THE URGENCY OF CENTRAL BANK DIGITAL CURRENCY (CBDC) IMPLEMENTATION; MAQĀSHĪD SYARĪ’AH PERSPECTIVE

This study examines the urgency of the Central Bank Digital Currency (CBDC) with a maqashid Syariah perspective. The challenges of digital transactions have forced people to use cryptocurrencies without the use of asset assignments so that they have a big risk, this makes them illegal, while electronic money has not answered the challenges of digital transactions. The methodology used in writing this article is a descriptive qualitative method with a normative approach to analysis on maslahah and mafsadah contained in Maqashid sharia. The data used by the author is secondary data. The results of the study can be concluded that the implementation of Central Bank Digital Currency (CBDC) will provide more maslahah than mafsadah, while cryptocurrencies are currently widely traded freely by the Muslim community in general even though they are considered haram and illegal. This shows that the Central Bank Digital Currency (CBDC) has the urgency of its use in the economic practice of Muslims in general, with the same form but eliminating the bad elements contained in cryptocurrency, enforcing Islamic sharia, and saving the economy of the Muslim community according to Maqashid. sharia.


Introduction
Technological developments are also followed by various innovations in various aspects of human life. The development of human civilization has participated in making various tools and various sciences found to facilitate or help humans carry out daily activities.
Transactions in meeting daily needs have evolved a lot since the barter method was used until the advent of coins and then the use of paper money. Lately, the virtual world has been shocked by the emergence of Fitra Azkiya: The Urgency…. [426] ж Vol. 08, No.02, Oktober 2021 ж various payment instruments such as electronic money, which later took the form of digital wallets (e-wallet). From electronic money then emerged and traded in Indonesia, namely cryptocurrency. However, this cryptocurrency is issued by an unofficial institution and does not have an asset guarantee measure, so it has a high risk. This is certainly not by the economic practices of Muslims, where if it contains maysir and gharar, it is certainly prohibited and is not under maqashid sharia as the basis used in Islamic economics 1 .
The issue of cryptocurrencies is not only a local problem, since its inception it has become a financial problem in various worlds. The basic thing is that cryptocurrencies do not pass through official financial institutions such as central banks, this is because cryptocurrencies focus on making profits so they are also suspected of being a place to avoid taxes and where money laundering occurs. Cryptocurrency uses blockchain technology in the process as a recorder of digital transactions, however, cryptocurrencies are not completely safe because they do not have an asset guarantee arrangement and do not have a guarantee institution for the value traded 2 . Even in the field that occurs in transactions and cryptocurrency price movements do not have a clear size, the price can be very volatile and influenced by a few people who are used as a reference for cryptocurrency traders.  it has the concept of online registration as well as account activation. This is one form of innovation from various banks 6 . In addition, for Banks that will make Digital Banking products, they must prepare a capital of 3-10 trillion, have a head office, and usually cooperate with leading digital service providers in Indonesia.
Based on the regulation of the Financial Services Authority or OJK stated in number 12 / POJK.03/2018 related to the implementation of digital banking services by commercial banks. Digital banking is a concept of maximizing the benefits of technology so that the effectiveness in the process of serving banking products to customers becomes easier with internet-based all-digital services, customers also do not have to worry about security related to data in banking. Digital banking is all banking activities that can be carried out in full with the internet. Most of us are already familiar with mobile banking and internet banking services. This is certainly different between the two 7 The online account service is very easy to access. can access it wherever and whenever you are. Even when you are lying down, as long as you have internet access, you will always be able to open your account. All of these things are certainly very practical and certainly different from conventional banks. You  hours if you want to have full banking access. Online services will also speed up transaction activities, so you no longer need to wait in long queues. In addition, digital financial companies no longer need to rent an office, pay for electricity or other costs, and this will have a good impact on you. that means, the bank does not require more income and does not need to ask much from you. The process of activity in digital banking: Account registration via Online, Activation process via Video Call, Transfer transactions between other banks and Virtual Accounts, Payment, Check balance, Check mutations, Closing account 8

Central Bank Digital Currency (CBDC)
The creation of a CBDC must prioritize customer needs. There are 6 main customer needs, namely, privacy, easy to use, security like cash, universal access, cross-border payments, and peer-to-peer usability 9 .
Based on these main needs, there are 3 CBDC models presented, namely:  The central bank will also take over the role of "Know Your Customer" to prevent and combat money laundering and terrorism financing, which was previously done by commercial banks. the direct CBDC model will be beneficial for both individuals and business actors because it will reduce risk and transaction costs. But on the other hand, if the number of balances that can be placed in the central bank is not limited, then commercial banks will face the risk of liquidity shortages due to a decrease in third-party funds (TPF) 10 .

