Raphael Excelsio Fredrich Paat, Paulus Kindangen, Lawren J. Rumokoy
Over the past few years, especially during the Covid-19 pandemic where many industries have turned to market digitization, transaction activities in crypto investment have increased quite significantly. The purpose of this research is to investigate how Investment Knowledge and Fear of Missing Out influence young adult's Investment Intention in cryptocurrency assets. This research was conducted with a quantitative approach by analyzing the Linear Regression equation using the Ordinary Least Squares (OLS) technique to get the most relevant results. The data source used is primary, where data is collected through a questionnaire with a total of 125 respondents among young adults in the city of Manado. Data processing uses several software, such as Stata 16/MP and Microsoft Excel 2013.The results of this study indicate that there is a positive influence related to Investment Knowledge and Fear of Missing Out on Investment Intention. Knowledge of investment can increase the intention of young adults to invest in cryptocurrency assets. Meanwhile, fear of missing out also has the ability to trigger investment intention among young adults in cryptocurrency assets. This study recommend that the developers should be able to provide in-depth information related to crypto, also information about systematics and instruments in order to attract more investors and strengthen the market of digital investment. Keywords: Cryptocurrency, investment behavior, FOMO, digital investment, fintech
Abstract. Cryptocurrenciesis one of the digital currencies of innovation in the development of digital financial system infrastructure in the modern era. There are views aboutcryptocurrencies, there is a profitable opportunity by involving cryptocurrenciesinto the economy and monetary system. This study aims to examine the impact that can be caused by cryptocurrencies. This study uses a qualitative method with systematic literature review (SLRs). Based on the findings and results of the study it can be concluded that there is a positive impact cryptocurrencies regarding the function of the monetary system, namely ease of access, security and stability of the financial system which can influence economic growth, the central authority needs to make strict regulations involving innovation infrastructure cryptocurrenciesand building system infrastructurevirtual currencywith rules that focus on building infrastructure on stablecoinsto be involvedcryptocurrenciesinto systems and policies to strengthen the financial ecosystem.
 Abstrak. Cryptocurrency merupakan salah satu mata uang digital dari inovasi pengembangan infrastruktur sistem keuangan digital di era modern. Terdapat pandangan mengenai cryptocurrency, ada kesempatan menguntungkan dengan melibatkan cryptocurrency kedalam ekonomi dan sistem moneter. Penelitian ini bertujuan untuk mengkaji dampak yang dapat ditimbulkan oleh cryptocurrency. Penelitian ini menggunakan metode kualitatif dengan systematic literature review (SLR). Berdasarkan temuan dan hasil penelitian dapat disimpulkan bahwa terdapat dampak positif cryptocurrency terhadap fungsi sistem moneter yaitu kemudahan akses, keamanan dan stabilitas sistem keuangan yang dapat berpengaruh mendorong pertumbuhan ekonomi, Otoritas pusat perlu membuat regulasi dengan ketat yang melibatkan infrastruktur inovasi cryptocurrency dan membangun infrastruktur sistem virtual currency dengan aturan yang berfokus membangunan infrastruktur pada stablecoin untuk dapat melibatkan cryptocurrency ke dalam sistem dan kebijakan untuk memperkuat ekosistem keuangan.
This study aims to discuss the history, purpose, and reality of decentralization of financing management in local government, as well as analyze the conflict of corruption of education funds in Indonesia and formulate solutions. The method used is a literature study with descriptive analysis techniques. It describes the analysis of data evidence from official government websites and from the results of other parallel studies to find new discussions and experiences to formulate solutions that are much more relevant to the current bureaucracy. The results of this study explain that local government corruption cases after decentralization are the highest of other government agencies, and the source of funds that is the strongest possibility of this practice is the education sector. The education budget continues to soar every year, but the progress of educational development still needs to grow. With the political payback concept, the corruption chain is increasingly difficult to break. As time goes by, the barriers to education seem unchanged. In this case, the DPRD is required to oversee the process of distributing education funds from the central ministry to local governments, the mass media must be more transparent, and the need for anti-corruption education from an early age to form an attitude of responsibility and discipline, this anti-corruption education needs to be given repeatedly, especially for political contestants.
