Perception And Risks Of Digital Rupiah

Abstract

This study explores university students’ perceptions and perceived risks regarding the introduction of Digital Rupiah as Indonesia’s Central Bank Digital Currency (CBDC). The research was motivated by the global trend toward digital financial transformation and the Bank Indonesia’s Project Garuda initiative. While most previous studies on CBDC focused on regulatory and technical aspects, this study emphasizes behavioral acceptance and individual perception among the digital-native generation.Using a qualitative exploratory approach, in-depth interviews were conducted with six university students in Malang City who actively use digital financial services. The data were analyzed thematically following the Miles and Huberman framework, including data reduction, display, and conclusion drawing. The study identified several major themes: (1) students’ understanding of Digital Rupiah as a secure digital form of legal tender issued by the central bank; (2) perceived benefits related to transaction efficiency, national digital sovereignty, and financial inclusivity; (3) perceived risks involving privacy, security, and trust in government regulation; and (4) generational readiness and trust in the central bank’s credibility. The findings reveal that while students generally perceive Digital Rupiah positively as a trustworthy and modern innovation, concerns regarding data privacy and technical reliability persist. This indicates that acceptance of Digital Rupiah will depend not only on infrastructure readiness but also on effective public communication and trust-building efforts by Bank Indonesia