Potential and Challenges Of Central Bank Digital Currency (Cbdc) Implementation for Sharia Foreign Exchange Transactions In The Digital Era

Salma Syafiyah

doi:10.38142/jebd.v4i4.440

Authors

Salma Syafiyah Universitas Islam Negeri Palangka Raya, Indonesia

DOI:

https://doi.org/10.38142/jebd.v4i4.440

Keywords:

Currency (CBDC), Sharia Foreign Exchange, SHARF, Smart Contract, Disintermediation

Abstract

Purpose:
This study analyzes the potential and challenges of implementing Central Bank Digital Currency (CBDC) in Sharia foreign exchange (Sharf) transactions in the digital era, with particular attention to settlement finality, Sharia compliance, and the regulatory implications of digital currency infrastructure.
Methodology:
The study employs a qualitative approach using library research and regulatory content analysis. It compares key technical features of CBDC, including token-based and account-based models and smart contracts, with DSN-MUI requirements governing Sharf, especially immediate possession (taqabudh) and the prohibition of riba.
Findings:
The analysis indicates that CBDC has substantial potential to improve transaction efficiency, monetary stability, and Sharia financial inclusion by enabling instant and final settlement. However, implementation faces important challenges, including harmonization of digital fatwas and legal rules, cybersecurity risk, recognition of digital taqabudh, and possible disintermediation effects on Islamic banking liquidity.
Implication:
The study recommends establishing a CBDC-Sharia Regulatory Harmonization Task Force involving Bank Indonesia, the Financial Services Authority (OJK), and DSN-MUI to develop an integrated framework ensuring that CBDC adoption is safe, efficient, legally certain, and fully Sharia-compliant.

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