Innovations in economic activities are developing rapidly in this digital era. One of such innovations is the emergence of cryptocurrencies as new products in digital transactions. Cryptocurrencies can be used in the form of commodities or currencies. However, some cases related to cryptocurrencies have occurred in several countries. Given this fact, it is considered necessary to have a halal cryptocurrency formulation within the maqashid al-shari’ah frame. The analysis used in the research of a halal cryptocurrency model under the maqashid al-shari’ah scheme is descriptive-analytical in nature and complies with the ushuliyyah approach. In this model, a guarantor and a supervisor from the side of the Government are essential to eliminating the potential for chaos to occur. This model pays attention to ethical compliance with maqashid al-shari’ah which also has the principles of al-tabarruat. This application of maqashid al-shari’ah will be able to provide a framework for a cryptocurrency model that is in accordance with Islamic law. This model will also generate benefits and create quality economic growth.
Non-Fungible Token (NFT) is a digital asset based on blockchain, in the form of a unique certificate or token in digital form that cannot be replaced with another, which is unique and immutable and represents ownership of an asset. NFT has many benefits, especially in economy, so, NFT used as a medium for many social activities. On the other hand, Islam strongly supports social activities, one of which is waqf instruments. The characteristics of NFT which are enduring and have long-term economic benefits, are compatible with the concept of waqf. However, as a new innovation, NFT has not been widely studied according to sharia, especially as object of waqf.
 On that basis, this study tries to explore whether NFT can be used as an object of waqf and create a concept for it. Therefore, this research is included in normative legal research, and using a conceptual approach and analytical descriptive analysis.
 And result of this study is: 1) in terms of fiqh, NFT can be used as a waqf object as well as copyright as a waqf object, of course with due regard to the three halalness foundation of the NFT and the fulfillment of its requirements for the object of waqf. 2) In practice, wakif for NFT is the creator, while mauquf is in the form of copyright contained in the NFT which is owned by the creator, and the proceeds will be donated to mauquf 'alaih in the form of royalties that arise from the copyright.
Pengabdian kepada masyarakat ini dilakukan dengan tujuan memberikan pelatihan perencanaan investasi sejak dini. Pelatihan ini juga bertujuan agar anak-anak muda mulai memahami dan bisa mengatur keuangan dengan cara berinvestasi. Pelatihan ini dilakukan di SMKN 1 Sukadana Lampung Timur. Siswa-siswa jurusan Akuntansi menjadi sasaran dari pelatihan ini. Materi yang diberikan dalam kegiatan pelatihan ini adalah penjelasan mengenai investasi, platform yang digunakan untuk berinvestasi, cara berinvestasi, investasi masa kini yaitu cryptocurrency dan Non Fungible Token. Metode yang dilakukan dalam pelatihan ini ceramah, pre test, dan posttest. Media yang digunakan dalam kegiatan ini adalah laptop dan handphone yang terkoneksi internet. Hasil dari kegiatan pengabdian masyarakat ini adalah siswa memahami perencanaan berinvestasi sejak dini.
The development of digitalisation in the financial services sector has compelled Bank Indonesia to develop Central Bank Digital Currency (CBDC). CBDC as a new type of money requires adjustments in terms of applicable laws and regulations. In an attempt to identify the design and legal regulations regarding CBDC, this paper performs a literature review through various related studies carried out internationally and in Indonesia. The novelty of this paper is to apply the rule of law to each selected CBDC design. Based on the study, CBDC design consists of wholesale and retail that can use token or account-based authentication. Then, CBDC transactions can be managed by the central bank or transacted through a Distributed Ledger Technology (DLT) system. In addition, another CBDC characteristic is based on interest-bearing and non-interest-bearing. The different implementation and selection of CBDC resulted in regulations that needed to be improved. Related to the legal aspect of CBDC in Indonesia, revisions are required to the substance of Law No. 7 of 2011 on Currency which must state that the form of rupiah includes CBDC. Furthermore, other rules that need to be considered are privacy and property laws, DLT, and insolvency law, as well as regulation of competition between CBDC and depository banks.
