Pesatnya perkembangan teknologi finansial telah melahirkan aset digital baru berupa Cryptocurrency dan Non-Fungible Token (NFT) yang memiliki nilai ekonomi signifikan. Namun, regulasi di Indonesia saat ini lebih menitikberatkan pada aspek perdagangan (komoditas) melalui aturan Bappebti, sementara pengaturannya sebagai objek hukum dalam ranah keperdataan, khususnya hukum kewarisan, masih belum spesifik. Penelitian ini bertujuan untuk menganalisis kedudukan hukum aset digital sebagai objek waris menurut Kitab Undang-Undang Hukum Perdata (KUHPerdata) dan mekanisme pemindahannya kepada ahli waris. Metode penelitian yang digunakan adalah yuridis normatif dengan pendekatan perundang-undangan (statute approach) dan pendekatan konseptual (conceptual approach). Data yang digunakan adalah data sekunder yang terdiri dari bahan hukum primer, sekunder, dan tersier. Meskipun bersifat imateriel, Cryptocurrency dan NFT memenuhi kualifikasi sebagai "Benda" (Zaak) bergerak yang tidak berwujud sebagaimana diatur dalam Pasal 499 dan Pasal 503 KUHPerdata, karena memiliki nilai ekonomi dan dapat dimiliki secara hukum. Oleh karena itu, aset digital secara yuridis sah untuk dikategorikan sebagai bagian dari harta warisan (boedel waris). Dalam pewarisan aset digital terletak pada sifat anonimitas dan desentralisasi teknologi blockchain. Tanpa penyerahan private key atau akses dompet digital dari pewaris kepada ahli waris, aset tersebut terancam menjadi "aset beku" yang tidak dapat dieksekusi meskipun secara hukum hak kepemilikannya telah berpindah demi hukum (Le Mort Saisit Le Vif). Diperlukan pembaharuan hukum atau pedoman teknis mengenai tata cara pembuktian kepemilikan dan prosedur eksekusi aset digital dalam penetapan waris agar memberikan kepastian hukum dan perlindungan hak bagi ahli waris.
The protection of sensitive information in the financial sector requires a security architecture capable of preserving confidentiality, integrity, availability, auditability, and regulatory accountability across multiple institutions. Conventional centralized security models remain vulnerable to single points of failure, unauthorized access, data manipulation, and limited transparency in inter-organizational data sharing. Blockchain offers tamper-resistant records, decentralized trust, and verifiable audit trails; however, its direct implementation in financial systems is constrained by scalability limitations, smart contract vulnerabilities, privacy leakage, and conflicts between immutable ledgers and data protection principles. This study aims to develop a blockchain-based data security system for protecting sensitive financial information by integrating permissioned blockchain and Zero-Knowledge Proofs. The proposed method adopts a consortium-oriented permissioned blockchain architecture, represented by Hyperledger Fabric, to ensure controlled participation, certificate-based identity management, endorsement policies, and auditable transaction validation. Smart contracts are designed as policy-enforcement components for consent management, access authorization, data commitment, revocation, and audit logging. Zero-Knowledge Proofs are incorporated to verify customer attributes, eligibility, and access rights without disclosing raw personal or financial data. Sensitive information is stored off-chain in encrypted form, while the blockchain records only cryptographic commitments, hashes, consent states, and audit events. The expected result is a security model that improves data integrity, controlled access, privacy-preserving verification, and compliance-oriented accountability while reducing unnecessary exposure of sensitive data on-chain. The implication of this research is the provision of a technically coherent framework for financial institutions seeking to adopt blockchain securely in regulated environments, especially where data confidentiality, auditability, and privacy compliance must be achieved simultaneously.
ndonesia's digital economy ecosystem shows an increase in the adoption of blockchain and smart contracts. However, the Civil Code, the Electronic Information and Transactions Law, and the Personal Data Protection Law do not explicitly anticipate contracts executed by code, creating a legal vacuum in terms of definition, validity, technical standards, and governance of accountability. This study aims to (1) analyze the position and validity of smart contracts in Indonesia's civil law system; and (2) analyze legal liability and personal data protection in an immutable and decentralized ecosystem. The method employed is normative legal research, utilizing a legislative, conceptual, and comparative approach, with reference to European Union practices. The results show that the recognition of electronic information or documents and electronic signatures provides a legal basis; however, the absence of clear definitions and minimum clauses weakens contractual certainty, especially in cross-border transactions. Blockchain records have high evidential value as long as reliability parameters accompany them. In the realm of personal data, the tension between data subject rights and immutability can be bridged through privacy by design/default, data minimization at the on-chain layer (off-chain identity), crypto-erasure options, and zero-knowledge proofs, with role mapping of controllers and processors based on functions and data protection impact assessment obligations. Recommendations include legal recognition of smart contracts along with mandatory clauses (choice of law/forum, ADR/ODR levels, escrow/circuit breaker), pre-deployment code audits, change management, and hybrid on-chain/off-chain dispute architecture, as well as the adoption of elements of EU practice (built-in legal/jurisdictional rules and minimum technical safeguards).
