<em><span>Some countries consider cryptocurrencies as an avenue for money laundering and other illegal activities, especially Muslim countries, many of which prohibit the use of cryptocurrencies and even prohibit them. This study aims to identify the specific risks of cryptocurrency investment and to understand the sharia-compliant concept to open opportunities for the Islamic economy in the future. The data collection technique used is literature study by collecting data from previous studies in the form of documenting articles, journals or books as well as publication data from other parties. The data analysis techniques used were data reduction, data presentation, and drawing conclusions. The results show that although cryptocurrencies promise some strengths, in terms of investment there is a risk. Some cryptocurrencies have indeed been developed to address the issue of cryptocurrency non-compliance with Sharia law. Like OneGram, one of the cryptocurrencies that can be classified according to sharia. The alternative concept of sharia cryptocurrency has the potential to build Islamic economic products and have a positive effect on the global economy, especially in the context of welcoming a modern Islamic economic order that is conducive to all circles and the realization of a better future for the Islamic economic community</span></em>
Abstract 
 Often the rapid development of the world economy and also Islam is the majority of Indonesian people, as Muslims must understand technology Cryptocurrencies and activities related to these technologies, as well as understanding the law in Islamic Sharia are sourced from Hadith and verses of the Koran. Cryptocurrency is virtual money, digital money, or electronic money that exists in cyberspace and does not have a concrete form of object. This cryptocurrency has many kinds, including Litecoin, Monero, Ether, Ripple, Ethereum, Qtum, Dash, Zcash, and Bitcoin. Bitcoin security is protected by Blockchain technology. However, Bitcoin does not have an underlying asset (underlaying asset) and there is no responsible authority agency, its ownership is anonymous, its value fluctuations are very extreme, and is dominated by the opinion publication factor of the marketing system. That is why the use of Bitcoin in investment and business transactions raises pros and cons among economists and scholars. This study aims to get an overview of Bitcoin technology, especially about Blockchain and the legitimacy of its use in investment and business transactions according to Islamic law. The applied theory used is the business taxonomy of haram lidzatihi and haram lighairihi from the number of scholars reconstructed by Adiwarman Abdul Karim. This research is a literature study. The data sources for this research were taken from the Koran, the hadith of the Prophet, classical and contemporary books, as well as from online media sources. From this study, it was found that Bitcoin technology with Blockchain can indeed be recognized as an excellent revolutionary technology, but its use as an investment instrument contains elements of maysir (betting) and as an instrument of business transactions contains elements of gharar. Its legal position is haram lighairihi.
 Keywords: Cryptocurrency, Bitcoin, Blockchain technology, Islamic Sharia
 
 Abstrak
 Seriring pesatnya perkembangan ekonomi dunia dan juga agama Islam merupakan mayoritas masyarakat Indonesia, selaku umat Islam harus memahami teknologi Cryptocurrency dan kegiatan-kegiatan yang berhubungan dengan teknologi tersebut, serta memahami hukumnya dalam Syariat Islam bersumber dari Hadist dan ayat - ayat Al-Quran. Cryptocurrency adalah uang virtual, uang digital, atau uang elektronik yang berada di dunia maya dan tidak memiliki bentuk benda yang konkret. Cryptocurrency ini memiliki banyak macam, antara lain Litecoin, Monero, Ether, Ripple, Ethereun, Qtum, Dash, Zcash, dan Bitcoin. Keamanan Bitcoin dilindungi oleh teknologi Blockchain. Namun, Bitcoin tidak memiliki asset yang mendasari (underlaying asset) dan tidak ada lembaga otoritas yang bertanggung jawab, kepemilikannya anonim, fluktuasi nilai yang sangat ekstrem, dan lebih didominasi oleh faktor publikasi opini sistem pemasaran. Itulah sebabnya penggunaan Bitcoin dalam investasi dan transaksi bisnis menimbulkan pro dan kontra di kalangan pakar ekonomi dan ulama. Penelitian ini bertujuan untuk mendapat gambaran seputar teknologi Bitcoin, terutama tentang Blockchain serta keabsahan penggunaannya dalam investasi dan transaksi bisnis menurut syariat Islam. Teori terapan yang digunakan adalah taksonomi bisnis haram lidzatihi dan haram lighairihi dari jumhur ulama yang direkonstruksi oleh Adiwarman Abdul Karim. Penelitian ini bersifat studi pustaka. Sumber data penelitian ini diambil dari Alquran, hadis Rasullah, kitab-kitab klasik dan kontemporer, serta dari sumber media online. Dari penelitian ini didapatkan hasil bahwa teknologi Bitcoin dengan Blockchain memang bisa diakui sebagai teknologi revolusioner yang sangat baik, tetapi penggunaannya sebagai instrumen investasi mengandung unsur maysir (pertaruhan) dan sebagai instrumen transaksi bisnis mengandung unsur gharar. Kedudukan hukumnya adalah haram lighairihi.
