Blockchain Papers

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Jun 30, 2021·Jurnal Sains Sosio Humaniora
1 cites
Tinjauan Yuridis Terhadap Perbuatan Melawan Hukum Pada Smart Contract Ditinjau Dari Hukum Positif Di Indonesia

Farhan Abel Septian Rachmadani, Sinta Dewi Rosadi

Smart contract merupakan suatu teknologi tergolong baru dalam umat manusia. Penggunaannya diharapkan lebih efesien dan murah biaya. Hal ini dikarenakan tidak adanya pihak ketiga, seperti pemerintah, pengadilan, dan broker yang dapat mengintrupsi smart contract. Dikarenakan adanya sifat kemandirian tersebut, pelaku tindak pidana dapat dengan mudah menggunakan smart contract sebagai wadah dalam melakukan hubungan kontraktual tanpa adanya yang mengawasi. Penulisan hukum ini dibuat atas dasar tujuan untuk mengetahui terkait keabsahan dalam pelaksanaan smart contract apabila ditinjau dari ketentuan dalam KUHPerdata dan UU ITE, serta menganalisis terkait tindakan hukum yang dapat dilakukan apabila terdapat perbuatan melawan hukum dalam isi smart contract ditinjau dari ketentuan dalam hukum positif di Indonesia.

Open access
Legal and Policy Analysis in Indonesia
Indonesian Legal and Regulatory Studies
Legal Studies and Policies
Original source
Jun 30, 2021·Jurnal Hukum Mimbar Justitia
11 cites
TRANSFORMASI PENGGUNAAN CRYPTOCURRENCY MELALUI BITCOIN DALAM TRANSAKSI KOMERSIAL DIHUBUNGKAN DENGAN DISKURSUS PERLINDUNGAN HUKUM (LEGAL PROTECTION) KONSUMEN DI INDONESIA

Itok Dwi Kurniawan, Satryo Sasono, Ismawati Septiningsih, Bambang Santoso · 6 authors

The Payment methods and electronic transaction in commercial activities in Indonesia are experiencing rapid development, Financial Technology (fintech) which carries the payment platform has begun to shift towards Virtual Currency as a virtual currency. E-Commerce is the reason why people's needs for changing payment methods into virtual currencies take a big role, one of which is through Bitcoin as a cryptographic-based virtual currency which has experienced significant development since it was marketed in 2009. The writing of this article uses legal research normative, namely by describing, analyzing some of the existing problems, then re-elaborating using a study based on legal concept and theories based on Law. This article will review the clarity of Bitcoin as a virtual currency as well as a legal payment medium and describe its legality with related legal norms and the presence of the Commodity Futures Trading Law as the most important regulation new existence of Bitcoin in Indonesia.Keywords: Cryptocurrency, Legal Consument Protection, Bitcoin

Open access
Indonesian Legal and Regulatory Studies
Islamic Finance and Communication
Legal and Social Justice Studies
Original source
Jun 30, 2021·Jurnal Sains Sosio Humaniora
11 cites
Keabsahan Blockchain-Smart Contract Dalam Transaksi Elektronik: Indonesia, Amerika Dan Singapura

Eureka Inola Kadly, Sinta Dewi Rosadi, Elisatris Gultom

Information technology changes people's habits in simple transactions to electronic systems (e-commerce). Along with technological developments, various new electronic contract innovations have emerged, one of which is the Blockchain-Smart Contract which relies on a decentralized ledger system in digital form that moves automatically (self-executing) using cryptocurrency on the blockchain. With its application in electronic transactions carried out without human intervention and based on computer code, it raises various questions regarding its validity as an electronic contract that is binding and enforceable both in the Law on Information and Electronic Transactions (UU ITE) in Indonesia, as well as internationally in UNCITRAL's Legal Model on e-Commerce with the implementation of technology neutrality principles.

Open access
Indonesian Legal and Regulatory Studies
Legal and Policy Analysis in Indonesia
Legal Studies and Policies
Original source
Jun 30, 2021·Journal of Economics and Business Letters
12 cites
The future of cryptocurrency legality in Indonesia

Dasih Irma, Sari Maemunah, Saefudin Zuhri, Nendi Juhandi

Cryptocurrency is a form of payment for goods and services that can be made online. Many companies have issued their own currency, often called tokens, and traded specifically for the goods or services their company provides. Currently, blockchain technology can be implemented in various elements, including, financial services, smart property, IoT, smart contracts, blockchain government, blockchain identity. In Indonesia, cryptocurrencies are interpreted as crypto assets that can only be traded on futures exchanges. There are 229 cryptocurrencies recognized in Indonesia. The legality of using Cryptocurrencies in Indonesia can only be traded on futures exchanges, as stated in the regulation of the Commodity Futures Trading Supervisory Agency (BAPPEBTI) number 5 of 2019 and the Commodity Futures Trading Supervisory Agency Regulation Number 7 concerning the Establishment of a List of Crypto Assets that can be Traded in the Physical Crypto Asset Market.