Penelitian ini bertujuan untuk menganalisis dan meramalkan kinerja harga Bitcoin menggunakan pendekatan TimeGPT , sebuah model berbasis transformer yang dikembangkan khusus untuk data deret waktu oleh Nixtla. Dengan pendekatan kuantitatif, studi ini memanfaatkan data historis harga Bitcoin untuk mengidentifikasi pola dan tren melalui kemampuan pemodelan AI modern. TimeGPT , sebagai model pre-trained, memungkinkan analisis tanpa pelatihan tambahan (zero-shot learning) dan memberikan efisiensi dalam peramalan jangka pendek maupun menengah. Metode penelitian mencakup tahap pra-pemrosesan data, pemanfaatan API TimeGPT untuk menghasilkan prediksi, serta evaluasi hasil dengan metrik statistik seperti MAE dan RMSE. Hasil menunjukkan bahwa TimeGPT mampu menangkap volatilitas pasar Bitcoin secara akurat, dengan tingkat kepercayaan prediksi yang tinggi pada periode stabil seperti 2024–2025. Namun, pada proyeksi jangka panjang, model menunjukkan peningkatan ketidakpastian, mencerminkan sensitivitas terhadap variabel eksternal seperti regulasi dan sentimen pasar. Studi ini menyimpulkan bahwa TimeGPT merupakan alat yang unggul dibandingkan metode konvensional (ARIMA, GARCH, LSTM) dalam menangani kompleksitas data kripto, dan dapat digunakan sebagai pendukung pengambilan keputusan investasi, terutama jika dikombinasikan dengan analisis fundamental dan pemantauan pasar secara real-time.
The development of financial technology has led to the emergence of cryptocurrency as a decentralized digital instrument that enables fast and cross-border financial transactions. While this technology offers efficiency and flexibility in digital financial activities, it also creates opportunities for misuse in various forms of crime, including terrorist financing. This study aims to analyze the use of cryptocurrency as a means of financing terrorist activities in Indonesia, examine the existing legal framework governing terrorist financing, and identify the challenges faced in law enforcement. This research employs a normative legal method using statutory, conceptual, and case study approaches. The findings indicate that the use of cryptocurrency as a medium for terrorist financing still fulfills the elements of a criminal offense as regulated under Law Number 9 of 2013 concerning the Prevention and Eradication of Terrorism Financing. However, the characteristics of cryptocurrency, such as anonymity, decentralization, and cross-border transactions, create significant challenges in the processes of evidence gathering, transaction tracing, and identification of perpetrators. In addition, there is a regulatory gap between the recognition of crypto assets as economic commodities and the supervision of their potential misuse for terrorist financing. Therefore, stronger regulations are needed to explicitly integrate crypto assets into the terrorist financing prevention regime, along with improving the capacity of law enforcement agencies in blockchain transaction analysis and strengthening international cooperation to enhance the effectiveness of law enforcement in the digital economy era.
Bunga Desyana Pratami, Yos Johan Utama, Ana Silviana, Imaro Sidqi · 5 authors
Purpose - The rapid development of the digital economy has engendered new forms of wealth that challenge classical concepts of ownership within Islamic law, particularly in the context of inheritance law. Digital assets�such as cryptocurrency, non-fungible tokens (NFTs), and economically valuable digital accounts�present significant legal questions regarding their status as inheritable property, especially given their intangible nature and reliance on technological systems. In practice, many digital assets become inaccessible following the owner's death, often due to the loss of passwords or private keys. This situation creates a disparity between classical legal doctrines and contemporary realities. This study aims to analyse the legal status of digital assets within Islamic inheritance law through a reinterpretation of the concept of wealth (mal) employing an objective of the Islamic law (maqa?id al-shari?ah) approach.Methodology/approach - This research employs a normative juridical methodology, utilising both conceptual and maqa?id-based approaches. It is conducted through a comprehensive literature review of classical Islamic jurisprudence (fiqh) texts and maqa?id theory, supplemented by an analysis of contemporary practices concerning digital asset.Findings - Although some classical scholars�particularly within the ?anafi school�emphasised the material aspect of mal, the majority of scholars recognise lawful economic value and benefit (manfa?ah muba?ah) as the primary criteria for determining property status. From this perspective, digital assets qualify as mal because they possess economic value, can be owned, and are transferable. Furthermore, the framework of maqa?id al-shari?ah, particularly the principles of protection of wealth (?if? al-mal) and protection of lineage (?if? al-nasl), provides a robust normative basis for recognising digital assets as inheritable property. Therefore, the reinterpretation of mal through a maqa?id approach facilitates the integration of digital assets into Islamic inheritance law in both a normative and contextual manner.Conclusion - This study concludes by advocating the establishment of legal and technical mechanisms designed to protect the rights of heirs in the digital age, thereby minimising the disparity between doctrinal principles and practical application.