 Kata kunci: Cryptocurrency, Bitcoin, teknologi Blockchain, syariat Islam
This paper discusses the money and financial system from both the conventional and Islamic points of view. To further elucidate this topic, some aspects of the conventional financial system are discussed on the applicability from an Islamic perspective. Firstly, the advancements of technology that had led to the invention of cryptocurrency and how the Islamic financial system can evaluate the determinants of the adoption of such cryptocurrencies were reviewed. Secondly, the use of digital wallet and how it is encouraged by the government to increase transparency in the financial system and finally, the applicability of a dual-currency model, which covers the idea of revitalizing the dinar and the dirham as well as the implementation of a dual-currency regime in a nation and how it benefits the economy and prevents the failures of the financial system are discussed along the way. The paper reviews scholarly work conducted by both contemporary conventional and Islamic economic scholars. In addition to that, this paper incorporates the views from the classical Islamic scholars such as al-Ghazali, as well as reviewing the money, banking, and financial systems that were conducted during the early Islamic reign, which would be deemed helpful in formulating an Islamic monetary system that could be pre-eminent in today’s world.
Muhammad Al Ikhwan Bintarto, Yudi Setiawan, Muhammad Uwais Alqarni, Faishal Hilmi
Cryptocurrency is a virtual currency based on blockchain. Yet, some countries forbid it as a means of payment in transactions. It can only be used as diversification in investment. In fact, cryptocurrency is a liquid asset even though it fluctuates. In Islam, there are different views whether cryptocurrency can be assets or can be zakah, infaq, sadaqah, and waqf. The object of this study is to answer whether the crypto can be al-amwal azzakawiyah or something that can be zakah and waqf which can be maslahah for the society. Another purpose of this research is to enlighten about zakah and waqf managers on what cryptocurrency for. The theory used is the theory of zakah and waqf in Islam. This is qualitative study with a conceptual approach and an Islamic law approach. The result of this research is that cryptocurrency can be said as wealth or al-maal that can be zakah, infaq, and waqf because it has fulfilled several requirements to be classified as wealth or al-maal in Islam. Zakah calculation of crypto currency must exceed the nisab 2,5% equivalent to 85 grams of gold, the owned can already be an object of zakah.
The existence of cryptocurrencies that have emerged and developed since the last decade is still a debate, both in terms of function, regulation and compliance with Islamic economic principles. Different countries give different attitudes towards cryptocurrencies. Some countries accept its existence, while some other countries reject it. This is inseparable from the question that arises whether cryptocurrencies function as money or commodities. In addition, the absence of an official institution that is responsible for and regulates the circulation of cryptocurrencies and no underlying assets is also another problem. This article aims to see how cryptocurrencies are positioned based on their nature, characteristics and functions using an Islamic finance point of view. The results of the study indicate that cryptocurrencies currently carry out more functions as a store of value that are not in accordance with the Islamic financial system. In addition, the use of cryptocurrencies as money and means of payment carries a fairly large risk. This violates the principle of property protection in the maqasid al-shari'ah view.