<em>cryptocurrencies still often clash with applicable law, not least with sharia economic law because Indonesia has a majority Muslim population, so sharia review in the use of cryptocurrencies is essential, so in this case, the Indonesian Ulema Council issued an unlawful fatwa regarding the use of cryptocurrencies both as currency. or as a digital asset. This study aims to analyze and explain cryptocurrencies based on the provisions of Islamic economic law in their use in money or as digital assets, using normative juridical research methods. The results of this study found that the use of cryptocurrencies has two functions, namely as currency and digital investments, but the use of cryptocurrencies clashes with the concept of Islamic economics because cryptocurrency has elements of dharar, ghrara, and qimar, also the idea of money in cryptocurrency clashes with the concept of money in Islam.</em>
AbstractStudi ini berfokus pada pentingnya memahami implikasi filosofis desentralisasi Bitcoin dalam konteks kebebasan individu. Desentralisasi Bitcoin dipandang sebagai upaya untuk mendapatkan kebebasan finansial dan mengurangi ketergantungan pada institusi pusat. Namun, penelitian ini juga menunjukkan bagaimana kekuatan modal yang merupakan bagian dari sistem kapitalis global dapat memanipulasi dan mengendalikan Bitcoin. Sistem kapitalis global, sering disebut "kerajaan", adalah sebuah realitas di mana kekuasaan didistribusikan di banyak tempat. Desentralisasi Bitcoin menciptakan paradoks, karena kebebasan yang dijanjikan dikompromikan oleh ketidakseimbangan kekuatan yang diciptakan oleh kekaisaran. Oleh karena itu, penelitian ini menggarisbawahi pentingnya kritik filosofis terhadap desentralisasi Bitcoin.
A growing economy creates cryptocurrency virtual money residing in cyberspace. Cryptocurrency Is an online payment tool that uses an open source peer-to-peer payment network. There are many problems faced by users, where Cryptocurrencies are said to include money or a commodity. This phenomenon really makes users feel uncomfortable, feel at a loss, therefore the government must immediately provide an evaluation of the use of Cryptocurrency as a means of obtaining transactions. more attention, especially from the government so that the community gets their rights and obligations in muamalah. This paper aims to discuss how to use Cryptocurrency transactions from the Perspective of the DSN-MUI Fatwa and Law No. 7 of 2011. This research is classified as normative research, using a statutory approach and a conceptual approach. The results of the discussion show that Cryptocurrency is linked in the DSN MUI fatwa No.28/DSN-MUI/III/2002 regarding al-sharf that in the provisions of the fatwa the conditions for exchanging Cryptocurrency digital money are prohibited because of the element of speculation. In Article 2 paragraph (1) of Law Number 7 of 2011 concerning Cryptocurrency, it does not meet the requirements as a type of currency in Indonesia. Judging from the six criteria of money, Cryptocurrency only meets the criteria of portability and visibility.
Despite the fact that cryptocurrency is regarded as a highrisk speculative cryptocurrencies, the growth in the number of cryptocurrency owners in Indonesia continues to grow every year. The low level of financial literacy and the trust factor in crypto investment are the reasons why the government is worried about the increasing number of crypto investors. The study will provide an explanation for the rise in cryptocurrency investment based on the following variables: subjective norms, financial literacy, trust, and governmental regulation. Gender is utilized as a moderating variable to analyze the difference in cryptocurrencies investment between men and women. This study used a quantitative methodology, the data were collected using a questionnaire survey of respondents who were at least 17 years old, and had invested in non- cryptocurrencies. Financial literacy and trust were discovered to have an impact on the forming of investment intentions in cryptocurrency. Women are known to have higher trust than men in investing in cryptocurrencies. This research is expected to provide input to the Indonesian government in developing strategies to establish a safer environment for investors and to minimize the amount of risk associated with cryptocurrency investment.