Penelitian ini bertujuan untuk menguji secara komperhensif faktor-faktor yang mempengaruhi keputusan investasi cryptocurrency pada kaum milenial di kota Denpasar. Data dikumpulkan dengan menggunakan instrumen kuisioner berbasis web google form yang melibatkan 100 responden investor milenial yang aktif berinvestasi jual beli cryptocurrency di kota Denpasar. Data diolah dan dianalisis menggunakan aplikasi software SmartPLS3. Hasil penelitian menunjukkan financial experience dan overconfidence tidak berpengaruh terhadap keputusan investasi cryptocurrency. Hanya risk tolerance yang berpengaruh terhadap keputusan investasi cryptocurrency. Temuan lain juga menunjukkan bahwa overconfidence dan risk tolerance tidak mampu memediasi hubungan antara financial experience terhadap keputusan investasi cryptocurrency. Adanya penelitian ini berimplikasi pada tingkat wawasan dan kesadaran akan tingkat risiko investasi yang dimiliki oleh investor, sehingga keputusan yang diambil dapat lebih efektif, mengingat cryptocurrency merupakan investasi yang bersifat high risk. Penelitian ini menawarkan model empiris yang menjelaskan faktor yang mempengaruhi keputusan investasi cryptocurrency pada kaum milenial dengan menggunakan model penelitian yang menggabungkan faktor psikologis dan demografis yang menggunakan dua variabel mediasi pada investasi cryptocurrency, sehingga penelitian ini penting dilakukan guna menambah kontribusi pada kajian literatur. Kata kunci: financial experience, overconfidence, risk tolerance, keputusan investasi cryptocurrency, cryptocurrency, milenial
Cryptocurrencies is generally used as means of payment and assets. Every country in the world has its own approach in regulating the use of cryptocurrencies. In Indonesia, the use of cryptocurrency as a means of payment is not justified. Meanwhile, its use as an asset is the subject of commodity futures trading whose mechanism is carried out by the existence of an agreement and its activities by Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti). The potential for cryptocurrency growth in Indonesia can be maximized considering the advantages it offers, such as easy access, security, and financial inclusion that can help equalize access to quality formal financial services on time, smoothly, and safely at affordable costs according to the needs and abilities in improving people's welfare. In order to encourage the positive growth of cryptocurrencies in Indonesia, the government as the regulator must ensure the realization of cryptocurrencies that are safe, structured, and stable. Keywords: Cryptocurrency, potency, regulation
Consumers' today desire a cashless economy based on digital currency, as well as a speedier and more convenient payment mechanism.The majority of cryptocurrency research is carried out in developed countries, mainly the United States and Europe.Yet, cryptographic money acknowledgment conduct and components that influence such acknowledgment has limited investigation, particularly in the developing country context.This study aims to examine the factors influencing behavioural intention (BI) to use cryptocurrency as an electronic payment from the viewpoint of the students' perspective.Constructs from the unified theory of acceptance and use of technology (UTAUT) and an added variable, Perceived Trust (PT), are examined to predict BI.A 5-point Likert scale online survey was given to a group of students to determine their intention to utilise cryptocurrencies as an electronic payment.The finding shows that all variables (Performance Expectancy, Effort Expectancy, Social Influence, perceived Trust and Facilitating Condition) play the dominant role in affecting the intention to use cryptocurrency among the students.Trust is a concern for Malaysians in this study as it is the only variable that the respondents responded negatively to.Malaysians are still cautious of cryptocurrencies, despite the fact that it is already used as a payment option by worldwide tech companies.The findings of this study can provide relevant authorities and businesses better understand the factors that consumers consider when considering using cryptocurrencies as a form of electronic payment.