In this modern era, sellers will do their best to have people purchase their things. Globalisation era has a strong connection to advanced technologies. It is not only science that gets more advanced, almost every aspect in modern society will grow and develop better and better. Nowadays, peopla do not only use physical currency such as coins and money. People now are being exposed to Bitcoin. It is a new means of transaction that has been widely known for the last 4 years. Digital money such as bitcoin kind of has complicated calculation, thus its nominal gets bigger and bigger each year. This bitcoin phenomenon is not only popular in indonesia. Some other countries even try to ban it. However, there are more countries that make bitcoin legal. In indonesia, bitcoin users are not proected by any laws if some unexpected circumtances happen. The reason why cryptocurrency is not legal yet in Indonesia is because bitcoin cannot be easily taxed. It happens because bitcoin is used without any third party; only between bitcoin beholders. The country and its financial departments cannot intervene. Thus, they cannot tax bitcoin beholders, which commonly hold huge nominals that can reach million hundreds of rupiah.
Muhammad Dandy Alif Wildana, Tsumma Lazuardini Imamia
Waqf in its role as Islamic charitable institution has considerable role to sustainable economy, since the initiation of waqf itself started from Muslim for the benefit for all people. Despite its important roles and promising potential, the waqf institution is facing problems which will potentially deprive itself of its full potential. One of the main problems faced by waqf and other charitable institutions is the problem of proper administration of its assets, especially when the contribution to the charitable institution came from various sources. Considering the importance of technology to the life of the 21st century, the same technology may be applied to the enhancement of Islamic charitable institutions such as waqf, in the area of supervise and utilization of waqf assets. This paper employs qualitative methods through literature review to identify the possibility and suitability of technology implementation into waqf institutions. This approach is necessary to explore the potential suitability and the extent of Blockchain and Smart Contracts technology are capable of in improving and enhancing waqf institutions. The possibility of these technologies to be applied to become panacea to the problems that are commonly faced by waqf institutions such as asset administration, transparency, accountability, and governance. The implementation of such technology that offers complete transparency is considered effective against transaction costs and to create efficiency in charitable work of waqf institutions. It is expected that the technology implementation may provide ample room for waqf institutions to evolve into modern Islamic charitable institutions which can answer and adapt to the challenge of the 21st century. Keywords: Waqf, Blockchain, Smart Contracts, Waqf Institution, Governance
Cryptocurrency is a digital or virtual currency that created due to technological advances. Its purchase transactions take advantage of technological developments that can be done online without going through a bank intermediary, enhanced with the advantages of Blockchain technology. However, cryptocurrency investments have a high risk on their profit and loss value. It isn’t enough to get there, cryptocurrencies also still don’t get the legality in Indonesia. This discussion aims to get clarity on cryptocurrency investments and transactions, also get answers to cryptocurrency law according to Islamic sharia. Based on qualitative descriptions and review of literature studies. The result of this study is that the Islamic financial system provides a view on cryptocurrency investments and transactions with a clear and sourced law from the Qur'an, As-Sunnah, and the results of the cleric' ijtihad. Based on Islamic sharia, investments and transactions used by cryptocurrencies contain elements of maysir (betting) and gharar (uncertainty) because they risk investment goods with unclear value of assets and their real form. The conclusion of this study is that users of cryptocurrencies are justified haram lighairihi as well as syubhat for those who still have doubts. Keywords : Cryptocurrency, Islamic sharia.
