Analisis Hukum Islam terhadap Mata Uang Virtual (Cryptocurrency) Inacoin

Abstract

The existence of money makes buy and sell transactions easy from the barter system. However, the increase ofworld economic globalization has resulted in the increasing need for the speed, convenience and security of financial transactions. The emergence of cryptocurrency becomes the answer to the constraints faced by the current payment system which is very dependent on the third party as the trusted payment product publishing company to manage digital transactions. One of the cryptocurrency products is Inacoin which is created by Indonesian. However, the regulations in Indonesia concerning the use of cryptocurrency are still having many pros and cons. BI and OJK still do not allow to use cryptocurrency, while BAPPEBTI has legalized it to be traded. This research is a qualitative research which uses multimethod approach, namely the normative-empirical Islamic law approach. The concept of money in Islamic economics is different from the concept of money in conventional economics. In Islamic economics, the concept of money strongly states that money is money, money is not capital. Conversely, the concept of money in conventional economics is often interpreted back and forth, namely money is money and money is capital. The existence of Inacoin cannot be stated as money because there are unmet requirements and criteria. Besides, the use of Inacoin is more dominant as a commodity which is traded not as money. Inacoin buy and sell transaction is legal, but forbidden in Islam. It is because Inacoin has fulfilled the principles and requirements of al-Ṣarf, but it violates some of the elements which are prohibited in Islam such as maysir (gambling) and gharar (uncertainty). Therefore, it is feared that it will bring harms to users. Keywords : Inacoin, Cryptocurrency, Al-Ṣarf