Open access
Indonesian Legal and Regulatory Studies
Legal and Policy Analysis in Indonesia
Original source
Jun 2, 2021·Khatulistiwa Law Review
14 cites
PENDAYAGUNAAN ARTIFICIAL INTELLIGENCE DALAM PERANCANGAN KONTRAK SERTA DAMPAKNYA BAGI SEKTOR HUKUM DI INDONESIA

Aditya Kurniawijaya, Alya Yudityastri, Ayuta Puspa Citra Zuama

Abstrak Perkembangan teknologi yang ditandai dengan keberadaan era revolusi industri terus mendorong pendayagunaan artificial intelligence pada berbagai sektor termasuk sektor hukum di Indonesia. Perkembangan pemanfaatan teknologi saat ini di bidang hukum dengan memfokuskan pada penggunanan kecerdasan buatan di bidang hukum kontrak. Pendayagunaan artificial intelligence pada sektor hukum kontrak bertujuan untuk memperoleh efisiensi serta akurasi dalam membuat rancangan kontrak. Berdasarkan hal tersebut, penulis tertarik untuk melakukan penelitian lebih dalam mengenai konsep pendayagunaan kecerdasan buatan dan cara kerjanya pada sektor hukum kontrak, serta perkembangan pendayagunaan kecerdasan buatan tersebut dalam mewujudkan efisiensi, akurasi, serta dampaknya pada sektor hukum kontrak di Indonesia. Penelitian ini menggunakan metode penulisan hukum normatif. Jenis data yang digunakan adalah data sekunder dengan menggunakan teknik analisis kualitatif. Hasil penelitian menerangkan bahwa artificial intelligence pada sektor hukum disebut legal tech untuk memudahkan para contract drafter dalam merancang, melakukan review, dan menganalisa kontrak melalui fitur smart contract. Fitur smart contract memiliki kemampuan sebagai contract generator systems untuk membuat rancangan kontrak lengkap beserta dengan analisis hukum atas kontrak tersebut. Namun, terdapat beberapa resiko penggunaannya berupa pengambilan keputusan secara bias kemanusiaan, kebocoran data dan penyerangan siber. Tantangan yang dihadapi adalah profesi hukum akan terdisrupsi dan berpotensi mengurangi peran beberapa profesi hukum yang sudah ada. Abstract Technological developments marked by the existence of the industrial revolution era continue to encourage the utilization of artificial intelligence in various sectors, including the legal industry in Indonesia. The development of the current use of technology in the legal field by focusing on artificial intelligence in contract law. The utilization of artificial intelligence in the contract law sector aims to obtain efficiency and accuracy in making contract designs. Based on this, the authors are interested in conducting more profound research on the concept of utilizing artificial intelligence and how it works in the contract law sector. The utilization of artificial intelligence in the contract law sector aims to obtain efficiency and accuracy in making contract designs. This research uses the normative law writing method. The type of data used is secondary data using qualitative analysis techniques. The research results explain that artificial intelligence in the legal sector is called legal-tech to facilitate contract drafter in designing, reviewing, and analyzing contracts through the smart contract feature. The smart contract feature has the ability as a contract generator system to create a complete contract design along with a legal analysis of the contract. However, there are some risks of using it in human biased decision making, data leakage, and cyber-attacks. The challenge faced is that the legal profession will be disrupted and potentially reduce the role of some existing legal jobs.

Open access
Indonesian Legal and Regulatory Studies
Legal and Policy Analysis in Indonesia
Legal Studies and Policies
Original source
May 3, 2021·International Journal of Cyber and IT Service Management
17 cites
PoTS: Proof of Tunnel Signature for Certificate Based on Blockchain Technology

Dewi Immaniar, Nur Azizah, Dedeh Supriyanti, Nanda Septiani · 5 authors

Proof of Tunnel Signature (PoTS) is designed to avoid the main problems found in certificates based on Blockchain technology. In this case, it is so closely related to Cybersecurity. A lightweight protocol such as a Certificate Authenticated Key Agreement (CAKA) is needed to reduce the vulnerability of a system's operation, namely overcoming management overhead by using a decentralized system according to the characteristics of Blockchain Technology. PoTS is the second stage after determining the Key Agreement (KA) or certificate hash in authenticating a node, and this is also a significant step in minimizing computation costs. The nodes generated after the signing process remain anonymous and can be verified optimally. Smart contracts are also used as a support so that this research can ensure transparency and openness of transaction nodes to maintain and improve the efficiency of transaction security for a certificate based on Blockchain Technology.