Abstract: Non-Fungible Token is a digital asset in the form of a certificate of ownership of an artwork, such as photos, videos, songs, or games in virtual form. These digital assets are stored in the Blockchain. NFT is a derivative of cryptocurrency, and the difference is that crypto-assets such as Bitcoin are the same as physical money because they have an exchange rate and can be traded. Meanwhile, NFT does not have the exact exchange rate because of its unique nature. NFT opens new investment opportunities for investors in the country to market their work in the global market. Since the Ghozali everyday phenomenon, many people have started following Ghozali's steps by selling various kinds of NFTs in the form of selfie ID cards, pornographic content, and self-identity that contain elements of ḍarar. The study method in this research is case study qualitative phenomenology. This study aims to identify and analyze the business of buying and selling NFT on the opensea.io marketplace from an Islamic perspective. This study shows that the more people who can see the opportunities and gaps in the NFT business, the more people will be engaged in the NFT buying and selling business. Buy and sell NFT using cryptocurrency as an illegal commodity to trade because crypto-assets contain elements of gharar, ḍarar, and qimār. Even though the form of this NFT exists, when this NFT is transacted using Cryptocurrencies whose form does not exist, it can be said that this buying and selling transaction is invalid. Keywords: Buy and Sell; NFT; Opensea.io; Artwork. Abstrak: NFT atau Non Fungible Token merupakan aset digital berupa sertifikat kepemilikan sebuah karya seni, seperti foto,vidio, lagu, atau game dalam bentuk virtual. Aset digital ini disimpan dalam blockchain. NFT merupakan turunan dari cryptocurrency, bedanya aset kripto seperti bitcoin sama halnya dengan uang fisik karena memiliki nilai tukar dan dapat diperdagangkan. Sedangkan, NFT tidak memiliki kesamaan nilai tukar karena sifatnya yang unik. NFT membuka peluang investasi baru bagi para investor di tanah air untuk memasarkan karyanya di pasar global. Semenjak fenomena Ghozali Everyday yang menjadikan foto selfinya sebagai NFT ramai diperbincangkan dimedia sosial banyak sekali yang mulai mengikuti jejak Ghozali menjual berbagai macam NFT dalam bentuk selfi KTP, konten pornografi, dan identitas diri yang mengandung unsur ḍarar (bahaya). Metode penelitian dalam penelitian ini ialah kualitatif studi kasus fenomenologi. Tujuan penelitian ini untuk mengetahui dan menganalisa bisnis jual beli NFT pada market place opensea.io dalam perspektif Islam. Hasil penelitian ini menunjukkan Semakin banyak masyarakat yang bisa melihat kesempatan dan celah dari bisnis NFT maka akan semakin banyak masyarakat yang bergerak dalam bisnis jual beli NFT Namun sangat disayangkan untuk saat ini NFT ditransaksikan menggunakan mata uang Cryptocurrency. Jual beli NFT menggunakan mata uang crypto sebagai komoditi haram untuk diperdagangkan. Sebab aset cyripto mengandung unsur gharar, ḍarar, dan qimār. Sekalipun wujud dari NFT ini ada namun ketika NFT ini ditransaksikan menggunakan Cryptocurency yang wujudnya tidak ada maka bisa dikatakan transaksi jual beli ini tidak sah. Kata Kunci: Jual Beli; NFT; Opensea.io; Karya Seni.
Bitcoin is an online payment system of peer-to-peer electronic money that is sent directly from one party to another without going through a financial institution. Bitcoin has characteristics as a currency or medium of exchange because it is accepted as a means of payment by its community. However, there will be a lot of hope that can happen to bitcoin users, namely because bitcoin is al-jahalah (unclear) will cause an element of fraud in buying and selling with bitcoin. So the purpose in this study is to find out how fiqh review is muamalah on buying and selling transactions with bitcoin. This research is qualitative literature (library research). Data collection methods use documentation and data analysis using deductive analysis techniques. The results of this study show that the practice of buying and selling with bitcoin is either aimed at the needs of exchange tools or investment businesses, especially in online financial transactions including from syubhat, and something that syubhat should be abandoned, because it does not bring benefits at once that is the purpose of Islamic sharia, namely its own benefits will not be realized.
The aim of this study is to investigate the effect of regret-aversion bias and overconfidence on millennial investors' cryptocurrency investment decisions. The population in this study are people from Sumatra, Java, and Nusa Tenggara (Bali) who have invested in or only know about cryptocurrencies. For the sampling technique of this study using the Objective Sampling method for a population of 35 people. The method used in this study is a quantitative method using primers which were analyzed by Path Analysis using the Smart Pls 3.0 program. The results obtained in this study indicate that regret-avoidance bias has no significant effect on investment decision making, while overconfidence has a significant effect on investment decision making.
