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

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

Bulletin of Monetary Economics and Banking, 2020, vol. 23, issue 3, 411-438

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.

Keywords: Digital currency; Central bank digital currency; Payment systems; Analytic network process; Delphi method (search for similar items in EconPapers)
JEL-codes: C10 C80 E40 E42 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:idn:journl:v:23:y:2020:i:3f:p:411-438

DOI: 10.21098/bemp.v23i3.1169

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