THE LEGAL CONUNDRUMS OF THE METAVERSE

Camila Amalia (), Esha Gianne Poetry (), Mochamad Kemal Kono (), Dadang Arief K. () and Alex Kurniawan ()
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Camila Amalia: Bank Indonesia, Indonesia
Esha Gianne Poetry: Bank Indonesia, Indonesia
Mochamad Kemal Kono: Bank Indonesia, Indonesia
Dadang Arief K.: Bank Indonesia, Indonesia
Alex Kurniawan: Bank Indonesia, Indonesia

Journal of Central Banking Law and Institutions, 2022, vol. 1, issue 2, 323-352

Abstract: Digital financial innovation in Indonesia demands equal disclosure of data and information among banks and financial technology (fintech) companies through the Open Application Program Interface (“Open API†). The Bank of Indonesia has the authority to regulate the standardisation of Open API payments to create data disclosure integrity, as well as improve personal data protection and consumer protection in open banking. This paper examines several legal aspects that have emerged and assesses whether current provisions have addressed these nascent legal issues. This paper uses a normative juridical approach with a descriptive analysis specification, using laws and regulations as the primary sources. Based on the research, existing regulations cover the essential egal aspects of Open API payments. However, to strengthen consumer rights surrounding Open API payments, it is still necessary to amend the Indonesian Consumer Law that to become more favorable toward the interests of consumers. Also, the effectiveness of personal data protection in Open API payments requires coordination among relevant regulatory authorities.

Keywords: Bank Indonesia; open API; consumer protection; personal data protection; payment system (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:idn:jclijn:v:1:y:2022:i:2f:p:323-352

DOI: 10.21098/jcli.v1i2.19

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