R. Aditya Rayhan Zanesty, Tio Arya Dewa Prakarsa, Intania Chantika Alina, Nur Aini Rakhmawati
Cryptocurrency is increasingly showing its popularity as an investment medium that is increasingly taking the attention of the Indonesian people, both common people and experts. This phenomenon is prone to market manipulation by pumping and dumping certain cryptocurrency entities, trapping novice investors. The respondents of this study were taken from Indonesian people who have cryptocurrencies and social media users. The method used in this study is a descriptive quantitative research method with a total of 151 respondents. The data instrument used in this study was a questionnaire distributed online. The results obtained through surveys that have been conducted prove that social media influencers have a positive and significant influence on Indonesian people's cryptocurrency purchasing decisions.
This study aims to find out what are the factors that drive consumerperceptions of young Indonesian Muslims towards cryptocurrencyinvestment intentions. The sample in this respondent was selectedusing a purposive sampling technique with the criteria of consumersbeing Muslim. The number of valid respondents was 120. All datawere analyzed using the PLS-SEM method. The variables used inthis study are product knowledge, perceived quality, perceived risk,and behavioral intention. The results of this study indicate that theeffect of product knowledge has a positive effect on the perceptionof the quality of young Muslims towards cryptocurrency investment,product knowledge has a positive effect on the risk perception ofyoung Muslims towards cryptocurrency investment, and theperception of quality has a positive effect on the intentions of youngMuslims. Muslims towards cryptocurrency investment, Riskperception has a negative effect on the intentions of young Muslimstowards the use of cryptocurrency investments, Product knowledgehas a positive effect on the investment intentions of young Muslimstowards cryptocurrency investment. pay more attention to halalsensitivity and have an MUI halal certificate, so that Muslimconsumers can have an interest in cryptocurrency investment.
Afifah Nur Millatina, Risanda Alirastra Budiantoro, Rahmad Hakim, Febrianur Ibnu Fitroh Sukono Putra
The research aims to analyze the potential of using blockchain to promote integrated financial inclusion through Indonesian potential zakat funds. We use a qualitative approach (the business model canvas) as the analysis tool. We generate the data using the literature study. The essence of the zakat funds management implies that zakat assets should not be left idle. Further, greater zakat funds collected, managed, and distributed will deliver more benefits to mauquf alayh, greater divine rewards to the wakif, and greater funds received by nazir. Our results indicate that the zakat blockchain programs offer various benefits because blockchain facilitates more decentralized and borderless transactions. The benefits include achieving targets more effectively; avoiding overlap; developing zakat more systematically; monitoring more effectively in planning, organizing, actuating, and evaluating nazhir zakat; and contributing to short, medium, and long-term national socioeconomic objectives. In sum, we conclude that more decentralized and borderless blockchain-facilitated transactions potentially enhance Indonesian zakat funds' potential collection and utilization.
In this modern era, everything has started to enter the digital realm. This can make things easier in everyday life considering the digital concept is easy access anywhere and anytime without limits. However, this can be a double-edged sword, instead of making work easier, digital concepts can be detrimental too. Therefore a policy in using and utilizing technological advances is very necessary, in order to maintain security for all users. Lately we often hear the term Non-Fungible Token or NFT for short, NFT is often associated with finance and digital economic systems that can represent a valuable item or asset. In Islam, of course, we have our own views, laws and norms in life, one of which is in economic terms. What is the Islamic view on NFT? Is NFT allowed in Islam? This research will discuss and examine these questions.