Open access
Blockchain Technology in Education and Learning
Blockchain Technology Applications and Security
Indonesian Legal and Regulatory Studies
Original source
Apr 9, 2021·TANJUNGPURA LAW JOURNAL
0 cites
ANALISIS KEBEBASAN BERKONTRAK DALAM SMART CONTRACT E-COMMERCE

Hazilina Hazilina, Gembongseto Hendro Soedagoeng

Abstract This article aims to analyze how the implementation of the principle of freedom of contract in smart contract e-commerce. Using the normative juridical method, this article concludes that the standard e-commerce agreement has not fulfilled the principle of freedom of contract and has not reflected the values of justice, balance, and proportionality. The contents of the agreement have been made unilaterally. Therefore, further studies are needed to provide space for the parties to negotiate the e-commerce sale and purchase agreement.Abstrak Tujuan dari penulisan artikel ini adalah untuk mengetahui bagaimana penerapan asas kebebasan berkontrak dalam perjanjian baku smart contract e-commerce. Dengan menggunakan metode yuridis normatif, maka kesimpulan dari artikel ini adalah bahwa perjanjian baku smart cotract e-commerce tersebut belum memenuhi asas kebebasan berkontrak dan belum mencerminkan nilai keadilan, keseimbangan dan proporsionalitas karena isi perjanjian telah dibuat secara sepihak. Oleh karena itu diperlukan kajian lebih lanjut untuk memberikan ruang agar para pihak dapat bernegosiasi dalam perjanjian jual beli e-commerce.

Open access
Indonesian Legal and Regulatory Studies
Legal and Policy Analysis in Indonesia
Legal Studies and Policies
Original source
Mar 31, 2021·LAW REFORM
7 cites
Privacy Policy on Smart Contracts in E-Commerce Transactions

Mariska Zena Wilona, Emmy Latifah, Hari Purwadi

The technology of smart contract is a new technology applied in online trading. This technology has the possibility of errors and its arrangement that results in losses to buyers. This study was aimed to examine the legal certainty for the users smart contract in e-commerce transactions in Indonesia. The method used was the normative juridical method. The results of the study indicate that the privacy policy on smart contracts in e-commerce transactions based on national and international laws still has a legal vacuum in which the aspect of national law is guided by the ITE Law Number 19 of 2016 concerning Amendments to Law Number 11 of 2008 and the Regulation of the Minister of Communication and Information Number 20 of 2016 concerning Personal Data Protection in Electronic Systems. Then, in the aspect of international law referring to the UNCITRAL Model Law on Electronic Commerce (MLEC), it also establishes the rules for the formation and validity of contracts made electronically and for attribution.

Open access
Indonesian Legal and Regulatory Studies
Legal and Policy Analysis in Indonesia
Legal and Social Justice Studies
Original source
Mar 1, 2021·Jurnal Konstruksi Hukum
14 cites
Uang Virtual (Cryptocurrency) Sebagai Sarana Tindak Pidana Pencucian Uang dalam Perdagangan Saham

Dewanti Arya Maha Rani, I Nyoman Gede Sugiartha, Ni Made Sukaryati Karma

The continuation of the electronic media that is widely discussed today is virtual money, commonly known as cryptocurrency. Cryptocurrency can also be referred to as an unformed commercial object; actually in digital form which can be used in electronic transactions. This study aims to analyze the existence of virtual money (cryptocurrency) in stock trading in Indonesia and to find out the responsibilities of money laundering offenders who use virtual money (cryptocurrency) in stock trading. The research method used is normative legal research. The results show that the existence of virtual money (cryptocurrency) in stock trading in Indonesia when used as currency unification, transact, trade or as a means of payment with businesses in this case, especially stock trading in Indonesia can be said to be invalid in terms of Law Number 7. 2011 concerning Currency. Users of virtual money (cryptocurrency) in Indonesia are quite widely used in business, which can be seen in Indonesia itself that virtual money (cryptocurreny) such as Bitcoin and Centcoin are circulating. Then, the responsibility of the perpetrators of money laundering who use virtual money (Cryptocurrency) in stock trading, where this action has a very negative impact on the Indonesian State, especially in terms of business because people who have committed these crimes take advantage of technological advances unwise so that the perpetrators can be ensnared based on Law No. 8 of 2010 concerning the prevention and eradication of the crime of money laundering.

Open access
Indonesian Legal and Regulatory Studies
Legal and Policy Analysis in Indonesia
SMEs Development and Digital Marketing
Original source
Jan 1, 2021·РОССИЙСКАЯ НАУКА: АКТУАЛЬНЫЕ ИССЛЕДОВАНИЯ И РАЗРАБОТКИ. Сборник научных статей XI Всероссийской научно-практической конференции. Часть 2
0 cites
APPLICATION OF RESPONSIBILITY MEASURES FOR BREACH OF CONTRACT TERMS FOLLOWING A SOFTWARE MALFUNCTION OF SMART CONTRACT

Victoria Olegovna Sizinceva

No abstract is available for this record.

FinTech, Crowdfunding, Digital Finance
Law, AI, and Intellectual Property
Indonesian Legal and Regulatory Studies
Original source
Jan 1, 2021·Proceedings of the 2nd International Conference on Fundamental Rights, I-COFFEES 2019, 5-6 August 2019, Bandar Lampung, Lampung, Indonesia
0 cites
Legal Protection for Bitcoin Users in Criminal Acts of Fraud in Indonesia

Desia Rakhma Banjarani, Shandi Patria Airlangga, Sri Sulastuti

This paper discusses legal protection in criminal law for bitcoin users in Indonesia. Bitcoin has not been specifically regulated in Indonesian laws and regulations; even the Indonesian government has made a clear statement regarding the illegitimacy of bitcoin. Bitcoin fraud raises new issues relat

