Development of Cryptocurrency in the Indonesian Economy

Abstract

Cryptocurrency has now become a phenomenon both in the world and in Indonesia. Many investors are starting to look to invest in Cryptocurrency. However, is it safe to invest in cryptocurrency, is it promising, and what are the risks. Whether cryptocurrency has been officially recognized by the government and has been regulated in certain regulations. These questions are what we try to discuss in our study. This research is a descriptive qualitative study using primary and secondary data. Our primary data is summarized from interviews with practitioners in the cryptocurrency field and also the government regulatory body that regulates this matter. Meanwhile, we obtained secondary data from government regulations and preliminary research papers published internationally. Our research results state that cryptocurrency in Indonesia is currently still considered a commodity compared to a means of payment, even though there are government regulations regarding cryptocurrency. As a commodity, cryptocurrency has the potential to become a superior commodity like gold. However, there are also threats and challenges related to cryptocurrency, such as hacker threats and exchange rate volatility.