INDONESIA Law and Practice Contributed by: Emir Nurmansyah, Monic N. Devina, D. Meitiara P. Bakrie and Ruth A. Mendrofa, ABNR Counsellors at Law
10.11 Virtual Currencies Virtual currencies and blockchain assets are treated differently, in that virtual currencies are prohibited from use as legitimate means of pay - ment in Indonesia, except for the digital rupiah (see 10.2 Local Regulators’ Approach to Block- chain for further detail). Per Law 4/2023, in a move to keep up with the fast-changing crypto landscape, Indonesia has now paved the way for CBDC through a digital rupiah, which will be a form of legal tender and have effectively the same role as the fiat rupiah. In contrast, blockchain assets or crypto-assets are recognised as commodities that can be trad - ed on the country’s crypto exchanges. 10.12 Non-Fungible Tokens (NFTs) At the time of writing, NFTs are not yet regulated, although it should be noted that, by virtue of the definition of “crypto-assets” under OJK Reg, 27, NFTs may fall under the regulatory regime. Cryp - to-assets are defined in the regulation as a digi - tal representations of value that can be stored and transferred using technology that enables the use of distributed ledger systems, such as blockchain, to verify transactions and ensure the security and validity of stored information. They are not guaranteed by a central authority, such as a central bank, but are issued by private entities. This representation can be transacted, stored, and transferred electronically and may take the form of digital coins, tokens, or other asset representations, including backed crypto- assets and unbacked crypto-assets.
is included in the BI’s new strategic framework, the 2025 Indonesia Payment Systems Blueprint (the “BI Blueprint” ). The BI Blueprint specifies five initiatives for the next five years to create a more effective and streamlined system for pay - ments: • open banking; • retail payment systems (and a Quick Response Code Indonesia Standard (QRIS) code system); • market infrastructure; • data; and • regulatory licensing and supervision. These initiatives are implemented by five working units under the BI, which has now launched the National Open API Payment Standard (SNAP) as well as sandbox trials of QRIS and Thai QR payment interconnectivity. These measures are crucial for accelerating open banking in the pay - ment systems space. Before the BI Blueprint, the OJK cued the open banking drive by virtue of OJK Regulation No 21 of 2023 on the Digital Services by Commercial Banks ( “OJK Reg, 21” ). OJK Reg, 21 accommo - dates the needs of various integrated IT-based banking services and carries elements of open banking – ie, banks’ co-operation with their part - ners (financial institutions and/or non-financial institutions) as a means of fostering banking product innovation. OJK Reg, 21 also addresses matters relating to customer protection and risk management for banks running IT-based bank - ing services. 11.2 Concerns Raised by Open Banking Data Protection and Financial Services Data collection, use and disclosure within the financial services sector mirrors the electronic information and transactions regime provided in
11. Open Banking 11.1 Regulation of Open Banking
Open banking in Indonesia has yet to be com - prehensively implemented, although such notion
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