Hybrid CBDC
the bill is made to the central bank, but the commercial bank makes the final payment, the Hybrid CBDC model, which combines direct and indirect CBDC. This model is applied by the PBoC in issuing e-CNY. The CBDC owner's bill is directly addressed to the central bank, meaning that the customer has a direct account at the central bank just like direct CBDC. Meanwhile, "Know Your Customer" and all payment processes are carried out by commercial banks, such as indirect CBDC 11 . Hybrid models cause less disruption to the current financial system than direct CBDCs.
Commercial banks act as intermediaries, running the payment system on behalf of the central bank.
Taxpayers, This will make transactions transparent where people who transact will be found out for those who hide them from tax objects The central bank will always obtain transaction data or even in real-time so that when a failure occurs it will be forwarded to third parties so that payment integrity can be maintained 12   3. Hifdzu Aqliyi Keeping the Mind Islamic Shari'a prohibits alcohol, narcotics, and anything that can damage the mind. It aims to protect the human mind from anything that can interfere with its functioning.
Islam views that the human mind as a very great gift from Allah. By having reason, humans become nobler than other creatures 4. Hifdzu Mall Protecting Assets To obtain halal assets, Islamic law allows various forms of muamalah. To protect it, Islam forbids its people from consuming human property in a vanity way, for example, stealing, usury, cheating, reducing the scales, and corruption.

E-money
Electronic money as we know it can be interpreted the same as paper money because the value in electronic money is the same as the value in ordinary money. The mechanism is that we first deposit to the issuer of electronic money, then it is issued in digital form or what we term with RFID (Radio Frequency Identification) and is connected to the issuer's server via the internet. There is another tool, namely EDC (Electronic Data Capture) 19 . The card that functions as a substitute for your money has an RFID chip embedded. The way to make transactions with electronic money is to attach a card which is a form of electronic money on the device, the transaction will be recorded on the EFT 1. make a deposit in advance to the issuer; 2. The value of the money stored electronically in the data center; 3. The use of payment At Traders outside of the electronic money issuer 4. Electronic money is not a form of savings.

Methodology
Writing this scientific paper The methodology used in writing this article is a descriptive qualitative method with a normative approach which is carried out by examining the Central Bank Digital Currency (CBDC) with Maqashid Syriah analysis. In writing this article, the researcher uses secondary data of a public nature such as abstracts, results of scientific publications, books, media, and social networks that discuss related topics.
The data obtained during the study will be analyzed using a qualitative descriptive method. The author reduces the data that has been obtained during the study by grouping and selecting data that are relevant to the research study. The next stage is the writer compiling the data that has been grouped before and the last one is the author verifying or drawing conclusions.

The Urgency
On the five basics in maqoshid shari'ah. namely hifdzu diin, hifdzu nafhs, hifdzu aqliyi, hifdzu mall, and hifdzu nasob. The five basics contained in maqashid sharia have levels of benefit, virtue, and levels, namely: Dhoruriyat is a priority scale, and if it is not hastened it will lead to mudhorot. Hajiiyat, is a secondary need, which does not need to be rushed but is sufficient in using it. Tahshinat, it is a tertiary

Implications of Islamic Law (Hifdzu Diin)
Indonesia as a country with the largest Muslim population in the world is preparing to become a major player in the Islamic economy.
This of course will have a big impact because in the financial market, of course, the Muslim community will be involved. the limited number of offers. Bad possibilities can happen, such as the rise of expensive Bacan stone rings during a boom. Waves of love flowers (anthurium species), flower horn fish and lovebirds were also expensive in their time.