Open access
Indonesian Legal and Regulatory Studies
Legal and Social Justice Studies
Legal Studies and Policies
Original source
Jan 1, 2021·Journal of Legal Ethical and Regulatory Issues
2 cites
Cryptocurrency and the Role of Indonesian Central Bank

Gunawan Widjaja

Technology innovation played important role in human life. The creation of Bitcoin in 2008 has changed the concept of a payment system, which is currently control by the central bank. This research aims to find out what is the “possible future” role of the central bank in Indonesia in conjunction with the use of cryptocurrency as payment. The research is normative legal research. It conducted literature research through “google machine”. Data collected were secondary data, which consisted of primary, secondary, and tertiary legal sources. Content analysis was conducted to reduce the collected data to become only the most relevant and reliable data. Selected data were analyzed using the qualitative method to answer the purpose of the research. The result found that the creation of Bitcoin and other cryptocurrencies reduced the role of the Central Bank. Scholars suggested that the central bank creates its cryptocurrency. Discussion suggested that many roles can be played by the central bank without creating their bitcoin. The central bank can regulate the way cryptocurrency can be used as a new way of payment. The research can be used by (Indonesian) central bank to start thinking and conducting research on how it shall regulate the use of cryptocurrency as payment. The regulations shall start on how the cryptocurrency can be created, the way cryptocurrency can be transferred, the place and process of selling and buying cryptocurrency, and the use of cryptocurrency as payment. Meanwhile, other research results were introducing on how to make the central bank’s cryptocurrency; this research was the first to introduce the new role of the central bank to supervise the use of cryptocurrency as payment. The supervision that took place through the issuance of the central bank’s regulations is required to avoid money laundering.

Legal and Policy Analysis in Indonesia
Indonesian Legal and Regulatory Studies
FinTech, Crowdfunding, Digital Finance
Original source
Dec 31, 2020·Jurnal Magister Hukum Udayana (Udayana Master Law Journal)
29 cites
Investasi Cryptocurrency Berdasarkan Peraturan Bappebti No. 5 Tahun 2019

Dewa Ayu Fera Nitha, I Ketut Westra

Current technological developments have digital money or cryptocurrency which is currently being used as an investment by the world community. Seeing this, the government has now issued CoFTRA Regulation Number 5 of 2019 concerning Technical Provisions for the Implementation of the Physical Asset Market in the Futures Exchange to ensure legal protection for investors and legal certainty in the event of a dispute. This study aims to analyze protection The law against Cryptocurrency Investors is reviewed based on Bappebti Regulation Number 5 of 2019 and analyzes the legal efforts made in the event of a dispute in cryptocurrency investment. The research method in this study uses normative legal research methods with a statutory approach and a conceptual approach. The results of this study show that the Indonesian Government has accommodated the interests of crypto asset trading as well as a guideline and clarity for the public regarding the government's recognition of the presence of bitcoin and virtual currancy, namely through Bappebti Number 5 of 2019 and dispute disputes that occur between cryptocurrency investors and cryptocurrency marketplaces by way of non-litigation and arbitration through the Commodity Futures Trading Arbitration Board (BAKTI). Perkembangan teknologi saat ini telah terdapat uang digital atau cryptocurrency yang saat ini dijadikan sebagai investasi oleh masyrakat dunia. Melihat hal tersebut kini pemerintah telah mengeluarkan Peraturan Bappebti Nomor 5 Tahun 2019 Tentang tentang Ketentuan Tekhnis Penyelenggaraan Pasar Fisik Asset Kripto (Crypto Asset) di Bursa Berjangka untuk memastikan adanya perlindungan hukum bagi para investor dan kepastian hukum apabila terdapat sengketa. Studi ini bertujuan untuk menganalisa perlindungan Hukum terhadap Para Investor Cryptocurrency dikaji berdasarkan Peraturan Bappebti Nomor 5 Tahun 2019 serta menganalisa upaya Hukum yang dilakukan apabila terjadi sengketa dalam investasi cryptocurrency. Metode penelitian dalam studi ini menggunakan metode penelitian hukum normatif dengan pendekatan perundang-undangan dan pendekatan konseptual. Hasil studi ini menunjukkan bahwa Pemerintah Indonesia telah mengakomodir kepentingan perdagangan kripto aset serta sebagai suatu pedoman dan kejelasan bagi masyarakat terkait pengakuan pemerintah terhadap kehadiran bitcoin dan virtual currancy yaitu melalui Bappebti Nomor 5 Tahun 2019 dan perselisihan sengketa yang terjadi antara investor cryptocurrency dengan marketplace cryptocurrency dapat diselesaikan dengan jalan non-litigasi dan abitrase melalui Badan Arbitrase Perdagangan Berjangka Komoditi (BAKTI).

