• Bastian Muzbar Zams
  • Ratih Indrastuti
  • Akhmad Ginulur Pangersa
  • Nur Annisa Hasniawati Bank Indonesia
  • Fatimah Az Zahra
  • Indah Ayu Fauziah
Keywords: Digital currency, Central bank digital currency, Payment systems, Analytic network process, Delphi method


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.


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How to Cite
Zams, B., Indrastuti, R., Pangersa, A., Hasniawati, N., Zahra, F., & Fauziah, I. (2020). DESIGNING CENTRAL BANK DIGITAL CURRENCY FOR INDONESIA: THE DELPHI–ANALYTIC NETWORK PROCESS. Buletin Ekonomi Moneter Dan Perbankan, 23(3), 413 - 440.