This research was carried out in order to gain a better understanding of cryptocurrencies, as well as the position of Islamic law in relation to them as a form of alternative investment in Indonesia. This research is a qualitative investigation utilizing phenomenological and descriptive methodologies. The data that was used came from the library and was backed by a number of papers and books that were linked to the issues that were investigated in this study using a syar'i normative methodology. It is possible to invest in Crytocurrency, trade Crytocurrency, or utilize Crytocurrency as a form of payment. In addition to Bitcoin, several other forms of Crytocurrency are also seeing widespread use. Different points of view on Crytocurrency can be found within the community, which can give rise to both pros and negatives. Because there is no legislation in Indonesia that recognizes Crytocurrency as a form of payment or currency, it is illegal to utilize Crytocurrency there. Since the price is still volatile and there are still flaws in the security, the discussion around cryptocurrencies such as Bitcoin has not yet reached an advantageous point. Some Ulama say, from the perspective of Islamic law, that this kind of digital currency does not have clarity and cannot be physically seen, allowing for the possibility of fraud. As a result, they consider Crytocurrency to have aspects of Gharar. The usage of Crytocurrency in investment and trading makes it inseparable from speculation about the price, which is highly volatile and is solely used as a tool for making profits and losses. Maysir is a component of Crytocurrency. Because the significance of this crypto currency spans such a wide range of areas, particularly those pertaining to technology and the economy.
SNAP (Standar Nasional OPEN API Pembayaran) is an implementation of open banking for encouraging digital transformation in the banking industry. SNAP was submitted by several sub-working groups formed jointly by ASPI and the Bank of Indonesia. In the document Pedoman Tata Kelola (Bank of Indonesia, n.d.), there is already a customer data protection mechanism between the bank, the owner of Open API, and the user of Open API. However, there is no data protection process carried out by consumers so third parties, that use the Open API of the bank, do not need to know the customer's data. Based on the web3 protocol, users can store data and transmit only in encrypted form which can only be opened by calculating the data with a pre-agreed smart contract. Banks can work like a decentralized network on web3, where the process of calculating proof and witness is carried out by the bank. Proof and witness are calculated using a zero-knowledge proof protocol, making it difficult to duplicate. For this reason, we propose a new architecture using smart contracts between banks and customers using the ZK-SNARK method. Therefore, there is no significant performance difference between using ZK-SNARK and without ZK-SNARK in the API call process.
This study explores the concept of decentralization in the context of emerging technologies, specifically Blockchain and Web3. These technologies offer an alternative to traditional centralized models by promoting systems that are more open, secure, and transparent. The study employs a qualitative approach using case studies to understand the practical applications and impacts of decentralization across various industries. Key findings highlight the significant benefits of decentralization, such as enhanced security and transparency, user control over data, and operational efficiency through smart contracts. However, challenges such as scalability, regulatory compliance, and security concerns remain. The study concludes that while there are considerable challenges, the benefits of decentralization make it a promising area for continued exploration and development. With sustained research and technological advancement, broader adoption and deeper integration into everyday life can be achieved, leading to a more decentralized and inclusive digital future.
Digital money obtained by converting physical money into digital is often used in electronic transactions. However, modern technology has also produced virtual currencies, known as cryptocurrencies. Bitcoin and other cryptocurrencies are unregulated and have not received official approval by Indonesian law. Research to know and analyze the concept of crypto according to Islam. With the method of literature review combined with bibliometric analysis. Data was collected using Publish or Perish (PoP) software from the Google Scholar database. Table 1 shows the number of author citations for works discussing cryptocurrencies and Islamic studies. Based on search results obtained by PoP software. The number of citations from authors who have more than 10 citations is calculated from the total number of authors. Use keywords as a foundation. Nine clusters were found as a result of keyword mapping: red, blue, yellow, green, purple, orange, brown, and pink.
