

Abstract

The emergence of stablecoins is a growing concern for authorities worldwide including Indonesia as it could affect financial stability. Thus, if a central bank chooses to develop a central bank digital currency (CBDC) to tackle this problem, the design should conform to the country’s characteristics and consumer needs. This study draws on experts’ opinions from various economic agents and utilises an amalgamation of the analytic network process (ANP) and the Delphi method to show that the cash-like CBDC model is the most appropriate digital currency design for Indonesia, since it could enhance financial inclusion and reduce shadow banking in Indonesia.

Recommended Citation

Zams, Bastian Muzbar; Indrastuti, Ratih; Pangersa, Akhmad Ginulur; Hasniawati, Nur Annisa; Zahra, Fatimah Az; and Fauziah, Indah Ayu (2020) "DESIGNING CENTRAL BANK DIGITAL CURRENCY FOR INDONESIA: THE DELPHI–ANALYTIC NETWORK PROCESS," Bulletin of Monetary Economics and Banking: Vol. 23: No. 3, Article 3.
DOI: https://doi.org/10.21098/bemp.v23i3.1351
Available at: https://bulletin.bmeb-bi.org/bmeb/vol23/iss3/3

First Page

413

Last Page

440

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License

Country

Indonesia

Affiliation

Bank Indonesia