Open access
Indonesian Legal and Regulatory Studies
Legal and Policy Analysis in Indonesia
Original source
Dec 9, 2020·ADI Bisnis Digital Interdisiplin Jurnal
15 cites
Penerapan Sistem Pendataan Hak Cipta Content Menggunakan Blockchain

Chandra Lukita

Perkembangan teknologi semakin maju pesat setiap hari membuat manusia membutuhkan informasi secara cepat, tepat dan efisien. Banyak cara menyampaikan informasi tersebut mulai dari media tulisan, gambar dan video dan secara langsung bisa menjadi wadah kreativitas bagi orang yang membuat informasi tersebut, namun ada masalah dari bebas nya penyebarluasan media informasi tersebut. Salah satu nya adalah perihal Hak cipta konten yang dibuat, Banyak konten-konten seperti Gambar, Video, Artwork dan Informasi yang telah dibuat di internet oleh seseorang jatuh ke tangan orang yang tidak bertanggung jawab yang mengaku sebagai pembuat original konten tersebut karena kelalaian si kreator yang asli atau kurang nya informasi awal dari konten tersebut, oleh karena itu diperlukan nya sebuah sistem otomatis yang langsung mendata seluruh konten yang telah di rilis, dan dengan masalah ini digunakanlah teknologi Blockchain untuk mempermudah proses pendataan sistem tersebut. Penelitian ini mengimplementasikan cara-cara prosedur proteksi konten dengan teknologi Blockchain. Dengan langkah analisis data dari artikel yang telah ada lalu menggunakan flowchart menggambarkan cara prosedur proteksi konten tersebut. Terdapat 2 manfaat, yaitu Proteksi konten yang telah dibuat dan mengurangi kecemasan kreator tentang keamanan konten sehingga bisa lebih berkarya membuat lebih banyak konten. Diharapkan penelitian ini bisa membuat suatu rangka sistem pendataan Untuk menyimpan data tentang kepemilikan hak cipta dan originality dari konten yang dibuat sehingga terhindar dari masalah Hak cipta.

Open access
Blockchain Technology Applications and Security
Indonesian Legal and Regulatory Studies
Blockchain Technology in Education and Learning
Original source
Dec 2, 2020·Jurnal Privat Law
19 cites
AKIBAT HUKUM YANG DITIMBULKAN MENGENAI CRYPTOCURRENCY SEBAGAI ALAT PEMBAYARAN DI INDONESIA

Haruli Dwicaksana, Pujiyono Pujiyono

<p>Abstract<br />This article aims to know the use of cryptocurrency can replace conventional money as a means of payment in Indonesia. This article belongs to the type of normative legal research that is prescriptive to produce a new concept in resolving the problems faced by supported by a legal approach and a case approach. The data used is secondary data with primary binding and fundamental material. Data collection techniques using library studies. The data analysis technique used by the authors is a silogism analysis. The results showed that cryptocurrencies are difficult to substitute for conventional currency use as a means of payment in Indonesia because there is no centralized authority governing as well as the value of a relatively unstable cryptocurrency from Conventional currency that has been circulating in Indonesia is the rupiah, it is difficult to use cryptocurrency as a means of payment at the least level of Use daily.<br />Keywords: Payment Tools; Paymeny Systems; Conventional Currency; Cryptocurrency.</p><p>Abstrak<br />Artikel ini bertujuan untuk mengetahui penggunaan cryptocurrency dapat menggantikan uang konvensional sebagai alat pembayaran di Indonesia. Artikel ini termasuk ke dalam jenis penelitian hukum normatif yang bersifat preskriptif untuk menghasilkan konsep baru dalam menyelesaikan permasalahan yang dihadapi, didukung dengan pendekatan undang-undang dan pendekatan kasus. Data yang digunakan merupakan data sekunder dengan bahan hukum primer yang sifatnya mengikat dan mendasar. Teknik pengumpulan data menggunakan studi kepustakaan. Teknik analisis data yang digunakan penulis merupakan analisis silogisme. Hasil penelitian menunjukkan bahwa cryptocurrency sulit untuk menggantikan kegunaan mata uang konvensional sebagai alat pembayaran di Indonesia karena tidak ada otoritas terpusat yang mengatur serta nilai dari cryptocurrency yang relatif tidak stabil dari mata uang konvensional yang sudah beredar di Indonesia yaitu rupiah, maka sulit untuk menggunakan cryptocurrency sebagai alat pembayaran di tingkat paling kecil yaitu penggunaan sehari-hari.<br />Kata Kunci: Alat Pembayaran; Sistem Pembayaran; Uang Konvensional; Cryptocurrency.</p>

Open access
Legal and Policy Analysis in Indonesia
Indonesian Legal and Regulatory Studies
Islamic Finance and Communication
Original source
Oct 29, 2020·Public international and private international law
2 cites
LEGAL BASIS OF REGULATING BLOCKCHAIN TECHNOLOGY AND SMART CONTRACTS IN MALAYSIA

Tatyana Chursina

There has been a widespread use of blockchain-based smart contracts in various financial and property sectors, gaining popularity in recent years. By greatly simplifying the economic turnover, the potential efficiency and profitability arises from the fact that smart contracts use software to perform certain tasks through automated processes, minimizing the involvement of intermediaries and, therefore, significantly reducing transaction costs. The wide spread of new technologies always gives rise to various problems, and legislation is often not adapted to the pace of socio-economic changes in the state. Despite the positive side of such technological development, the consequences may entail certain dangers for the participants of this kind of relationship. The absence of the very concept of smart contract in the legislation of most states gives rise to undoubted difficulties in determining their legal essence. The presented study examines the current state of smart contracts in Malaysia, examines the viability of the Malaysian legal framework in relation to the practice of using smart contracts and blockchain technology, and analyzes legislation and policy documents in force in Malaysia.