All industries, including banking, will be impacted by the development of information technology. The creation of cryptocurrency, also known as virtual currency or digital currency, is a result of the advancement of financial technology. On the internet, the usage of digital currencies as a form of payment started to spread. This currency is intended to make payments more convenient and secure. Using blockchain technology, it lowers the cost of transactions. However, because it hurts Indonesia's financial system, monetary stability, and payment system, the government, in this case, Bank Indonesia, forbids transactions using digital or virtual currency. The influence of cryptocurrencies on the Indonesian economy and the government's position on the country's current technology are both explained in this paper. In terms of the technology provided, cryptocurrencies are a development in financial technology that will enable future financial transactions to convert paper money into digital money. To prevent future legislation from outlawing the technology found in cryptocurrencies and to help the general public better comprehend cryptocurrencies, it is desired that the government would examine the technology in cryptocurrencies more thoroughly.
The development of the digital era is increasingly widespread where some of them do provide many conveniences, especially in terms of economic activity services. As an example of the emergence of cryptocurrencies or cryptocurrencies as digital currencies, these cryptocurrencies are designed or designed to be traded through one cryptographic technology or what is commonly called a block chain which is decentralized in nature to carry out a trade or transfer from one party to another. In such a way the perpetrators are anonymous and there is no law governing and being responsible for this. Even though it provides a number of advantages for its users, the existence of cryptocurrency in Indonesia is still experiencing debate both in terms of regulation and legality, especially from the perspective of Islamic law for its use.This research was conducted to review cryptocurrencies which are widely used in society such as in buying and selling transactions, investments, mining, trading, and other things both from the definition, types, and legal arguments from an Islamic legal perspective. This research is a library research (library research) qualitative in nature. The data analysis technique in this study is descriptive-analytical with a normative juridical approach to Islamic law. Based on a number of references cited in this study, it is known that investing in cryptocurrency has a very high risk because its value can rise or fall drastically and is unpredictable. In addition, cryptocurrencies are also considered to be able to maintain the value of one's wealth far better than cash, even gold. Then the practice of buying and selling digital currency (cryptocurrency) is quite interesting where it offers quite high flexibility and can be done anytime and anywhere around the world. On the other hand, the jury of contemporary scholars considers that any form of cryptocurrency, be it bitcoin, aternity, or other coins cannot be called money, thus giving rise to various controversies about the legal use of these cryptocurrencies.
Countries are using various sophisticated information technologies to help provide quality and transparent services. This research aims to explore the potential and models of using blockchain technology to overcome corruption problems in Indonesia. Proper utilisation of blockchain technology can increase accountability and reduce loopholes in corrupt practices. Blockchain is a distributed database with records (ledgers) shared by all network participants. Smart contract as a form of blockchain can help make the process more transparent and trackable. Since blockchain is a relatively new technology, very few studies have been done to explain its potential in the public sector, particularly with regards to issues of corruption. This study develops a model for the application of blockchain technology and conducts an in-depth analysis of its possibilities using a qualitative method and an exploratory approach. In-depth interviews, designed to get a big picture view of the blockchain development model in the public sector were conducted with several sources, namely the Director General of Asset Tracing KPK (Indonesian Anti-Corruption Commission), KPK Public Prosecutors, the KPK IT department, WIr Group, Financial and Development Oversight Agency (BPKP), and blockchain practitioners. The research was conducted between August and December 2022. The study's findings demonstrate how promising it is to use blockchain technology to lessen corruption. Distributed ledgers give governments new ways to improve transparency. The model that can be applied is ‘permissioned blockchain’ because it has a private nature. Blockchain application requires top management support, organisational readiness, and organisational support. To deepen understanding, further experimental research is needed to test the model.
