Cryptocurrency–The Internet "Dollar": Comparative Analysis of Regulations on Cryptocurrency Between Indonesia, Singapore, and China

Abstract

Nowadays, the development of digital money and the numerous benefits it provides has had a significant impact on many parts of life. However, it is undeniable that these advances carry a number of concerns as well. As a result, each country has a different perspective on regulating this digital money, particularly in terms of its benefits as a payment mechanism. The purpose of this study is to compare the regulation and legality of using digital money as a payment mechanism in Indonesia, Singapore, and China by employing the normative legal research. Digital money is not allowed to be utilized as a payment mechanism in Indonesia. On the other hand, digital money is regarded as an intangible asset that can be used as a payment method in Singapore. China, on the other hand, has outlawed the usage of digital money for both investment and payment. Each country has its own considerations, and there are various things that Indonesia may learn from Singapore and China's arrangements in order to maximize the benefits of digital money.