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Designing Central Bank Digital Currency For Indonesia: The Delphi–Analytic Network Process

Author

Listed:
  • 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)

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.

Suggested Citation

  • Bastian Muzbar Zams & Ratih Indrastuti & Akhmad Ginulur Pangersa & Nur Annisa Hasniawati & Fatimah Az Zahra & Indah Ayu Fauziah, 2020. "Designing Central Bank Digital Currency For Indonesia: The Delphi–Analytic Network Process," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 23(3), pages 411-438, October.
    • Handle: RePEc:idn:journl:v:23:y:2020:i:3f:p:411-438
    DOI: https://doi.org/10.21098/bemp.v23i3.1169
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    Citations

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    Cited by:

    1. Zams, Bastian Muzbar, 2021. "Frictions and empirical fit in a DSGE model for Indonesia," Economic Modelling, Elsevier, vol. 99(C).
    2. Wang, Yizhi & Lucey, Brian M. & Vigne, Samuel A. & Yarovaya, Larisa, 2022. "The Effects of Central Bank Digital Currencies News on Financial Markets," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    3. Ferry Syarifuddin & Toni Bakhtiar, 2021. "Monetary Policy Strategy In The Presence Of Central Bank Digital Currency," Working Papers WP/09/2021, Bank Indonesia.
    4. Helmi, Mohamad Husam & Çatık, Abdurrahman Nazif & Akdeniz, Coşkun, 2023. "The impact of central bank digital currency news on the stock and cryptocurrency markets: Evidence from the TVP-VAR model," Research in International Business and Finance, Elsevier, vol. 65(C).

    More about this item

    Keywords

    Digital currency; Central bank digital currency; Payment systems; Analytic network process; Delphi method;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General

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