Roaida Yanti, Melinska Ayu Febrianti, Qurtubi Qurtubi, Joko Sulistio
Purpose – The main purpose of this study is to identify patterns and directions of halal blockchain research and find out the development of halal blockchain research trends.Methodology – This study used data from various articles in the Google Scholar database with the publication year limited from 2011 to 2022. Data collection used Harzing's Publish or Perish software. There were 353 articles that matched the keyword and they were processed by bibliometric analysis. Findings – This study found the basic pattern in halal blockchain research, trends in halal blockchain research, the relationship among research, research gaps, researchers who research a lot on halal Blockchain and the most published publications.Implications – This study contributes an overview of bibliometric studies in the halal blockchain literature, which can widen the previous literature and show more focused study topics by examining the abstracts and content of published articles. Findings related to evaluative and relational techniques can be helpful information for researchers, especially those new to this field of study. This bibliometric approach can be invaluable, especially for graduate students in supply chain management, logistics management, and industrial engineering.Originality – The originality offered by this research is to process research documents based on halal blockchain journals on Google Scholar. Thus, a lot of information and knowledge about halal Blockchain over the last 10th years can be useful for further research.
Abstract. Cryptocurrency become new public attention in investing world. It’s characteristic which high Risk and high Return, makes cryptocurrency became investing asset by public. The purpose of this research is to find out people's preferences regarding cryptocurrencies as an investment tool and their relevance in the future. This research uses quantitative methods with data processing in the form of a Likert scale. The results showed that the aspect that dominates people's preferences in investing in cryptocurrencies is the aspect of income potential that describes the potential of cryptocurrencies as one of the sources of income and the indicator with the highest score is found in the Risk indicator which describes the public's understanding specifically of cryptocurrency Risk. The average value of the overall aspect indicates that the public agrees that cryptocurrencies remain relevant as a means of investment in the future.
 Abstrak. Cryptocurrency menjadi perhatian baru di mata publik dalam dunia investasi. Karakteristiknya yang bersifat high Risk, high Return membuat cryptocurrency dijadikan alat investasi oleh masyarakat. Tujuan penelitian skripsi ini adalah untuk mengetahui preferensi masyarakat mengenai cryptocurrency sebagai alat investasi serta relevansinya di masa mendatang. Penelitian ini menggunakan metode kuantitatif dengan pengolahan data berupa skala Likert. Hasil penelitian menunjukkan bahwa aspek yang mendominasi preferensi masyarakat dalam berinvestasi cryptocurrency adalah aspek potensi penghasilan yang mengambarkan potensi cryptocurrency sebagai salah satu sumber penghasilan dan indikator dengan skor tertinggi terdapat pada indikator Risk yang menggambarkan pemahaman masyarakat secara spesifik mengenai resiko cryptocurrency. Adapu nilai rata-rata aspek secara keseluruhan menunjukkan bahwa masyarakat menyetujui bila cryptocurrency tetap relevan sebagai alat investasi di masa mendatang.
This study explains the Islamic economic perspective on cryptocurrency, in this case, in the light of maqashid shariah. This research was a literature study and qualitative in nature. The data analysis applied a descriptive-analytical technique with a normative juridical approach to Islamic law. The results of this study conclude that cryptocurrency has a much greater element of mafsadah than maslahah. It is an investment commodity rather than a currency with a very high level of risk and volatility that reflects the mafsadah. This is the attraction of a new investment model because it only follows the trend of global market developments that are far from the function and benefits of currency in the perspective of Islamic economics.
As a sophisticated platform, namely Blockchain, which has 3 (three) potentials to change the governance system which is still considered traditional, solve the problem of principal agents, and minimize the crime of document falsification. However, in the government sector, the documents used can be insecure and lead to document falsification. Blockchain is becoming increasingly significant in document services and beyond until questions arise about the authenticity and security of manuscripts and documents in the government sector. So, Go-Chain (Government Blockchain) it is necessary to authenticate documents using Blockchain to minimize document forgery. By utilizing the potential of Blockchain technology, this research aims to maximize government e-documents in a modern and secure manner. Propose a Blockchain-based document framework method that is applied with a literature review study—in addition to ensuring the speed of system execution by utilizing DAO (Decentralized Autonomous Organization) and Smart Contracts. The result is that modern and safe government e-documents in document verification can significantly maintain transparency and increase trust in public services.