Abstrak. Perkembangan decentralized finance (DeFi) mendorong perubahan signifikan dalam layanan keuangan berbasis blockchain, termasuk pada platform Jupiter Swap di jaringan Solana. Meskipun menawarkan efisiensi dan transparansi, sistem DeFi memiliki risiko keamanan yang tinggi akibat sifatnya yang terdesentralisasi dan kompleks. Oleh karena itu, penelitian ini bertujuan untuk menganalisis keamanan dan tata kelola sistem informasi pada Jupiter Swap menggunakan framework COBIT 2019. Metode penelitian yang digunakan adalah pendekatan kualitatif deskriptif melalui observasi sistem, studi literatur, serta analisis menggunakan COBIT 2019 Design Toolkit yang mencakup enterprise strategy, enterprise goals, dan IT risk profile. Hasil penelitian menunjukkan bahwa sistem memiliki orientasi kuat pada inovasi dan transformasi digital, dengan dominasi domain BAI dan APO dalam tata kelola. Namun, profil risiko menunjukkan tingkat eksposur yang tinggi terhadap serangan siber, kesalahan pengguna, dan ketergantungan pada pihak ketiga. Selain itu, terdapat kesenjangan antara kondisi saat ini dan target capability level, terutama pada aspek keamanan dan pengelolaan perubahan sistem. Penelitian ini menunjukkan bahwa penerapan COBIT 2019 dapat membantu mengevaluasi dan meningkatkan tata kelola sistem DeFi secara lebih terstruktur dan adaptif. Abstract. The development of decentralized finance (DeFi) has significantly transformed blockchain-based financial services, including the Jupiter Swap platform on the Solana network. Despite offering efficiency and transparency, DeFi systems present high security risks due to their decentralized and complex nature. Therefore, this study aims to analyze the security and information system governance of Jupiter Swap using the COBIT 2019 framework. The research employs a descriptive qualitative approach through system observation, literature review, and analysis using the COBIT 2019 Design Toolkit, including enterprise strategy, enterprise goals, and IT risk profile. The results indicate that the system strongly emphasizes innovation and digital transformation, with governance dominated by the BAI and APO domains. However, the risk profile reveals high exposure to cyber attacks, user errors, and third-party dependencies. Additionally, a gap exists between the current condition and the target capability level, particularly in security and system change management. This study demonstrates that COBIT 2019 can be effectively applied to evaluate and improve governance in DeFi systems in a structured and adaptive manner.
Legal certainty is a fundamental prerequisite for implementing decentralized governance, particularly to ensure protection for the apparatus in developing public service innovations. However, regulatory fragmentation often leads to overlapping authority and administrative uncertainty at the local level. This research aims to examine the legal certainty construction of innovation through a vertical synchronization test of Regulation Number 20 of 2021, and to evaluate its sociological implications on the fluctuation of regional innovation performance. This research employs a normative legal method calibrated with policy evaluation through statutory and conceptual approaches, and analyzes Regional Innovation Index data for the 2020 to 2025 period. The analysis results indicate that the Regent Regulation suffered multilayered substantive defects over time. In the initial formulation phase, the budget deprivation threat sanction for innovations deemed unsuccessful contradicted the apparatus protection principle under Law Number 23 of 2014. Furthermore, the local government has been found to have committed legislative omission by failing to amend the Regent Regulation to accommodate the updates to the institutionalization obligation and affirmative financing guarantees mandated following the promulgation of Ministerial Regulation Number 91 of 2021 and Governor Regulation Number 3 of 2022. Factual evidence confirms that this static and defective legal formulation triggered a climate of bureaucratic fear, resulting in a drastic decline in the regional innovation score in the first year of the regulation’s implementation and subsequent stagnation. In conclusion, punitive innovation regulations that are unresponsive to hierarchical updates have degraded the essence of regional autonomy and created a governance paradox. Therefore, the revocation of the administrative sanction clause and the execution of the institutionalization amendment must be executed to restore a safe authorizing environment for experimental legislation.