More and more millennials are interested in investing in crypto assets like Bitcoin and Ethereum. However, there is still uncertainty and hesitation in making this investment. This study aims to determine the effect of herding behavior on the millennial generation's intention to invest in crypto assets. This research was conducted in Indonesia with the respondents being the millennial generation who adopted crypto assets. The population in this study is the millennial generation of crypto asset adopters throughout Indonesia which continues to change every time, so the number is unknown. The sampling technique was carried out by purposive sampling with a sample of 220 respondents. Data was collected by distributing questionnaires via google form. The analysis used is SEM-PLS. The results of this study indicate that herding on social media environment has a positive and significant effect on behavioral intention. Herding on social media environment has a positive and significant effect on financial literacy. Herding on social media environment has a positive and significant effect on E-trust. Financial literacy has a positive and significant effect on behavioral intention. E-trust has no effect on behavioral intention. Ethical concern is able to moderate the influence of herding on social media environment on behavioral intention.
Indodax is one of the cryptocurrency trading platforms in Indonesia that has the highest sentiment for the quality they provide, good quality on a platform is an important factor in obtaining user satisfaction and will have an impact on the long-term success of a company. The importance of user satisfaction on cryptocurrency online trading platforms is a significant factor in increasing user loyalty in today's competition. This research was conducted to analyze the quality of existing cryptocurrency trading platform services so that they can be input for cryptocurrency trading service providers to improve the quality of their services, this information can also be considered by prospective platform users in choosing a trading platform that has the best quality of service to minimize losses that may be caused by the platform. In this study, sentiment analysis was used for indodax play store platform users and then processed using the lexicon classification method to produce sentiment analysis for each significant factor of service quality. From the results of the classification carried out in this study, the results of the analysis show that most users are satisfied and give positive sentiments related to security, namely 87.63%, positive sentiments related to the interface design 88.46%, positive sentiments related to service & convenience by 83%, but some users also gave a slightly positive sentiment related to administrative costs, namely 39%, and their negative sentiment was mostly related to the error & failure system, which received more than 80% sentiment. While the recall value is 38.07%, the precision is 56.69% and the f1-score is 45.55%. The results of this study can be concluded that there are still many important points that must be improved in quality by the indodax platform service providers so that they can be more attractive and used by everyone.
Penelitian ini bertujuan untuk menganalisa perbandingan kinerja Bitcoin, indeks saham LQ45, dan emas spot sebagai instrumen investasi menggunakan variabel pengukuran kinerja return, risk, Sharpe, Treynor, dan Jensen. Jenis penelitian ini merupakan kuantitatif. Populasi yang digunakan merupakan harga penutupan bulanan dari Bitcoin, indeks saham LQ45, dan emas spot. Teknik pemilihan sampel adalah purposive sampling yang berjumlah 72 data untuk masing-masing instrumen investasi Bitcoin, indeks saham LQ45, dan emas spot selama periode 1 Januari 2017-31 Desember 2022. Teknik analisa data yang digunakan adalah uji Kruskal-Wallis. Hasil penelitian ini menunjukkan bahwa Bitcoin, indeks saham LQ45, dan emas tidak memiliki perbedaan yang signifikan terkait return, sedangkan pada aspek risk, Sharpe, Treynor, dan Jensen terdapat perbedaan yang signifikan. Selain itu, instrumen investasi dengan kinerja return, risk, Sharpe, dan Treynor tertinggi dimiliki oleh Bitcoin, sedangkan pada pengukuran kinerja Jensen dengan nilai tertinggi dimiliki oleh indeks saham LQ45. Simpulan pada penelitian ini adalah kinerja instrumen investasi terbaik dimiliki oleh Bitcoin. Penelitian ini diharapkan dapat dijadikan sebagai sumber referensi dan bahan pertimbangan bagi para investor atau masyarakat secara umum dalam memilih instrumen investasi.
