Legal Aspects Of Cross -border Electronic Trading Transactions With A Quick Response Code Based Payment (QR Code) Within The ASEAN Cooperation Framework

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Introduction

The rapid development of the digital economy has led to innovation in financial technology, providing opportunities for online business transactions. One of the prominent innovations is the use of the Quick Response Code Based Payment System (QR Code), specifically the Indonesian Standard (QRIS) Quick Response Standard. QRIS allows non-cash transactions that are fast, safe, and efficient. In 2022, the application of QR Cross-Border became the first step to facilitate cross-border transactions between Indonesia and Thailand, showing great potential to increase trading activities within the ASEAN cooperation framework.

The implementation of QR cross-border is expected to expand the reach of transactions between countries, benefiting international consumers and traders, as well as supporting the tourism sector by facilitating transactions for foreign tourists visiting Indonesia. With this payment system, tourists can make transactions easier without having to exchange currencies physically. However, although the potential benefits are very large, this research also identifies the presence of deficiencies in regulations that specifically regulate the application of QR cross-border in Indonesia.

The Importance of Regulatory Framework in Cross-Border Electronic Trading Transactions

The existing legal framework in Indonesia is still insufficient to accommodate the increasing transactional needs of cross-borders. This has the potential to cause legal risks for business actors involved in the transaction. Therefore, it is very important to develop a comprehensive regulatory framework that provides certainty for businesses and consumers, and encourages more cross-border transactions in the ASEAN region.

A clear and supportive legal framework will not only support economic growth but also provide protection for all parties involved in the transaction. Good regulations will facilitate the development of the digital economy in the ASEAN region, and ensure that all businesses can use this technology well. The regulatory framework should be designed to address the challenges and risks associated with cross-border electronic trading transactions, including data protection, consumer protection, and anti-money laundering.

The Role of QR Code in Cross-Border Electronic Trading Transactions

QR Code, especially QRIS, offers many benefits for cross-border electronic trading transactions, including fast, safe, and efficient transactions. The use of QR Code can reduce the cost and time of transaction, and increase efficiency and accelerate economic recovery. However, the use of QR Code also raises regulatory challenges, including the need for a clear and supportive legal framework.

The application of QRIS across countries can increase efficiency and accelerate economic recovery, especially by reducing the cost and time of transaction. However, the existing legal framework in Indonesia is still insufficient to accommodate the increasing transactional needs of cross-borders. This has the potential to cause legal risks for business actors involved in the transaction.

The Need for Collaboration between the Government and the Private Sector

Collaboration between the government and the private sector is needed to create a safe and efficient ecosystem, support the development of the digital economy in the ASEAN region, and ensure that all businesses can use this technology well. The government should provide a clear and supportive legal framework, while the private sector should ensure that their technology and services are safe and efficient.

The private sector should also ensure that their technology and services are compliant with the regulatory framework, and that they provide adequate protection for consumers and businesses. The government and the private sector should work together to address the challenges and risks associated with cross-border electronic trading transactions, including data protection, consumer protection, and anti-money laundering.

Conclusion

In conclusion, although QR Code, especially QRIS, offers many benefits for cross-border electronic trading transactions, there are regulatory challenges that must be overcome. The existing legal framework in Indonesia is still insufficient to accommodate the increasing transactional needs of cross-borders, and there is a need for a clear and supportive legal framework.

Collaboration between the government and the private sector is needed to create a safe and efficient ecosystem, support the development of the digital economy in the ASEAN region, and ensure that all businesses can use this technology well. The government should provide a clear and supportive legal framework, while the private sector should ensure that their technology and services are safe and efficient.

Recommendations

Based on the research, the following recommendations are made:

  1. The government should provide a clear and supportive legal framework that addresses the challenges and risks associated with cross-border electronic trading transactions.
  2. The private sector should ensure that their technology and services are safe and efficient, and compliant with the regulatory framework.
  3. The government and the private sector should work together to address the challenges and risks associated with cross-border electronic trading transactions, including data protection, consumer protection, and anti-money laundering.
  4. The government should provide adequate protection for consumers and businesses, and ensure that they have access to safe and efficient technology and services.

Limitations of the Study

This study has several limitations, including:

  1. The study only focuses on the legal aspects of cross-border electronic trading transactions with QR Code, and does not consider other aspects, such as technical and economic aspects.
  2. The study only considers the Indonesian context, and does not consider other ASEAN countries.
  3. The study only considers the QRIS standard, and does not consider other QR Code standards.