Bitcoin transactions is gaining strength in the global economic landscape, including in Indonesia, as a consequence of the development of financial technology and the decentralization of the digital economy. Positive facts indicate that Bitcoin offers an alternative investment and transaction instrument with characteristics of transparency, speed, and minimal cross-border costs. However, negative facts that cannot be ignored are Bitcoin's value volatility , the potential for money laundering, and weak legal protection for users. In a social context, Bitcoin creates segregation between digitally savvy groups who benefit from it and conventional groups who are increasingly marginalized due to limited access and digital literacy . This study uses a normative-juridical method with a legislative and conceptual approach to analyze the legal implications of Bitcoin use in the Indonesian economy. The research gap lies in the lack of normative studies linking crypto asset regulation to the social impact of class segregation in the digital society. To date, regulations have emphasized legality and transaction oversight without considering the dimension of social justice. The research questions are formulated as follows: first, what are the legal implications of Bitcoin transactions in the Indonesian economic system? Second, how is social segregation formed through the practice of Bitcoin use in society? The novelty of this research is its interdisciplinary analysis linking the legal regulation of digital businesses with the social realities created by Bitcoin adoption . Preliminary results indicate that although Bitcoin is recognized as a legitimate crypto asset for trading, its lack of legal tender status creates legal dualism and reinforces socio-economic gaps in society.
The advancement of blockchain technology has introduced Non-Fungible Tokens (NFTs) as digital assets representing ownership of creative works. However, the burgeoning NFT market precipitates significant legal risks, primarily arising from the dichotomy between the ownership of the digital token and the copyright of the underlying work. This research aims to examine the juridical risks inherent in NFT transactions, given the regulatory lacuna within the Indonesian legal system. Although Law No. 28 of 2014 concerning Copyright provides a normative framework, its application within the NFT ecosystem confronts challenges regarding legal certainty and platform accountability. The findings underscore the exigency of statutory harmonization and a more comprehensive legal protection mechanism, including defined liabilities for Electronic System Providers (ESPs), to mitigate risks and ensure equitable legal protection within Indonesia’s digital economy.
Objective: This study aims to evaluate the effectiveness of regulatory models across selected jurisdictions such as the United States, Brazil, China, Thailand, Indonesia, and the European Union and to analyze emerging trends in crypto-related economic crime, particularly in relation to implementation gaps in FATF Recommendation 15, namely the Travel Rule, and the resulting cross-jurisdictional regulatory arbitrage dynamics. Research Design & Methods: This study uses a comparative qualitative approach through document analysis and cross-country case studies. Secondary data comes from FATF, Interpol, UNODC, Chainalysis reports, national regulations, and academic literature, which are analyzed using thematic content analysis and comparative regulatory analysis. Findings: Research findings indicate that regulatory fragmentation and gaps in the implementation of FATF standards create regulatory arbitrage loopholes that are exploited by crypto criminals. Crypto crime in the 2024-2025 period is becoming more professionalized, marked by the dominance of stablecoins, the involvement of state actors, and low asset recovery rates. Network-based international investigative cooperation, has proven to be more adaptive than unilateral repressive approaches. Implications: There is a need for harmonization of cross-border AML policies, acceleration of Travel Rule implementation, and strengthening of informal investigative cooperation mechanisms and public private partnerships with VASPs to improve the effectiveness of asset tracing and recovery. Contribution & Value Added: This study enriches the literature on digital economic crime by linking regulatory arbitrage and FATF networked governance, and provides the latest empirical evidence for the formulation of adaptive AML policies in the era of decentralized finance.
The development of blockchain technology encourages the use of smart contracts as digital contract instruments that are automatic and cannot be changed, especially in cross-sector commercial transactions. This study aims to analyze the legal status of blockchain-based smart contracts as well as evaluate the possibility of their integration in legally recognized commercial contract dispute resolution mechanisms. This research uses a normative legal research method with a conceptual and case legislation approach conducted through a literature study of laws and regulations, legal doctrine, as well as relevant decisions and cases. This study does not involve respondents or informants because it focuses on the analysis of legal norms and concepts. The data was analyzed qualitatively juridically through interpretation methods and legal arguments. The results of the study show that smart contracts can in principle be integrated in the settlement of commercial contract disputes as an instrument for the implementation and proof of contracts, but have not been able to fully replace the role of conventional dispute resolution mechanisms due to their limitations in handling legal interpretation, the application of the principle of good faith, and certain conditions such as non-technical defaults. This study concludes that the integration of smart contracts requires a hybrid model that combines technology-based automated execution with a law-based dispute resolution mechanism to ensure legal certainty and substantive justice in commercial contract practice.