<p align="justify">This study aims to determine the financial performance of the Districts/Cities Governments in Jambi Province with the Regional Financial Independence Ratio and the Degree of Regional Financial Decentralization. As well determine the effect of Original Local Government Revenue (PAD), Balancing Funds and Financing Surplus on the Capital Expenditure in Districts/Cities in Jambi Province. This study is a quantitative descriptive research and quantitative research. The data used in this study is quantitative data with documentation techniques. The sample for this research is 11 districts/cities in Jambi Province on the official website of the Directorate General of Fiscal Balance. This study uses the Descriptive Analysis Method using ratios was used to financial performance of the Districts/Cities Governments in Jambi Province and Multiple Linear Regression Analysis with the help of SPSS version 25 was used to determine the effect of Original Local Government Revenue (PAD), Balancing Funds and Financing Surplus on the Capital Expenditure in Districts/Cities in Jambi Province. The results showed that the financial performance of the Districts/Cities Governments in Jambi Province, in terms of Regional Financial Independence Ratio, was categorized as very low and the Degree of Regional Financial Decentralization Ratio, it was categorized as very less. The results of testing the effect of PAD, Balance Fund and SILPA variables on Capital Expenditure show that PAD has no effect on Capital Expenditure, Balance Fund has no effect on Capital Expenditure, SILPA has an effect on Capital Expenditure.</p><p><strong>Keywords</strong>: Local Government Financial Performance, PAD, Balancing Fund, SILPA</p>
Aji M. Iqbal Fadhilah, Odi Nurdiawan, Fadhil M. Basyisyar
Litedex adalah sebuah perusahaan startup berbasis teknologi blockchain. Penerapan blockchain dilakukan dengan menciptakan utilitas dari berbagai setor, salah satunya di sektor pendidikan. Rendahnya ketersediaan informasi dan minat pasar serta sulitnya memvalidasi keaslian berkas sertifikat, dimana berkas tersebut ada potensi untuk dimanipulasi menjadi sebuah masalah yang harus diciptakan solusi. Saat ini, ketersediaan informasi mengenai blockchain hanya tersedia di laman resmi media informasi global yang hanya berbahasa inggris, seperti Coinmarketcap. Penelitian ini bertujuan untuk mengintegrasikan layanan Sistem Informasi dengan Blockchain dan NFT yang dapat memfasilitasi proses pembelajaran yang cepat, data tersimpan secara terdistribusi ke dalam blockchain dengan aman, dan bukti keabsahan dari proses penyelesaian studi dapat diakses secara publik dan dapat divalidasi dengan mudah karena NFT memiliki id parameter yang unik. Metode penelitian menggunakan metode prototype dengan mengimplementasi Rapid Application Development (RAD) sehingga aplikasi yang dibuat bisa dikembangkan dan diperbaiki dengan cepat karena kebutuhan dan perkembangan blockchain yang super cepat. Bahasa pemrograman yang digunakan adalah PHP dengan framework Laravel, Solidity, React JS, Javascript, dan MYSQL. Hasil dari penelitian ini adalah sebuah Sistem Informasi di sektor pendidikan yang dapat terintegrasi dengan Blockchain untuk proses penyimpanan dan pendistribusian data yang aman dan penerapan NFT sebagai asset digital yang merepresentasikan identitas dan bukti proses hasil belajar yang dapat divalidasi dengan akurat karena memiliki unik id dan tidak dapat dimanipulasi. Sistem ini dapat berjalan untuk proses pembelajaran, pemberian soal, pendistribusian bukti proses hasil belajar, laporan statistik pengguna dan dapat terintegrasi dengan utilitas Litedex maupun utilitas pengembang blockchain yang lainnya.