Future Research Directions

Future research should consider the following directions:

  1. Conducting a comprehensive study on the legal aspects of cross-border electronic trading transactions with QR Code, including technical and economic aspects.
  2. Considering other ASEAN countries and their regulatory frameworks.
  3. Considering other QR Code standards and their regulatory frameworks.
  4. Conducting a study on the impact of QR Code on the digital economy in the ASEAN region.

Conclusion

In conclusion, this study highlights the importance of a clear and supportive legal framework in facilitating cross-border electronic trading transactions with QR Code. The study also identifies the need for collaboration between the government and the private sector to create a safe and efficient ecosystem, support the development of the digital economy in the ASEAN region, and ensure that all businesses can use this technology well.

Q1: What is the purpose of using QR Code in cross-border electronic trading transactions?

A1: The purpose of using QR Code in cross-border electronic trading transactions is to facilitate fast, safe, and efficient transactions between countries. QR Code allows non-cash transactions, reducing the need for physical currency exchange and increasing the speed of transactions.

Q2: What are the benefits of using QR Code in cross-border electronic trading transactions?

A2: The benefits of using QR Code in cross-border electronic trading transactions include:

  • Fast and efficient transactions
  • Safe and secure transactions
  • Reduced cost and time of transaction
  • Increased efficiency and accelerated economic recovery
  • Support for the development of the digital economy in the ASEAN region

Q3: What are the regulatory challenges associated with QR Code in cross-border electronic trading transactions?

A3: The regulatory challenges associated with QR Code in cross-border electronic trading transactions include:

  • Insufficient legal framework to accommodate the increasing transactional needs of cross-borders
  • Need for a clear and supportive legal framework to provide certainty for businesses and consumers
  • Risk of legal risks for business actors involved in the transaction
  • Need for collaboration between the government and the private sector to create a safe and efficient ecosystem

Q4: What is the role of the government in regulating QR Code in cross-border electronic trading transactions?

A4: The government has a crucial role in regulating QR Code in cross-border electronic trading transactions. The government should provide a clear and supportive legal framework that addresses the challenges and risks associated with cross-border electronic trading transactions.

Q5: What is the role of the private sector in regulating QR Code in cross-border electronic trading transactions?

A5: The private sector has a crucial role in regulating QR Code in cross-border electronic trading transactions. The private sector should ensure that their technology and services are safe and efficient, and compliant with the regulatory framework.

Q6: What are the implications of not having a clear and supportive legal framework for QR Code in cross-border electronic trading transactions?

A6: The implications of not having a clear and supportive legal framework for QR Code in cross-border electronic trading transactions include:

  • Increased risk of legal risks for business actors involved in the transaction
  • Reduced confidence in the use of QR Code in cross-border electronic trading transactions
  • Decreased efficiency and accelerated economic recovery
  • Reduced support for the development of the digital economy in the ASEAN region

Q7: What are the future directions for research on QR Code in cross-border electronic trading transactions?

A7: The future directions for research on QR Code in cross-border electronic trading transactions include:

  • Conducting a comprehensive study on the legal aspects of cross-border electronic trading transactions with QR Code, including technical and economic aspects
  • Considering other ASEAN countries and their regulatory frameworks
  • Considering other QR Code standards and their regulatory frameworks
  • Conducting a study on the impact of QR Code on the digital economy in the ASEAN region

Q8: What are the recommendations for businesses and consumers using QR Code in cross-border electronic trading transactions?

A8: The recommendations for businesses and consumers using QR Code in cross-border electronic trading transactions include:

  • Ensuring that their technology and services are safe and efficient, and compliant with the regulatory framework
  • Providing adequate protection for consumers and businesses
  • Ensuring that they have access to safe and efficient technology and services
  • Collaborating with the government and the private sector to create a safe and efficient ecosystem

Q9: What are the benefits of collaboration between the government and the private sector in regulating QR Code in cross-border electronic trading transactions?

A9: The benefits of collaboration between the government and the private sector in regulating QR Code in cross-border electronic trading transactions include:

  • Creation of a safe and efficient ecosystem
  • Support for the development of the digital economy in the ASEAN region
  • Increased efficiency and accelerated economic recovery
  • Reduced risk of legal risks for business actors involved in the transaction

Q10: What are the next steps for the government and the private sector in regulating QR Code in cross-border electronic trading transactions?

A10: The next steps for the government and the private sector in regulating QR Code in cross-border electronic trading transactions include:

  • Developing a clear and supportive legal framework
  • Ensuring that their technology and services are safe and efficient, and compliant with the regulatory framework
  • Collaborating with each other to create a safe and efficient ecosystem
  • Providing adequate protection for consumers and businesses