The security and integrity of medical record data is a crucial issue in the era of healthcare service digitalization. Traditional systems still face risks of manipulation, information leaks, and issues with interoperability between healthcare institutions. Blockchain technology has emerged as a promising solution to address this issue thanks to its features of decentralization, openness, and difficulty in modification. One consensus method that can be applied is Proof of Work (PoW), which has proven to maintain the authenticity of transactions on a distributed network. This research aims to design and evaluate a blockchain-based medical record application using the PoW consensus algorithm to ensure the security, transparency, and reliability of medical data storage. The approach used is experimental, involving the development of a blockchain-based application prototype. The PoW algorithm is applied to ensure the validity of medical record data transactions. The evaluation was conducted by measuring the security aspect (resistance to data changes), performance (time to verify transactions), and scalability (number of transactions that can be handled). The results of the experiment show that implementing PoW in a medical record system can maintain data integrity with a high level of resistance to unauthorized changes. The average time for transaction verification is 2.4 seconds per block, with the ability to handle up to 150 transactions per minute. Although the performance of PoW requires significant computational resources, the level of security it offers suggests potential for implementation in larger healthcare systems. The application of blockchain with the PoW algorithm to medical records has proven to improve the security and transparency of medical information. This research successfully met the established objectives, although computational efficiency issues still need to be addressed. Further research is suggested to explore other consensus algorithms such as Proof of Stake (PoS) or Practical Byzantine Fault Tolerance (PBFT) to improve performance without sacrificing security aspects. Keywords: Blockchain, Electronic Health Records (EHR), Proof of Work (PoW), Smart Contract, Healthcare Information System
The development of blockchain technology has given rise to smart contracts as a self-executing, decentralized, code-based contractual mechanism. Their presence poses conceptual and normative challenges in the Indonesian contract law system, particularly regarding the legal standing and construction of the parties' responsibilities amidst a normative vacuum. This study aims to analyze the legal status of smart contracts from the perspective of Indonesian civil law and to formulate a relevant legal liability model for blockchain-based transactions. The research method used is normative legal research with statutory, conceptual, and analytical approaches. Primary legal materials include the Civil Code, the Electronic Transactions and Transactions Law, and regulations related to electronic transactions, while secondary legal materials include doctrine, liability theory, and literature on blockchain. The results show that smart contracts can be qualified as agreements as long as they meet the valid requirements of an agreement as stipulated in Article 1320 of the Civil Code. However, their immutable and automated nature creates tensions with the principles of freedom of contract and good faith. The identification of legal subjects in the blockchain ecosystem includes users, developers, validators, and platforms, with liability models that can be based on fault liability or the possibility of strict liability under certain conditions. The absence of norms has the potential to give rise to disparities in interpretation and legal uncertainty, so that a normative reconstruction is needed that is adaptive to the character of decentralization to ensure legal certainty, justice, and benefits.
This research is motivated by the rapid development of blockchain technology and the increasing use of smart contracts in modern business transactions in Indonesia, while the national legal framework does not yet provide regulations that comprehensively regulate the validity, automatic execution mechanism, and legal accountability of smart contracts. The absence of clear technical rules raises various problems, especially related to the suitability of smart contracts with the legal terms of the agreement in the Civil Code, ranging from the aspects of the agreement, the competence of the parties, certain objects, and halal causa. To answer these questions. This study uses a normative juridical method with legislative and conceptual approaches. Various regulations, including the Civil Code, ITE Law, PP 71/2019, and POJK 77/2016, as well as provisions governing electronic systems and transactions, were analyzed to assess the extent to which smart contracts can be recognized in the Indonesian legal system. The results show that although smart contracts can be positioned as legitimate agreements based on the principle of freedom of contract and the open nature of Indonesian contract law, there are still significant regulatory loopholes that have the potential to create legal uncertainty. The main challenges include the validity of digital agreements, verification of the skills of parties who are only identified through public addresses, potential errors in oracles as an external data source, and potential misuse of technology due to blockchain anonymity, which makes it difficult to prove causa that is halal. In addition, the lack of technical standards regarding code audits, automatic dispute resolution mechanisms, and accountability flows in the event of a bug in smart contracts adds to the legal vulnerability of the parties to the transaction. Thus, this study emphasizes the need to develop special regulations or integrated technical guidelines that can ensure legal certainty, protect parties, and support the safe and sustainable use of smart contracts in Indonesia's digital economy ecosystem.