FinTech, Crowdfunding, Digital Finance
Blockchain Technology Applications and Security
Indonesian Legal and Regulatory Studies
Original source
Oct 12, 2020·International Journal of Advanced Research
4 cites
A COMPARATIVE ANALYSIS OF SMART CONTRACTS AND ISLAMIC CONTRACTS

Azlin Alisa Ahmad, Mat Noor Mat Zain, Nur Diyana Amanina Zakaria

<p>A smart contract is a computer protocol contract of which its innovation rooted from the traditional contract. However, Sharia-compliant transaction necessitates a contract to fulfils all pillars of Islamic contracts in order smart contract can be accepted as an innovation of Islamic contracts. Thus, this paper aims to make a comparison between Islamic contracts and smart contract on blockchain. This paper is a qualitative research by adopting content analysis method to analyze some related topics. The pillars of Islamic contract are compared with the smart contract to ensure whether the smart contract follows the guidelines of Islamic contract or vice versa. The analysis shows that smart contract does not entirely comply with the Islamic principles of a contract. Even though smart contract generally has three pillars of Islamic contract but in details, it does not comply with the Sharia principles. By comparing between the pillars of Islamic contract and smart contract on blockchain, it shows that smart contract on blockchain is not underline with the Islamic contracts pillars. Contracting parties participate in the smart contract does not recognize each other that can be lead to <em>gharar</em>. Meanwhile, every transaction in the smart contract allows prohibited subject matters such as illegal drugs, weapons where as it is not allowed in Islamic contracts transactions. </p>\n\n<p> </p>

Open access
2 source records
FinTech, Crowdfunding, Digital Finance
Marriage and Family Dynamics
Indonesian Legal and Regulatory Studies
Original source
Oct 1, 2020·Conference Series
2 cites
Smart Contracts to Support the Advancement of Blockchain Technology in the Security Integrity

Sulistiawati Wati

The development of technology today is used as a benchmark in the advancement of the industrial world where the development of technology has influenced various aspects in the life of today's society. Smart contracts as one form of blockchain technology that resembles a conventional contract can be used to bind agreements between one party and another. One difference between a smart contract and a conventional contract is the smart contract that is stored in the blockchain. With the presence of smart contracts on the blockchain has become one of the most sought-after technologies, because the number of users is high enough for each transaction within the company. In this case various features of smart contracts applications in various worlds, ranging from financial services, life sciences, energy resources and media voting. Smart contracts still pose a lot of challenges that overwhelm the interaction of some Parties, such as users, developers, and organizations built on smart contracts. Smart contracts are essentially a very effective source of problem solvers, where smart contracts on the blockchain make it easy to maintain data security, and save costs and time. In addition, in the absence of third parties strongly minimizes the fraud that is often done by irresponsible parties, this prevents conflicts between parties. Prone to cases of loss of a document is generated because there is no secure storage media. The advent of smart contracts on the blockchain is expected to be a solution to tackle most of the world's commercial and bureaucratic systems.

Open access
Blockchain Technology Applications and Security
FinTech, Crowdfunding, Digital Finance
Indonesian Legal and Regulatory Studies
Original source
Jul 30, 2020·Lex Publica
3 cites
Conceptualization of Future Cryptocurrency Laws in Indonesia and Ukraine