Retno Mawarini Sukmariningsih, Agus Nurudin, Eko Nursanty
This research aims to look at the potential of government revenue through taxes on digital currencies or better known as cryptocurrencies and against digital assets called NFT. With normative research methods to analyze how cryptocurrencies and digital assets (NFT) should be taxed at low or high tax rates. In addition to understanding cryptocurrency taxation policies as well as NFT, the study also looked at the taxation policies of various countries on cryptocurrencies and digital assets. Each country has different guidelines and considerations for the legal status and policies of the regulation of cryptocurrencies and NFT. There is no consensus between countries about this. Keywords; taxes, cryptocurrencies, digital assets, NFT
The presence of bitcoin invites many uncertainties, such as concerning its legality and the statement that bitcoin is not an official currency in Indonesia. Objective: This research aims to analyze the bitcoins in the perspective of the Islamic Law. Method: This research uses the literature review method. The literary materials obtained are in the form of scientific papers, online media, books, etc. that concerns the analyzed object. Findings: The circulation of bitcoin in Indonesia as a medium of exchange cannot be regarded as a currency, as it does not fulfill the terms and conditions for something to be called money. The bitcoin’s function does not commensurate with the function of money in the concept of the Islamic economy, as it tends to be a traded commodity rather than a facility of transactional exchange. In the perspective of Islamic law, the speculative use of bitcoins may bring one to the risk of violating the law on gharar (uncertainty, hazard); dharar (a transaction that may bring loss to a party); and qimar (game of chance). No authority guarantees bitcoins, and this causes harm. In conclusion, bitcoins produce more harm than good. Thus, its usage is prohibited by Islamic law. Function: This research provides an explanation of the legality of bitcoins, that may aid the Indonesian society to decide whether or not they can use bitcoins according to the law and th sharia. Novelty: There has not been any researches that study the same topic as that discussed in this article.
Muhammad Ikhlas Rosele, Abdul Muneem, Azizi Bin Che Seman, Luqman Haji Abdullah · 7 authors
This research aims to study whether zakat is due on cryptocurrency (Bitcoin) and to address the issues related to imposing zakat upon it. This study is conducted based on the qualitative research method following the inductive method and explanatory research approach. The findings show that Bitcoin is recognised as a digital asset in many countries and the tax is imposed accordingly. As such, Bitcoin is among the zakatable assets since it meets the conditions of zakat on assets. Moreover, Bitcoin as a digital currency would also be zakatable if a country recognises it as currency, as would any regulated digital currency issued by a government. Imposing zakat on Bitcoin would boost the total amount of zakat collectible, which would be beneficial for needy people. Further research is recommended to provide the zakat model for Bitcoin and other cryptocurrencies.
Khairunnisa Harahap, Tuti Anggraini, Asmuni Asmuni
Cryptocurrency dapat digunakan sebagai alat pembayaran, Investasi, maupun Trading. Beberapa jenis Cryptocurrency selain Bitcoin juga banyak digunakan. Pro dan kontra di masyarakat terjadi akibat perbedaan pendapat mengenai Cryptocurrency. Karena belum ada legalitas mengenai Cryptocurrency sebagai alat pembayaran maupun mata uang yang diakui di Indonesia. Harganya yang Fluktuatif serta keamanannya yang masih terdapat cela membuat perdebatan mengenai Cryptocurrency seperti pada Bitcoin belum mencapai titik terang. Dalam Perspektif hukum islam, sebagian Ulama berpendapat bahwa bentuk mata uang digital ini tidak mempunyai kejelasan dan tidak dapat dilihat fisiknya memungkinkan terjadinya penipuan menjadikan Cryptocurrency mengandung unsur Gharar. Kemudian penggunaan Cryptocurrency dalam Investasi maupun Trading menjadikannya tidak lepas dari spekulasi mengenai harganya yang sangat Fluktuatif dan hanya digunakan sebagai alat untung rugi maka Cryptocurrency mengandung unsur Maysir. Karena urgensi mata uang Kripto ini sangat luas terutama dalam cakupan teknologi dan ekonomi
The significant increase in crypto investment in Indonesia is very high. This is indicated by the increase in crypto transactions, especially bitcoin and the increasing number of member investors in Indodax as one of the crypto transaction platforms in Indonesia. However, this increase is not supported by laws and regulations that can protect investors against their funds that have been deposited on a crypto transaction platform due to platform errors or due to fraud that is rampant in the cryptocurrency world. The fairly high increase in investment has also attracted the attention of the Indonesian government in collecting income taxes for investors in the crypto world which can increase the government's coffers of wealth destined for national development. However, there is also no regulation that regulates how much and how the income tax will be imposed. imposed on investors. So tthe problem arises as to how legal protection is for crypto currency investors in Indonesia and how income taxes can be imposed on crypto investors. The problem approach used in this research is the statutory approach, and the conceptual approach. Legal protection for CryptoCurrency investors is in the form of supervision from BAPPEBTI, supervision from the Investment Supervisory Task Force, security protection from crypto asset market managers and law protection form UU ITE. The imposition of crypto taxes can be imposed as well as the final share income tax, which is 0.1% of the gross amount of crypto asset sales transactions.