Fanidio Muhammad Ariq Sugiarto, Nur Chanifah, Siti Rohmah
The rapid development of blockchain technology has introduced smart contracts as automated digital agreements widely used in the Decentralized Finance (DeFi) ecosystem. These contracts operate without intermediaries and execute transactions based on algorithmic conditions, creating new legal and sharia implications. This study aims to analyze the validity of smart contracts as akad (contracts) within the framework of fiqh muamalah and to formulate regulatory needs based on maqāṣid al-sharī‘ah and positive law. This research uses normative juridical methods with statutory, conceptual, and sharia approaches by examining legal doctrines, regulations, and Islamic jurisprudence principles. The results show that smart contracts can qualify as valid akad if pillars and conditions of contract are fulfilled, including parties, consent, object, and lawful purpose, although digital consent and automated execution require interpretative expansion. From the maqāṣid perspective, smart contracts potentially support protection of wealth (ḥifẓ al-māl), transparency, and efficiency, but also pose gharar and risk if coding errors and regulatory gaps exist. Therefore, integrative regulation and sharia compliance standards are necessary to ensure legal certainty and maslahah in DeFi transactions.
The rapid development of cryptocurrency as a digital financial asset has introduced new challenges for the prevention and eradication of money laundering crimes. While cryptocurrencies offer efficiency, decentralization, and borderless transactions, these very characteristics also create significant vulnerabilities for misuse, particularly in facilitating illicit financial flows. In Indonesia, the existing legal framework on anti-money laundering, primarily regulated under Law Number 8 of 2010, was formulated prior to the widespread adoption of cryptocurrency and therefore faces limitations in addressing technology-driven financial crimes. This article examines the challenges of law enforcement in combating cryptocurrency-based money laundering in Indonesia through a normative juridical approach. The study analyzes relevant statutory regulations, institutional authority, and enforcement mechanisms involving agencies such as PPATK, Bappebti, the Financial Services Authority, and law enforcement bodies. The findings indicate that law enforcement faces substantial obstacles, including regulatory fragmentation, jurisdictional complexities, difficulties in tracing blockchain-based transactions, evidentiary constraints, and limited technical capacity among enforcement institutions. Furthermore, the absence of comprehensive regulation concerning decentralized finance and non-custodial digital wallets exacerbates enforcement difficulties. This article argues that without regulatory harmonization, enhanced institutional coordination, and the integration of technological capabilities into law enforcement practices, the Indonesian legal system risks lagging behind the evolving landscape of financial crime. Strengthening adaptive legal frameworks is therefore essential to ensure effective anti-money laundering enforcement in the digital asset era.
Ahmad Khalifah Zamrud, Usman Jafar, Abdul Wahid Haddade
IntroductionThe rapid expansion of cryptocurrency has generated significant debate within Islamic economic discourse. Bitcoin, as the first decentralized digital currency, offers technological advantages such as transparency, efficiency, and global accessibility. However, it also raises concerns regarding price volatility, speculative trading behavior, and the absence of intrinsic value. These issues have prompted Islamic scholars and regulatory institutions to evaluate cryptocurrency from the perspective of Islamic law and financial ethics. In Indonesia, the Indonesian Ulema Council issued a religious ruling declaring Bitcoin impermissible due to elements of uncertainty, speculation, and potential economic harm. This ruling has stimulated ongoing discussion about the compatibility of cryptocurrency innovation with Islamic economic principles.ObjectivesThis study aims to critically analyze the religious ruling on Bitcoin issued by the Indonesian Ulema Council by examining its legal reasoning, its relationship with Islamic economic principles, and its implications for the governance of digital financial innovation. The research also seeks to explore whether cryptocurrency can be accommodated within an Islamic economic framework under certain regulatory and ethical conditions.MethodThe study employs a qualitative research design using a transdisciplinary analytical approach that integrates perspectives from Islamic jurisprudence, Islamic economics, financial regulation, and digital financial technology. Data were collected through documentation of religious rulings, regulatory policies, and scholarly literature related to cryptocurrency and Islamic finance. The data were analyzed through thematic and comparative analysis to identify the legal reasoning underlying the prohibition of Bitcoin and to evaluate alternative scholarly interpretations regarding the status of digital assets in Islamic economics.ResultsThe findings indicate that the prohibition of Bitcoin is primarily based on concerns about excessive uncertainty, speculative trading behavior, and potential economic harm associated with cryptocurrency markets. Nevertheless, the analysis also reveals that cryptocurrency may be considered permissible when these elements are mitigated through transparent governance, regulatory oversight, and the development of asset-backed digital financial instruments.ImplicationsThe study highlights the importance of developing regulatory and institutional frameworks that reconcile financial innovation with Islamic ethical principles. Such frameworks can provide clearer guidance for Muslim investors while supporting responsible digital financial development.Originality or NoveltyThis research contributes to the growing literature on cryptocurrency in Islamic economics by offering a critical analysis of religious rulings within the broader context of digital financial transformation and regulatory governance.