Galang Prayogo, Yuliia Chornous

The presence of cryptocurrencies is basically an alternative model for providing decentralized money and payment. They provide a payment system model that no longer has to rely on third parties such as banks or governments to ensure that the payer can deliver the agreed-upon funds. In contrast, cryptocurrency systems inspire trust in decentralized, uninterrupted computer programs, which theoretically cannot deceive their users. The focus of the study in this research is related to the regulation of cryptocurrencies, especially Bitcoin, in Indonesia and Ukraine. Using Bitcoin in Indonesia and Ukraine to pay for goods or services is illegal. In this study, the method used is a normative legal research method. This method analyzes how the legal system reacts to a new problem that has not been regulated by legislation or systemic and comprehensive precedents, in this case, cryptocurrency. The normative legal research method is based on the post-positivism paradigm. Research results, in general, find that cryptocurrency is the antithesis of capital money. First, cryptocurrencies are neutralized by third parties being removed from the global system of economic actors. Second, as a medium of exchange, cryptocurrencies oppose fiat money. Despite the lack of material situation (use-value), the issuance of cryptocurrencies is not controlled by fractional reserve lending, thereby ultimately reducing the fundamental requirements of negative excess of capitalism to continue to grow. Abstrak Kehadiran mata uang kripto pada dasarnya merupakan model alternatif untuk menyediakan uang dan pembayaran yang terdesentralisasi. Mereka menyediakan model sistem pembayaran yang tidak lagi bergantung pada pihak ketiga seperti bank atau pemerintah untuk memastikan bahwa pembayar dapat mengirimkan dana yang telah disepakati. Sebaliknya, sistem mata uang kripto menginspirasi kepercayaan pada program komputer terdesentralisasi dan tidak terputus, yang secara teoritis tidak dapat menipu penggunanya. Fokus kajian dalam penelitian ini terkait dengan regulasi mata uang kripto y khususnya Bitcoin di Indonesia dan Ukraina. Saat ini, penggunaan Bitcoin di Indonesia dan Ukraina untuk membayar barang atau jasa dianggap ilegal. Dalam penelitian ini metode yang digunakan adalah metode penelitian hukum normatif, metode ini digunakan untuk menganalisis bagaimana sistem hukum bereaksi terhadap suatu masalah baru yang belum diatur oleh peraturan perundang-undangan atau preseden yang sistemik dan komprehensif, dalam hal ini mata uang kripto. Metode penelitian hukum normatif didasarkan pada paradigma post-positivisme. Hasil riset secara umum menemukan bahwa mata uang kripto adalah antitesis dari kapital uang. Pertama, bahwa cryptocurrency dinetralkan oleh pihak ketiga yang dikeluarkan dari sistem global pelaku ekonomi. Kedua, sebagai alat tukar, mata uang kripto menentang uang fiat. Terlepas dari kurangnya situasi material (nilai guna), penerbitan mata uang kripto tidak dikendalikan oleh peminjaman cadangan fraksional, sehingga pada akhirnya mengurangi persyaratan mendasar kapitalisme untuk terus tumbuh. Kata kunci: Hukum Mata Uang Kripto, Bitcoin, Kebijakan, Ideologi, Indonesia, Ukraina

Open access
Islamic Finance and Communication
SMEs Development and Digital Marketing
Indonesian Legal and Regulatory Studies
Original source
Jul 21, 2020·Qolamuna : Jurnal Studi Islam
2 cites
Aplikasi Smart Contract dalam E-Commerce Prespektif Hukum Perjanjian Syariah

Dwi Hidayatul Firdaus

INDONESIA: Artikel ini membahas tipologi dan karakteristik smart contract dengan peraturan perundang-undangan tentang kontrak, peraturan tentang ITE (informasi dan transaksi elektronik) di Indonesia, undang-undang tentang perlindungan konsumen dan unsure perjanjian syariah dalam bingkai maqosid syariah. Tidak seperti kontrak normal, yang dirancang oleh pengacara, ditandatangani oleh pihak yang ikut serta, dan ditegakkan oleh hukum, Smart Contract menetapkan hubungan dengan kode kriptografi.Untuk menemukan jawaban atas problematika tersebut, tipe penelitian yang digunakan dalam penelitian ini adalah normatif dengan pendekataan statute approach (undang-undang) dan konseptual perjanjian syariah. Adapun hasil dari penelitian ini adalah Smart Contract merupakan kontrak sah dan dapat diaplikasikan dengan berpedoman pada regulasi mengenahi kontrak, khususnya kontrak elektronik dengan mengedepankan asas kebebasan berkontrak, itikad baik, saling ridlo dan kemaslahatan. ENGLISH: This article discusses characteristics of the smart contract with theclaws and regulations concerning contracts, information and electronic transactions in Indonesia, consumer protection and elements of sharia agreements in the sharia maqosid frame. Unlike normal contracts, designed by lawyers, signed by participating parties, and enforced by law, Smart Contract establishes a relationship with cryptographic codes. To find answers to these problems, researchers used a type of normative research with a legislative approach and a conceptual approach to sharia agreements. The result of this research is that Smart Contract is a legal contract and can be applied by referring to regulations concerning the contract, especially the electronic contract by prioritizing the principles of freedom of contract, good faith, mutual respect and benefit.

Open access
Indonesian Legal and Regulatory Studies
Legal and Policy Analysis in Indonesia
FinTech, Crowdfunding, Digital Finance
Original source
Jun 21, 2020·Jurnal Perlindungan Tanaman Indonesia (Universitas Gadjah Mada)
1 cites
Bitcoin: A Comparative Study of Cryptocurrency Legality in America and Indonesia

Jonathan Hendson Passagi

Bitcoin is widely used and accepted by many countries. The features that are being offered and the positive uprising of its price have made made it popular among its users and investors. The value of Bitcoin started from less than a dollar in 2009 and raking up to over two thousand dollar within 2017. In Indonesia, Bitcoin became popular in 2013; a group of people began to form a community and online forum where people with similar interest can gather and conduct exchange of Bitcoin. In early 2014, the community had formed the first professional Bitcoin brokerage service in Indonesia which also known as bitcoin.co.id and over fifty thousand members were registered. With the daily transaction valuing over five hundred million Rupiah, bitcoin.co.id has made its name on South East Asia. However, despite the positive response in Indonesia, the lack of legal framework regulating cryptocurrencyand the risk of misusing it to fund illicit activity has become a national concern. This paper provides an analysis of legal problems that are being encountered by Indonesia government and thorough comparison with America’s laws on cryptocurrency. By stipulating a law on cryptocurrency, Indonesia’s government would have show support for cryptocurrency in Indonesia through reducing the volatility risk and the possible illicit activities derived from the usage of cryptocurrency.