This paper explains the differences in the implementation of financing governance policies at universities that have an impact on the quality of management. The research was conducted on two leading Islamic universities in Indonesia, UIN Syarif Hidayatullah Jakarta and UIN Maulana Malik Ibrahim Malang. This article is based on the hypothesis that the combination of higher education self-financing with stricter restrictions on the state budget has caused higher education institutions to conduct workload studies on internal resources. The management of public service bodies that prioritize the principles of efficiency and productivity is part of a combination hypothesis that requires universities to implement business practices to improve services for the provision of educational services. Through an empirical approach, it was found that there was an increase in compliance with the policies of financing laws and regulations but there were distortions in the policy of centralization and decentralization of financing that had an impact on resource performance.Keywords: Public Service Agency; Financing Management; Islamic State University AbstrakTulisan ini menjelaskan perbedaan implementasi kebijakan tata kelola pembiayaan pada universitas berdampak kepada mutu manajemen. Penelitian dilakukan kepada dua perguruan tinggi Islam terkemuka, UIN Syarif Hidayatullah Jakarta dan UIN Maulana Malik Ibrahim Malang. Artikel ini didasarkan pada hipotesis kombinasi dari pembiayaan mandiri pendidikan tinggi dengan batasan lebih ketat pada anggaran negara telah menyebabkan institusi pendidikan tinggi untuk melakukan studi beban kerja pada sumber daya internal. Pengelolaan badan layanan umum yang mengutamakan prinsip efisiensi dan produktivitas merupakan bagian dari hipotesis kombinasi yang menuntut perguruan tinggi untuk menerapkan praktik-praktik bisnis untuk meningkatkan layanan penyediaan jasa pendidikan. Melalui pendekatan empiris ditemukan peningkatan kepatuhan terhadap kebijakan peraturan perundang-undangan pembiayaan namun terjadi distorsi dalam kebijakan sentralisasi dan desentralisasi pembiayaan yang berdampak kepada kinerja sumber daya.Kata kunci: Badan Layanan Umum; Manajemen Pembiayaan; Universitas Islam Negeri
Muhammad Abdul Ghoni, Ade Wirman Syafei, Kemal Ariza
This practical analysis and investigated research of the performing cryptocurrency investment during the January 2019-September 2021 period. This study is evaluating five cryptocurrencies within global Cryptocurencies market. Treynor and Jensen Index are utilized to measure each cryptocurrencies operation in the crypto currencies market. Moreover, the analysis of Islamic Legal maxim of blocking evils is precedenced than taking benefits in Cryptocurrency Market is applied. The Treynor and Jensen Index analysis approach is used to evaluate performance among the five cryptocurrencies, namely; Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Tether (USDT) and Cardano (ADA . The results of Treynor index indicate cryptocurrencies, namely; Tether (USDT), Ethereum (ETH), Cardano (ADA) assets carried the has a positive value means the performance of cryptocurrency is good as compare other Cryptocurrencies. However, the results of Jensen index show the four crypto assets, namely; Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Cardano (ADA) have a negative Jensen value, these indicates the cryptocurrencies have low returns. The finding of the result from the analysis of the of Islamic Legal maxim of preventing evils is better than attracting benefits suggest to avoid cryptocurrency investment is priority rather than taking benefit from cryptocurrency investment