Mall)
Hifdzu mall in maqashid sharia is defined as Safeguarding Assets to obtain halal assets. Reflecting on several digital transaction models in cryptocurrencies where high fluctuations occur and the movement is only influenced by a handful of influential people in the world, it is necessary to have a guarantor, Therefore, before issuing the Digital Rupiah (CBDC) Bank Indonesia can learn from what has been going on.
The development of electronic money (e-money) and QRIS (Quick Response Indonesia Standard) is a precondition for releasing a CBDC.
On the one hand, the two versions of 'digital money are included in the payment system area and are the obligations of the issuing institution to the holder. On the other hand, CBDCs are issued by BI and become part of its monetary obligations. This means that the CBDC will continue to function like currency (paper money and coins). Therefore, CBDC is a digital representation of currency and is a symbol of state sovereignty (sovereign currency).

Difference Between Digital Rupiah (CBDC), E-money and Cryptocurrency
There is a fundamental difference between Digital Rupiah (CBDC), E-money, and Cryptocurrency. E-money has grown rapidly in Indonesia. Various financial technologies are competing in the process of developing e-money until there is intense competition.
Cryptocurrencies have just exploded and developed rapidly in Indonesia in recent years, but Cryptocurrencies in their early emergence until they have developed until now are also accompanied by various rejections in

Innovation Based on Maqashid Syariah (Hifdzu Nafhs)
At this point, the issuance of a CBDC is crucial because it has implications not only for the payment system but also for the monetary system. Thus, the urgency of issuing a CBDC depends on the level of public acceptance in order to create a cashless society. There are various analyzes that allow the virtual currency to be considered legal and legal under several conditions. This is because the rights and obligations to manage iqtishadiyah including the issuance of new currencies are the authority of the state and therefore must be recognized by the state. The  and another productive sector financing will undoubtedly provide a very substantial multiplier effect for the national economy. Armed with the above experience, the issuance of CBDCs must be initiated early in order to be more efficient. CBDC is currently still an option but in the medium-long term, it is not impossible to become a necessity. The digital era has disrupted all aspects of life, including the monetary sector.

Readiness of Financial Institutions and Infrastructure Preparation
The first important step to take is to strengthen the legal aspects.

aqliyi)
There have been many Muslim communities in general that have been trapped in cryptocurrency trading, apart from the lack of literacy, this is also influenced by financial institutions that trade cryptocurrencies. This of course sets a bad precedent, especially since cryptocurrencies contain maisyir and gharar. The launch of the CBDC will disrupt the cryptocurrency, crypto asset, stablecoin, and Defi markets. Panic selling is likely to occur. Liquidity from crypto-asset trading platforms is in turn sucked into central bank digital money. This condition seems to repeat history when gold was used as the basic material for money. The price of gold jewelry will be corrected when the purchasing power of money made of gold is skyrocketing so that gold jewelry will be melted down into money. The attribute 'money' invalidates the title of 'asset' Issuance of CBDC will also reduce the role of banking

Rejecting Mafsadat Instead of Taking Benefits (Hifdzu Nasob)
The rapid advancement of technology will indeed be a challenge for teenagers, as the nation's successors. It is these children who will be involved in the digital world, therefore The CBDC Central Bank Digital Currency is claimed to be one of the biggest risks of the crypto market once it is introduced later given the potential for migration from crypto assets to CBDCs. This means that the stabilization goal to be achieved from the issuance of CBDCs will have a destabilizing effect on the financial system. The crypto market once introduced will be given the potential for migration from crypto assets to CBDCs. This means that the stabilization goal to be achieved from the issuance of CBDCs will have a destabilizing effect on the financial system. CBDC supplies supplied by other countries are a necessity in countries with open economies. CBDC inflows/outflows, once again, will disrupt the stability of the domestic financial system. Cryptocurrencies in their role as commodities still have a major factor because in them there is a lot of speculation and luck. It is more difficult than trading foreign exchange (forex). Until then use of bitcoin as an instrument in sharia derivative contracts is haram lighairihi, or haram li dzatihi because of external aspects (speculation/maysîr, usury, vulnerable to illegal practices: money laundry). Scholars agree that bitcoin should not be allowed (haram) in its use as a substitute for money, because there are many disadvantages compared to mere mashlaha, even though bitcoin has several positive sides, such as inflation control, security, transaction efficiency, and decentralization.
With the problematic scheme above, pioneering the rupiah CBDC ecosystem requires the ability to see far ahead plus intelligence in anticipating every detail of the probability of change. However, if all these issues are completely mapped out, the CBDC will undoubtedly become the host in their own country. The existence of Digital Bank services turns out to bring many benefits to the community, especially during the current pandemic where the Government urges the public to stay at home.