Open access
Indonesian Legal and Regulatory Studies
Legal and Policy Analysis in Indonesia
FinTech, Crowdfunding, Digital Finance
Original source
Jun 16, 2020·Jurnal Hukum Positum
2 cites
Perlindungan Hukum bagi Pengguna Mata Uang Virtual Bitcoin dan Ketentuan Standar Keamanan Penyedia Bitcoin Berdasarkan Hukum Positif Indonesia

Firman Novianto

Tulisan ini akan mengkaji bagaimana perlindungan hukum bagi pengguna bitcoin dan syarat atau standar keamanan yang harus dipenuhi oleh pelaku usaha bitcoin ditinjau dari hukum yang berlaku di Indonesia. Metode penelitian yang digunakan adalah metode penelitian yuridis normatif. Hasil dari penelitian ini ialah bitcoin telah dinyatakan sebagai komoditas, maka dari itu pemilik bitcoin dapat menuntut kerugian berdasarkan ketentuan dalam UU Perdagangan Berjangka Komoditi dan juga dapat melakukan upaya hukum sesuai dengan ketentuan Peraturan Bappebti, kemudian untuk melindungi pemilik bitcoin pedagang aset kripto wajib memiliki sertifikasi ISO 27001 (Information Security Management System), ISO 27017 (Cloud Security) dan ISO 27018 (Cloud Privaxy) sebagai standar keamanan penyelenggara transaksi elektronik.

Open access
Indonesian Legal and Regulatory Studies
Legal and Social Justice Studies
Legal and Policy Analysis in Indonesia
Original source
May 29, 2020
1 cites
LEGALITAS BITCOIN DALAM TRANSAKSI E-COMMERCE SEBAGAI PENGGANTI UANG RUPIAH

Muhammad Said Honggowongso

Abstrak Artikel ini mendeskripsikan keabsahan penggunaan bitcoin sebagai alat tukar pengganti rupiah dalam transaksi  e-commerce di Indonesia. Kajian hukum normatif ini bersifat deskriptif dengan menggunakan pendekatan  undang-undang. Jenis dan sumber bahan hukum berupa bahan hukum sekunder. Teknik pengumpulan bahan  hukum dengan studi kepustakaan. Teknik analisis secara kualitatif dengan metode deduktif. Keabsahan bitcoin  merupakan ilegal payment bila digunakan dalam transaksi e-commerce di Indonesia, karena tidak sesuai  dengan hukum positif yang berlaku. Bitcoin memiliki sifat terdesentralisasi yang dinilai tidak memenuhi  syarat-syarat yang ada dalam hukum di Indonesia, karena sebuah informasi elektronik baru dapat dinyatakan  sah apabila informasi tersebut berasal dari sistem elektronik yang sah, pernyataan tersebut terdapat dalam  Pasal 5 ayat (3) UU ITE. Selain itu pada Pasal 2 Undang-Undang Nomor 7 Tahun 2011 tentang Mata Uang  mengatakan uang yang sah yang menjadi legal tender di Negara Kestuan Republik Indonesia adalah rupiah. Kata Kunci: Keabsahan Bitcoin ; Transaksi E-commerce ; Alat Tukar.

Open access
Legal and Social Justice Studies
Indonesian Legal and Regulatory Studies
Legal Studies and Policies
Original source
Mar 1, 2020·IOP Conference Series Earth and Environmental Science
12 cites
Village authority and position in realizing village autonomy

A J Silubun, Julianto Jover Jotam Kalalo, A B Inggit, C N Kalalo · 5 authors

Abstract Law No. 6 of 2014 concerning Villages, clarifies the position of one of the integral parts of the country that is specifically regulated in view of its cultural uniqueness. Village autonomy is no longer a part of regional autonomy given to villages, but the granting of inheritance rights inherent in villages as part of inherited rights. The position of the village is no longer under and in the regional government; rather, it is domiciled in regencies or cities, Article 5 and Article 4 of Law No. 6 of 2014 concerning Villages, outlining the purpose of the process referred to as village regulation. Research Objectives To Determine the Authority and Position of the Village in Realizing Village Autonomy. This research is a normative legal research method. Normative legal research is research conducted by reviewing the laws and regulations that apply or apply to a particular legal problem. The authority assigned by the Government, the Provincial Regional Government, or Regency/City Regional Government, village authority becomes an autonomous village of local self-government. Constitutionally, the village is an indigenous governing organization (a self-governing community), not a formal government organization that carries out administrative functions of the state (local state government). Village authority is based on the principle of recognition and subsidiarity, not on the principle of decentralization. Thus the position of the village must be emphasized first in the constitutional structure through the constitution, then followed by the transfer of authority to the village along with the allocation of funds directly from the state budget.

Open access
Legal Studies and Policies
Indonesian Legal and Regulatory Studies
Legal and Social Justice Studies
Original source