Perkembangan dunia modern terus berkembang pesat, salah satunya terhadap dunia fintech. Sehingga terus bermunculan ide baru untuk menciptakan sistem pembayaran yang lebih efektif dan lebih canggih dari sebelumnya. Dari situlah tercipta bitcoin sebagai salah satu bentuk dari sistem cryptocurrency. Semakin kesini, perkembangan dan peminat bitcoin sangat pesat karena keuntungan yang digarap sangat besar. Dalam rentang waktu yang singkat harga bitcoin terus menjulang tinggi. Kendati demikian, permasalah perbedaan pandangan dan pendapat tentang sah nya bitcoin masih terus diperdebatkan. Hal ini didasari peraturan undang-undang yang menyebutkan bahwa mata uang yang sah dan diterima di Indonesia adalah Rupiah. Dan sampai saat ini belumm ada perubahan ataupun penambahan. Oleh karenanya, peneliti bertujuan untuk memaparkan tentang “Bitcoin dan Keabsahannya Sebagai Mata Uang Virtual dari Perspektif Hukum Positif di Indonesia”. Apakah benar Indonesia telah memberikan legal formal terhadap bitcoin sebagai mata uang virtual yang dapat digunakan untuk alat pembayaran dan sebagai alat tukar ?. Banyak kemungkinan yang akan terus berubah sejalan dengan perubahan yang terus ada terutama dalam bidang ekonomi oleh karenanya, pada penelitian ini,peneliti akan menjelaskan tentang kedudukan keabsahan hukum bitcoin sebagai mata uang virtual di Indonesia saat ini.
Abstract: The Abstract contains a brief description of the purpose of writing, the method used, and the results of the study (if the results of the research). Abstract contains 200-300 words. Abstract written in Indonesian and English. Abstract typing is done single-spaced with narrower margins than the right and left margins of the main text. Keywords need to be included to describe the area of the problem being studied and the main terms that underlie the implementation of the research. Key words can be single words or combinations of words. Number of keywords 3-5 words. These keywords are required for computerization. Searching for research titles and abstracts is made easier with these key words. Abstrak: Abstrak memuat uraian singkat mengenai tujuan penulisan, metode yang digunakan, dan hasil penelitian (bila hasil dari penelitian). Abstrak berisi 200-300 kata. Abstrak ditulis dalam Bahasa Indonesia dan Bahasa Inggris. Pengetikan abstrak dilakukan dengan spasi tunggal dengan margin yang lebih sempit dari margin kanan dan kiri teks utama. Kata kunci perlu dicantumkan untuk menggambarkan ranah masalah yang diteliti dan istilah-istilah pokok yang mendasari pelaksanaan penelitian. Kata-kata kunci dapat berupa kata tunggal atau gabungan kata. Jumlah kata-kata kunci 3-5 kata. Kata-kata kunci ini diperlukan untuk komputerisasi. Pencarian judul penelitian dan abstraknya dipermudah dengan kata-kata kunci tersebut.
Cryptocurrencies have been gaining attention in the financial world in recent years, with the model reportedly being able to digitally transfer, store and record information, and has the potential to transform traditional financial services. Financial digitization is very much needed in today's conditions, where all life uses digital systems to support life. Financial modification is certainly needed in realizing sustainable finance, especially in the field of Islamic finance globally. In this study to explore the potential of cryptocurrencies in the inclusion of sustainable Islamic finance. This research was conducted using a library research model, with data collection in the form of books, journals, websites and other objects that are considered relevant and then carried out an in-depth study through descriptive qualitative analysis methods. The results of the study indicate that cryptocurrency is a financial digitization that has the potential to support and ensure that the Islamic financial transaction process can be accessed by millions of consumers so that the goal of financial inclusion can be achieved and supports the development of the financial industry that has transaction efficiency values so that it can realize sustainable Islamic finance.
