ABSTRACT Indonesia has established itself as a regional leader in cryptocurrency adoption; however, its regulatory framework is marked by institutional fragmentation and patchwork legal mandates. The introduction of a widely accepted Rupiah‐pegged stablecoin could provide a locally governed digital currency that fosters financial innovation while mitigating reliance on foreign‐denominated assets. In this study, we propose a policy‐driven architecture that emphasizes transparency through a three‐layer model for the issuance, reservation and circulation of stablecoins. Community visibility into the status of the Rupiah stablecoin can be achieved by implementing a system across three publicly accessible decentralized ledgers, each dedicated to managing different aspects of the stablecoin lifecycle. The proposed three‐layer model addresses the current gap between policy and implementation, offering policymakers and regulators relevant ‘policy hooks’ into the technological layer that enacts policies. Furthermore, the three‐layer model facilitates a shared techno‐regulatory framework for policymakers, regulators, technology providers and entrepreneurs to consider the various operational aspects of Rupiah stablecoins.
Putra et al. (Thu,) studied this question.
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