Virtual money is a product of specific cryptocurrency algorithms, where no particular institution or authority controls the circulation of this digital money or underlying assets for which there is no basis for pricing and consumer protection. By ceding the money system into the market, Cryptocurrencies require legality considerations. This research aims to explain cryptocurrency as a means of payment from the perspective of Islamic Law. This research uses a literature review or normative approach. The results showed that a Legal Vacuum or the empty laws governing Cryptocurrencies could potentially negatively impact. This is because there is the principle of haram li ghairihi, where something contains an element of uncertainty. In the Indonesian Ulema Council (MUI) perspective through Fatwa No. 116/DSN/-MUI/IX/2017, cryptocurrency is included in the concept of sharia maqashid due to uncertainty of containing element maysir (gambling).
Anton M. Anton Permana, Carty Irawan, Dede Sukmawan
Penelitian ini dilatarbelakangi oleh perdebatan instrumen investasi mana yang terbaik, yaitu Saham atau Cryptocurrency. Tujuan penelitian ini dilakukan untuk mencari tahu strategi mana yang optimal untuk kedua permasalahan tersebut menggunakan Game Theory. Dataset dikumpulkan melalui Google Form yang disebarkan di grup Telegram dan Facebook Saham dan Cryptocurrency. Sebelum dianalisa dengan Game Theory dilakukan harus sudah melalui Uji Validitas dan Uji Reliabilitas agar mengetahui strategi mana yang tidak valid. Setelah dilakukannya analisis ditemukan hasil dengan menggunakan Strategi Murni, yang dimana diambil 2 sudut pandang, yaitu Saham yang diunggulkan dan Crypto yang diunggulkan. Maka dengan penelitian ini, dapat terjawab strategi mana yang terbaik untuk kedua jenis instrumen investasi tersebut.
Afdillah Nur Aisyah Sinaga, Purnama Ramadhani Silalahi
Behavioral finance menyebabkan perilaku investor yang irasional dalam pengambilan keputusannya. Dalam behavioral finance terdapat adanya bias yang berpengaruh keputusan investasi, contohnya regret aversion bias dan overcinfidence. Penelitian ini bertujuan untuk menganalisis pengaruh regret aversion bias dan overconfidence terhadap pengambilan keputusan investasi pada investor generasi z di Indonesia. Teknik pengumpulan data menggunakan survei kuesioner secara online. Data yang telah terkumpul berasal dari responden generasi z yang memiliki pengalaman berinvestasi cryptocurrency. Teknik sampling yang digunakan pada penelitian ini adalah Teknik slovin. Analisis dilakukan melalui dua tahapan yaitu pengujian model pengukuran dan pengujian model struktural. Uji statistik untuk penelitian ini didukung dengan penggunaan aplikasi smartPLS 3. Penelitian ini menunjukkan bahwa regret aversion bias dan overconfidence berpengaruh secara signifikan terhadap pengambilan keputusan investasi cryptocurrency pada investor generasi z di Indonesia.
A Smart contract is a technology initiated in 1994 by Szabo and was taken over and became potentially highly applicable since the emergence of Blockchain technology. The idea that was developed by Szabo is to adopt digital self-executing contracts between parties without human intervention by using distributed ledgers to store contracts. This new technological era is intended to be used on a large scale in the financial sector. Insofar as the financial sector seeks to benefit as much as possible from these new technologies, Islamic finance also aims to position itself and integrate these innovations into its core. In the context of Islamic finance, the mudaraba contract (equity-based investment contract) despite its great economic benefits remains under-applied because of technical risks, investment obstructions, and Sharia restrictions. This work aims to study to what extent Smart contracts can contribute to the resolution of these drawbacks and the improvement of the mudaraba contract to be applied potentially by Islamic finance institutions. It is concluded that by the mudaraba contract can be enormously developed technologically, operationally, and from Sharia compliance perspective by applying smart contracts.