Komang Irvan Tri Permadi, Si Ngurah Ardhya, Ratna Artha Windari
Skripsi ini membahas mengenai analisis yuridis perlindungan hak cipta atas gambar Non Fungible Token (NFT) ditinjau dari Undang-Undang Hak Cipta. Penelitian ini bertujuan untuk memahami pengaturan, dan perlindungan hak cipta atas gambar yang diperuntukkan sebagai Non-Fungible Token yang berada di indonesia dengan menggunakan perbandingan negara amerika dan UniEropa. Jenis penelitian hukum normatif penelitian ini terfokus kepada doktrin ataupun peraturan perundang-undangan (law in books) dipandang dari hukum positif atau das sollen. Bahan hukum primer, sekunder, dan tersier adalah sumber bahan hukum yang akan digunakan sebagai acuan dalam merancang penelitian normatif ini. penelitian normatif terutama berkaitan dengan data sekunder, yang mencakup undang-undang, putusan pengadilan, teori hukum, konsep hukum, dan hasil penelitian ilmiah akademisi (doktrin). Hasil dari penelitian ini menunjukan bahwa Pengaturan Hak Cipta di Indonesia seperti Undang-Undang Nomor 28 Tahun 2014 Tentang Hak Cipta. Belum secara spesifik mengatur keberadaan hak cipta melalui NFT. Selain itu, bentuk sistem pengawasan hak cipta belum sepenuhnya adaptif terhadap teknologi baru seperti blockchain. Di Amerika Serikat, undang-undang hak cipta, terutama Digital Millennium Copyright Act (DMCA) dan Undang-Undang Hak Cipta 1976, mengatur perlindungan karya yang dicetak sebagai NFT. Uni Eropa belum memiliki UU khusus yang mengatur hak cipta NFT secara spesifik, Pengaturan Directive on Copyright In The Digital Single Market (EU 2019/790) dalam pasal 17 yang memberikan hak eksklusif kepada pemegang hak cipta atas karya digital.
The principle of freedom of contract, as regulated in Article 1338 paragraph (1) of the Indonesian Civil Code, affirms that legally formed agreements bind the parties as law. This principle grants contractual autonomy to determine the formation, parties, and content of agreements, provided they do not violate statutory law, public order, or morality. However, such freedom is limited by the principles of good faith, fairness, proportionality, and the protection of weaker parties.The development of blockchain technology has introduced smart contracts as automatically executed electronic agreements based on pre-programmed code. Legally, smart contracts may be considered valid contracts insofar as they fulfill the requirements of Article 1320 of the Indonesian Civil Code and comply with the Law on Electronic Information and Transactions. Digital consent, such as authorization through a digital wallet, constitutes a legitimate expression of agreement.Smart contracts represent a modern manifestation of freedom of contract by enabling automated performance without third-party intervention, reflecting the prior intention of the parties embedded in blockchain-based code. Their application on platforms such as Stellar Lumens (XLM) demonstrates practical implementation in cryptocurrency transactions. Nevertheless, legal challenges remain, including regulatory gaps, transaction anonymity, technological inequality, and potential imbalances in bargaining power. Therefore, adaptive legal regulation is essential to ensure legal certainty, fairness, and effective legal protection.