Suryo Adi Wibowo, Dwi Ahmad Dzulhijjah, Muh. Nifky Jufani, Ade Reza Krisnanda · 5 authors
Merdeka Belajar Kampus Merdeka merupakan program Kementerian Pendidikan dan Kebudayaan yang menjamin mahasiswa untuk menempuh studi di luar program studi. Saat mahasiswa selesai menempuh studi maka mahasiswa memiliki hak untuk konversi atau diakui secara akademik hasil dari studi yang dilakukan. Teknologi smart contract pada blockchain merupakan teknologi yang dapat menjamin akuisisi dan pengakuan sistem kredit semester (SKS). Penelitian ini dilakukan dengan metode systematic review dimana akan membahas penerapan sistem berdasarkan sumber literatur ilmiah yang relevan, kemudian dilakukan diskusi untuk menentukan solusi penerapan sistem blockchain pada pengakuan SKS kampus merdeka. Berdasarkan hasil dari pencarian dan akuisisi informasi dari jurnal, terdapat 13 buah paper membahas tentang blockchain dimana 7 buah paper membahas tentang penerapan blockchain dalam bidang pendidikan, 2 implementasi blockchain dan smart contract dan 3 buah paper yang membahas penerapan blockchain dalam bidang sertifikat atau dokumen atau pengarsipan. Penerapan smart contract dalam sistem blockchain pada pengakuan SKS kampus merdeka dapat diterapkan untuk pihak mahasiswa, perguruan tinggi asal dan mitra kampus merdeka.Saat mahasiswa menyelesaikan studi pada mitra kampus merdeka, mahasiswa dapat langsung memenuhi kontrak untuk pengajuan transkrip nilai. Transkrip nilai akan secara otomatis dikonversi atau disetarakan berdasarkan kesepakatan antara pihak perguruan tinggi asal dan mitra kampus merdeka.
Financial supply chain (Supply Chain Finance/SCF) is a hot topic in supply chain management research (Supply Chain Management). SCF's goal is to diversify funding sources from companies with limited capital and be able to improve financial efficiency throughout the company's supply chain network. SCF has become a source of short-term funding for thousands of micro, small and medium enterprises (MSMEs). The current research on SCF still uses a conventional financial framework, and no SCF research uses an Islamic financial framework. This study aims to develop an SCF framework and system based on Islamic sharia principles in the form of a sharia crowdfunding platform using blockchain technology and smart contracts. The system design produced by this research uses smart contracts that are run using the Ethereum protocol to prevent fraud/embezzlement and improve the security system on the planned platform, according to blockchain characteristics, which are very difficult to take over.
Sugeng Hartanto, Berlina Yudha Pratiwi, Arisona Ahmad
Penelitian ini ditujukan untuk mengetahui permasalahan yang akibatkan oleh keberadaan cryptocurrency dan bagaimana cara mengatasinya. Penggunaan berbagai literatur dari jurnal sebelumnya ditambahkan sebagai kajian kritis terhadap permasalahan yang ada. Penggunaan regulasi merupakan salah satu bentuk pemecahan masalah yang muncul. Perkembangan cryptocurrency semakin cepat, dan kehadirannya diakui secara global. Hasil dari penelitian ini adalah terdapat beberapa peraturan yang mengatur tentang transaksi cryptocurrency namun masih perlu adanya pengaturan teknologi yang lebih menekankan pada keamanan penggunaannya. Keseimbangan antara regulasi dan norma dalam transaksi cryptocurrency juga sangat diperlukan untuk mendukung perkembangan cryptocurrency. Jika salah satu konteks ini hilang, pengguna cryptocurrency akan merasa tidak nyaman, pengguna akan cenderung menghindari transaksi cryptocurrency dan cryptocurrency secara bertahap akan dilupakan.