A cryptocurrency exchange application is a platform that provides a facility for users to do a crypto asset transaction. In Indonesia, there are two types of applications, regulated and unregulated apps with various and different facilities. This research aims to analyze factors that influence users' acceptance to use cryptocurrency exchange applications with extended TAM methods with 7 external variables such as design, experience, perceived risk, regulatory support, social influence, trust, and perceived benefit. Then, we analyzed the data collected using the Structural Equation Modeling (SEM) -Partial Least Square (PLS) method. This research's result was conducted to analyze and give recommendations for the next research and the apps provider regarding factors that influenced users' acceptance to use the cryptocurrency exchange application. The number of samples will be determined using a formula from Roscoe Theory with a minimum of 110 respondents and the questionnaire was filled out by 130 respondents using Google forms. This research's result has proven that trust and design are external variables that affect cryptocurrency exchange application acceptance. In contrast with the previous study in which regulatory support affects the user's trust, this research found social influence and experience are variables that affect user's trust
Cryptocurrency adalah uang digital, yang beredar di dunia maya tidak memiliki wujud fisik, awal kemunculannya tahun 2008 oleh Satoshi Nakamoto, keamanan Crypto dilindungi oleh teknologi blokchain, namun tidak ada lembaga yang bertanggung jawab dan tidak memiliki asset yang mendasar, segala problem yang muncul, menimbulkan pro dan kontra dikalangan pakar ekonomi dan para ulama, crypto belum memenuhi beberapa unsur dan kriteria sebagai mata uang khususnya dalam prinsip Ekonomi Islam, dalam konteks uang digital tidak ada underlying yaitu aset dijadikan sebagai dasar transaksi, uang digital bukan mata uang, ada unsur ketidak jelasan gharar, harga tidak terkendali dan fungsi mata uang digital telah berkembang sekedar alat tukar menjadi komoditas investasi. penelitian ini bertujuan untuk mengetahui bagaimana Transaksi Bitcoin dalam perspektif ekonomi syariah dan pandangan hukum islam terhadap transaksi bitcoin, teori yang digunakan adalah teori transaksi ekonomi dan penelitian ini bersifat studi pustaka (Library Research), Dari penelitian ini dapat disimpulkan bahwa dalam Islam transaksi yang dilakukan harus jelas, wujud, barang, dan maanfaatnya, dan tidak ada pihak yang saling dirugikan, bitcoin haram dan tidak memenuhi syarat sil’ah secara syar’i, selain itu bitcoin juga bertentangan dengan Undang- Undang Nomor 7 Tahun 2011 dan Peraturan Bank Indonesia Nomor 17 Tahun 2015, Di Indonesia alat tukar yang sah hanya satu rupiah.
Muhamad Rizky Ramadhan, Wita Juwita Ermawati, Anna Fariyanti
Research aims: This study aims to investigate herding behavior in the large-capitalization cryptocurrency market and analyze the role/influence of Indonesia's macroeconomic factors, namely inflation and interest rates, on herding behavior in the large-cap cryptocurrency market.Design/Methodology/Approach: This study used secondary data from the daily closing prices of five large-cap cryptocurrencies and Indonesia's macroeconomic data (inflation and interest rates) from April 2019 to December 2022 by using the Cross-Sectional Absolute Deviation (CSAD) model and Newey-West estimator regression approach to detect herding behavior with a modified independent variable model involving factors influencing herding behavior.Research findings: Based on the results using the Newey-West estimator, three main results were obtained. First, large-cap cryptocurrency investors tend to be irrational in their decisions and follow the decisions of others without reference to their beliefs or herding during the sample period. Second of the two macroeconomic factors studied, i.e., inflation and interest rates, only changes in inflation rates influence investor herding behavior. Third, the market is inefficient with the proven tendency of herding behavior in large-cap cryptocurrencies.Practical and Theoretical contribution/Originality: This study narrows down the research of previous studies by using cryptocurrency research objects with a large market capitalization (large cap). In addition, this research extends the research of previous studies by considering external factors related to macroeconomic conditions in Indonesia in general, such as the inflation rate and the interest rate. This study can provide information about financial behavior in the cryptocurrency market, especially herding behavior, so that investors and policymakers can be assisted in formulating investment strategies and regulating cryptocurrencies.Research limitation: This research was limited to using only cryptocurrency assets by not using crypto-tokens, non-fungible tokens (NFT), and other crypto-assets.