Mochamad Novel, Aurellia Karin Ferselli, Sania Mari Baloch, Rifdah Muflihah · 5 authors
Penelitian ini mengkaji inovasi dalam pembuatan kontrak hukum (legal drafting) yang memanfaatkan teknologi blockchain dan smart contract di Indonesia. Dengan meningkatnya kebutuhan akan transparansi, keamanan, dan efisiensi dalam proses pembuatan kontrak, teknologi blockchain menawarkan solusi desentralisasi yang dapat memastikan integritas dan keterlacakan dokumen hukum. Smart contract memperkenalkan otomasi pelaksanaan klausul kontrak secara otomatis tanpa perantara, mengurangi risiko kesalahan dan penundaan. Studi ini menelaah potensi penerapan teknologi tersebut dalam konteks regulasi dan praktik hukum di Indonesia, serta tantangan yang dihadapi dalam implementasinya. Hasil penelitian menunjukkan bahwa adopsi teknologi blockchain dan smart contract dapat mempercepat proses legal drafting, meningkatkan kepercayaan antar pihak, dan menciptakan sistem kontrak yang lebih aman dan efisien. Namun, diperlukan pembaruan regulasi dan peningkatan literasi teknologi bagi para pelaku hukum untuk mengoptimalkan manfaat inovasi ini.
This study aims to analyze the role of cryptocurrency investment in optimizing the performance of a portfolio comprising traditional assets, such as stocks, foreign exchange, and gold. This quantitative research employs the Markowitz Mean-Variance Optimization model and Sharpe ratio analysis. The data used consist of monthly closing prices from January 2019 to December 2024 for three cryptocurrencies (BTC, ETH, and XRP), three banking stocks (BBCA, BBRI, and BMRI), three foreign exchange pairs (USD/IDR, EUR/IDR, and GBP/IDR), and gold. A comparison was made between an optimal portfolio without a cryptocurrency and an optimal portfolio with a cryptocurrency. The results indicate that the inclusion of cryptocurrency significantly increased the portfolio's expected return from 14.07% to 32.08%. This increase was accompanied by a rise in risk (standard deviation) from 11.39% to 19.49%. However, portfolio efficiency improved dramatically, as evidenced by the Sharpe ratio surging from 70.89% to 133.83%. In both scenarios, gold consistently played a dominant role as a stabilizing asset in the portfolio. It is concluded that, during the study period, cryptocurrency served as a significant return enhancer and efficiency booster in the investment portfolio.
The rapid development of information technology has revolutionized conventional contract practices toward decentralized and transparent digital contracts. This phenomenon has given rise to new forms of contracting, such as smart contracts. Smart contracts are digital contracts designed to facilitate automatic (self-executing) contract execution. This research focuses on the legal validity of smart contracts as a digital contract mechanism in online (e-commerce) transactions, as well as the legal liability of the parties arising from their automated execution. The research method used is a normative legal research method with a statute approach, case approach, and analytical approach by analyzing in depth Article 1320 of the Civil Code, Law Number 1 of 2024 concerning Electronic Information and Transactions, the second amendment to Law Number 11 of 2008, Government Regulation Number 71 of 2019 concerning Electronic System Administration and Transactions, Government Regulation Number 80 of 2019 concerning Trade Through Electronic Systems, regarding the requirements for the validity of an agreement, by highlighting the implementation of smart contracts, especially the issue of the competence of the smart contract system. The results of the study show that smart contracts can be implemented technically, but legally based on the requirements for the validity of an agreement in Article 1320 of the Civil Code, smart contracts do not meet the requirements for the validity of an agreement and cannot be implemented perfectly in smart contract agreements and the legal responsibilities of the parties can still be applied in accordance with applicable regulations. Therefore, this study confirms that current smart contract regulations still have a legal vacuum and only rely on conventional legal frameworks such as Article 1320 The Civil Code and Law Number 1 of 2024 concerning Information and Electronic Transactions serve as the primary legal basis for smart contracts.
This study aims to systematically examine several scientific works related to blue carbon accounting in archipelagic regions and to explore the potential use of blockchain technology as an innovative solution for decentralized, transparent, and participatory carbon reporting. This study adopts a conceptual synthesis approach, The research also employs a Systematic Literature Review (SLR) method, analyzing 11 selected articles from databases such as Scopus, Web of Science, ScienceDirect, DOAJ, and Google Scholar, published between 2014 and 2024. The findings reveal that although blue carbon ecosystems hold significant economic and ecological value, carbon reporting remains dominated by top-down approaches, with limited involvement of local stakeholders. Meanwhile, blockchain technology shows promise in addressing reporting challenges through a distributed ledger system, automated verification via smart contracts, and token-based incentive schemes. The study concludes that integrating blockchain into blue carbon accounting could enhance accountability, efficiency, and equity in carbon reporting. It also recommends conducting further empirical research within the Indonesian archipelagic context to validate these findings.