 
Penelitian ini merupakan studi pustaka dan bersifat kualitatif. Teknik analisis data yang digunakan adalah deskriptif analitis dengan pendekatan hukum Islam yuridis normatif. Dari penelitian ini didapatkan hasil bahwa uang kripto bisa digunakan sebagai komoditas dalam perdagangan komoditi di Indonesia dengan syarat Pemerintah menciptakan uang kripto sendiri yang terlindung (underlying asset). Sementara itu, bitcoin tidak bisa dijadikan sebagai komoditas dalam Kontrak Derivatif Syariah, karena bitcoin masih mengandung unsur spekulasi (maysir) yang bersifat untung-untungan. Kedudukan hukumnya adalah haram lighairihi atau haram karena faktor luar.
This research investigates the potential for government revenue through taxation of digital currencies, commonly known as cryptocurrencies, and digital assets such as NFTs. Employing a normative research methodology, the study analyzes the appropriate tax rates for cryptocurrencies and NFTs and examines existing taxation policies. Additionally, the research explores how different countries regulate and tax these digital assets, revealing a lack of consensus on their legal status and regulatory frameworks. The findings aim to provide insights into how varying tax policies impact revenue generation and offer recommendations for developing effective tax regulations.
Cryptocurrency adalah sebagai aset yang dibuat untuk beroperasi sebagai cara pertukaran yang dilakukan secara digital. Nilainya akan mengalami kenaikan karena berlakunya hukum demand dan supply, di mana jumlah uang digital ini terbatas sedang peminatnya terus bertambah. Pada tahun 2021 di Indonesia mengalami perkembangan investor cryptocurrency yang signifikan, dimana pada akhir tahun tercatat jumlah investor telah mecapai 11,2 juta. Perkembangan tersebut dipicu akibat adanya anggapan perbedaan return yang dihasilkan lebih tinggi dibandingkan instrumen investasi lainnya. Penelitian ini bertujuan untuk mengukur perbedaan return, risk dan kinerja diantara cryptocurrency, IHSG dan Emas, dimana kinerja diukur menggunakan metode Index Sharpe, Index Treynor dan Index Jensen. Populasi yang digunakan pada penelitian adalah sebanyak 5 populasi yaitu; Bitcoin (BTC), Ethereum (ETH), Ripplecoin (XRP), IHSG dan Emas. Metode penelitian yang digunakan pada penelitian ini adalah analisis perbandingan menggunakan pengujian parametrik One-way ANOVA dan pengujian non-parametrik Kruskall-Wallis. Hasil penelitian menunjukan terdapat perbedaan yang signifikan pada variabel risk, Index Sharpe, dan Index Jensen. Sementara pada return dan Index Treynor tidak terdapat perbedaan yang signifikan. Bagi para investor hal yang perlu diperhatikan adalah tidak adanya perbedaan return yang signifikan pada ketiga instrumen penelitian, sementara pada risk cryptocurrency memiliki tingkatan yang paling tinggi. Penelitian yang akan datang diharapkan dapat menambahkan jenis cryptocurrency lainnya dengan periode penelitian yang lebih panjang.
The purpose of this research is to analyze the exchange of virtual cryptocurrency money with real rupiah money from the perspective of sharia economic law. Currently there is a lot of money in virtual form, one of which is bitcoin. The emergence of this type of virtual money is proof of one of the latest technological advances. Bitcoin has been widely used by several countries and even makes it a transaction tool. Cryptocurrency is becoming a booming trend as a new investment opportunity. Not even a few believe that crypto becomes an attraction because it is considered to have different characteristics in solving expenses without using a third party. Some of the provisions in the exchange contract between the same and different currencies, namely exchanging money with similar types such as rupiah with Rupiah and must be done in cash, if different currencies such as Rupiah and Dollar must also be in cash, if the exchange occurs between money and commodities, the most important thing is agreement between the seller and the buyer. Cryptocurrency (Bitcoin) is legal to use for people who accept and acknowledge it, but MUI and OJK do not allow it as a commodity and similarly BI does not allow it as a legal transaction tool to be used in Indonesia because it is considered not to meet the requirements as a currency like Rupiah. and in the perspective of sharia economic law that cryptocurrency (Bitcoin) is an object or object that is not allowed (haram).