Transformasi digital menjadi tren global yang telah mengubah cara bisnis dan pemerintahan di seluruh dunia. Di Indonesia, pemerintah dan sektor swasta sedang mempercepat transformasi digital dengan mengadopsi teknologi blockchain sebagai solusi untuk meningkatkan keamanan data dalam operasi sehari-hari. Beberapa proyek blockchain di Indonesia telah dilakukan, seperti verifikasi dan validasi sertifikat pendidikan, penyimpanan data medis, dan sistem pembayaran. Namun, implementasi teknologi blockchain di Indonesia masih menghadapi beberapa tantangan, seperti regulasi yang belum jelas, infrastruktur yang masih terbatas, dan kurangnya pemahaman tentang teknologi blockchain. Oleh karena itu, diperlukan dukungan dari semua pihak untuk mempercepat adopsi teknologi blockchain di Indonesia. Penelitian dan pengembangan lebih lanjut harus dilakukan untuk mengoptimalkan potensi teknologi blockchain dan mempercepat transformasi digital di Indonesia.
Dalam Kaidah fiqh ada kaidah hukum dasar segala perbuatan ialah boleh kecuali ada dalil yang mengharamkan. Pada prinsipnya keberadaan bitcoin sebagai mata uang virtual diperbolehkan, karena telah diterima oleh berbagai kalangan masyarakat, tetapi persetujuan, legalitas serta pengakuan pemerintah harus dilihat sebagai hak dan kewajiban pemerintah. Hal ini Termasuk masalah penerbitan mata uang bitcoin, guna menghindari kemungkinan kemadharatan yang mungkin terjadi. Dalam kenyataannya, perdagangan Bitcoin saat ini lebih banyak digunakan sebagai spekulasi sehingga terdapat unsur gharar dan maisir yang terkandung dalamnya akad batil dan unsur yang dilarang oleh prinsip ajaran Islam. Menggunakan Bitcoin sebagai sarana investasi sangat spekulasi dan berisiko. Jika mengacu kepada alasan pengharaman riba maka ada riba dalam transaksi bitcoi yaitu berkaitan dengan pertukaran yang disyaratkan taqaabudh serta tamaatsul.Penggunaan Bitcoin juga terlihat dalam motode penolakan terhadap madharat, dengan ketidakjelasan dan mengandung unsur gharar dan maysir, terutaman legitimasi dari pemerintah yang tidak jelas mengenai penggunaan bitcoin, maka akan menyebabkan dampak negative yang sangat besar misalnya penyalah gunaan dana untuk kejahatan seperti tindak pidana terorisme dan Money Laundering. Oleh karena itu mencegah madharat leih diutamakan daripada mendadatangkan manfaat.Penelitian ini menggunakan pendekatan penelitian kualitatif deskriptif. Jenis penelitian yang digunakan adalah penelitian kepustakaan (Library Research). yakni dengan menelaah artikel, buku dan laman website untuk memperoleh data, teori dan konsep yang berkaitan dengan penelitian ini. In the Rules of fiqh there is a basic legal rule that all actions are permissible unless there is an argument that forbids it. In principle, the existence of bitcoin as a virtual currency is permissible, because it has been accepted by various groups of people, but government approval, legality and recognition must be seen as rights and obligations of the government. This includes the issue of issuing bitcoin currency, in order to avoid possible harm that might occur. In reality, Bitcoin trading is currently mostly used as speculation so that there are elements of gharar and maisir which are contained in vanity contracts and elements prohibited by Islamic principles. Using Bitcoin as an investment vehicle is highly speculative and risky. Referring to the reasons for prohibiting usury, there is usury in bitcoin transactions, namely related to the exchange required by taqaabudh and tamaatsul. The use of Bitcoin is also seen in the method of rejecting madharat, with ambiguity and containing elements of gharar and maysir, especially legitimacy from the government which is not clear regarding the use bitcoin, it will cause enormous negative impacts, for example the misuse of funds for crimes such as terrorism and money laundering. Therefore preventing harm is prioritized over bringing benefits. This research uses a descriptive qualitative research approach. The type of research used is library research (Library Research). namely by examining articles, books and website pages to obtain data, theories and concepts related to this research.