AbstractThis article discusses the shifting phenomenon from rule of law to ‘rule of persuasion’ by analysing regulations concerning Covid-19 mitigation through large-scale social restrictions (PSBB) and their impact on Indonesian economy and financial sector. Analysis of PSBB regulations shows that the regulations do not have criminal and law enforcement provisions that could lead legal uncertainty. PSBB regulations are simply a persuasion model. This has led to the shifting from rule of law to ‘law rule of persuasion’. As a result, on one hand, law enforcement related to PSBB regulations would not be effective and could make the Covid-19 pandemic prolonged, and on the other hand, legal uncertainty itself as well as the Covid-19 pandemic would have serious implications for Indonesian economy and financial sector. It is recommended that in the future, any regulations, especially at the level of statutes (acts), should seriously consider the establishment of legal certainty through criminal provisions and law enforcement and anticipate properly the impact such regulations and Covid-19 on Indonesian economy and financial sector.Keywords: legal uncertainty; rule of law; ‘rule of persuasion’AbstrakArtikel ini membahas fenomena pergeseran negara ke ‘negara himbauan’ dengan melakukan analisis terhadap regulasi terkait penangangan Covid-19 melalui pembatasan sosial berskala besar (PSBB) dan dampaknya terhadap keuangan dan perekonomian Indonesia. Analisis terhadap regulasi PSBB menunjukan bahwa regulasi tidak memiliki ketentuan pidana dan aspek penegakan hukumnya yang dapat menimbulkan ketidakpastian hukum. Regulasi PSBB sekedar merupakan model himbauan yang telah menegaskan adanya fenomena pergeseran dari negara hukum ke ‘negara himbauan’. Akibatnya, di satu sisi, penegakan hukum terhadap regulasi PSBB tidak akan berjalan efektif dan bisa membuat pandemi Covid-19 berkepanjangan, dan di sisi lainnya, ketidakpastian hukum sebagaimana juga pandemic Covid-19 akan memiliki implikasi serius bagi perekonomian dan keuangan Indonesia. Direkomendasikan agar kedepannya, regulasi apapun, utamanya di tingkat undang-undang, harus secara sungguh memperhatikan aspek kepastian hukum melalui pengaturan dalam ketentuan pidana dan penegakan hukumnya dan mengantisipasi secara tepat dampak regulasi dan Covid-19 bagi perekonomian dan keuangan Indonesia. Kata kunci: ketidakpastian hukum; negara hukum; ‘negara himbauan’