The purpose of this research is to determine the potential risk of tax losses caused by cryptocurrencies, to identify miners and cryptocurrency users, and to formulate a tax avoidance countermeasure strategy related to cryptocurrency transactions. This study uses qualitative research methods with literature study techniques. The type of data used in the form of textual includes definitions, concepts and arguments contained in the literature relevant to the research problem. The data used are primary data sourced from research articles from journals, and secondary data sourced from supporting documents. The data reduction and data analysis process include data display and content analysis. The results of this research show that the implementation of blockchain technology in the Indonesian tax system is a database integration model that can solve the problems of the underground economy in cryptocurrency transactions. The reason for the results of this study is that regulation of cryptocurrency transactions into the realm of regulation can be done through vertical regulation of the blockchain market, with a sectoral approach. The impact of the results of this study can be the basis for formulating tax policies related to cryptocurrency transactions by utilizing blockchain technology.
Ahmad Ulil Albab Al Umar, Muhammad Iqbal Adrian, Yuni Inawati, Muammar Taufiqi Lutfi Mustofa · 5 authors
1st WoW-SAIPIS 2021 is an article writing workshop centered on social sciences and education, open and welcoming contributions from various disciplines and approaches that meet at intersections. We are interested in scholarship that crosses disciplinary lines and speaks to readers from a variety of theoretical and methodological perspectives. In other words, 1st WoW-SAIPIS 2021 will be a forum for scholars as they speak to a wider audience of our many sub-fields and specialties, rather than a location for narrower conversations that are more appropriate in more specialized conferences. We suggest the following broad areas of research: Social Sciences and Laws History and Cultural Studies Interdisciplinary Studies Moral and Humanities Policy, Politics, and Communication Education The proceedings represent the latest in research, development, deployment and projects on a range of topics presented at the International Conference of Social Science and Education. The papers published under each conference are sorted according to the themes and topics defined under each event. Papers are published according to the events at which they were presented by the authors. They can be searched by theme,
Islam as a religion that is flexible, dynamic and adaptive to the times. However, this certainly has ethical limitations and has the principle that values in Islamic teachings must be the basis in every human activity, especially in community activities or muamalah. Therefore, this paper aims to critically describe cryptocurrency investment in Islamic economic principles.The method used in this paper is a scientific study approach with literature study, with data collection through the study of books, literature, notes, and various reports related to the problem to be solved. Based on the results of this study, cryptocurrency when viewed in Islamic economic principles does not meet the criteria as a medium of exchange and investment that is permitted in Islam. Cryptocurrencies at the beginning of their creation had a clear goal, a complicated system that was not acceptable to everyone. So that cryptocurrency can be manipulated and monopolized by certain parties. In addition, cryptocurrencies have high volatility so they are very volatile and are closer to gambling.
Jan 1, 2022·Proceedings of the 2nd International Conference on Law, Social Science, Economics, and Education, ICLSSEE 2022, 16 April 2022, Semarang, Indonesia
Cryptocurrency is a digital currency system where the user uses digital payments for business activities carried out that function as a standard currency. A statutory method as well as a conceptual approach were used in this study carried out in a normative juridical manner based on statutory regula
Indonesia is a Muslim-majority country, the survival of extensive zakat is very important for society. In the era of digital technology, the government encourages the government to improve classical zakat administration to ensure transpiration and the principle of facilitating zakat payments. This paper provides a study of the Islamic economic perspective and the potential application of zakat on cryptocurrencies. This paper provides a study of the Islamic economic perspective and the potential application of zakat on cryptocurrencies. In this study the author uses a qualitative approach where the main source is from the Indonesian zakat administration law and the secondary sources are published journals, articles, and reports. The findings of this paper suggest that governments and NGOs should facilitate and accept zakat payments in cryptocurrencies, because one of the advantages is the ability to make transactions more transparent and cross-border using blockchain technology. Provide a sense of security and more trust to the community towards zakat organizations in Indonesia. This study also found a way to calculate cryptocurrency zakat by determining the nisab, consistently above 85 grams for 12 months, so you can pay 2.5% zakat using the value of currency or value of precious metal. This research will help zakat managers in Indonesia to adopt technology in this regard.
Sitara Karim, Shahnawaz Khan, Hana Bawazir, Mustafa Raza Rabbani · 5 authors
The purpose of this study is to explore the possibility of applying smart contracts in Islamic finance transactions and to explore the application of smart contracts in Mudaraba contract. Mudaraba financing is an ancient Islamic contract where one party known as Rabb-Ul-Maal provides the fund to the other party known as Mudarib to do the business on his behalf and share the profit on agreed terms and conditions. The study is an exploratory in nature as it explores the possibility of Islamic finance tool 'Mudaraba' to fight the adversities of COVID-19. Based on the extensive review of literature, the study proposes a Fintech model based on smart contract for Mudaraba transactions. The study will help in better understanding and application of smart contract in Islamic finance. It will also help the users of Islamic finance services to grab the opportunity and adopt the smart contract technology in their business practices. The proposed model can be a useful tool in fighting the adverse effects of disasters like COVID-19, war and earthquake, etc., and it will help in uplifting the standard of living of the poor by creating employment opportunities and contributing to the GDP.
Trisna Taufik Darmawansyah, Farhan Firdaus, Yani Aguspriyani
Cryptocurrency merupakan sebuah terobosan baru yang mulai di kenal dunia investasi dan keuangan. Peluang serta ancaman dalam berbagai factor menjadi bahan pertimbangan, perbedaan pendapat untuk Cryptocurrency menjadikan orang enggan apakah akan menggunakan atau menolak Cryptocurrency. Di sisi lain, Cryptocurrency membawa keuntungan serta kerugian yang tidak bisa di hindari. Cryptocurrency hanya digunakan secara online sehingga rentan terhadap ancaman dan bahaya. Tulisan ini mencoba mengkaji pandangan maqashid al-syariah terhadap Cryptocurrency dengan pendekatan analisis SWOT kemudian akan dikaji lebih mendalam dengan pendekatan maslahah serta mafsadah sebagai factor terpenting dalam maqasid al-syariah. Oleh karena itu, penelitian ini perlu dikaji lebih lanjut karena maslahah dan mafsadah terkadang bertukar peran sebagai mashlahah khusus dan maslahat umum. Sebuah sistemnya selalu dirancang untuk kemaslahatan, namun tidak sedikit menimbulkan implikasi negatif. Tulisan ini dirancang penulis berdasarkan struktur Cryptocurrency yang dinamis dalam memenuhi kebutuhan pasar.
Muhammad Izzul Syahmi Zulkepli, Mohammad Taqiuddin Mohamad, Saaidal Razalli Azzuhri
A contract is an important concept to enable a transaction without jeopardizing the rights and security of the transaction’s parties. Its implementation varies either through traditional or modern methods. To date, the smart contract gains attention among industry players and academicians. It is a modern technological innovation that can execute a contract by utilizing a blockchain network. In particular, the researchers view that smart contracts can be adapted in products offering based on various Shariah contracts in Islamic banking institutions, such as financing products based on the tawarruq contract. Nevertheless, it requires detailed research in terms of concept and structure to measure its potential to integrate with Islamic banking operations. Therefore, this study will examine the smart contract concept as well as identify its advantages for Islamic banking institutions’ operations, particularly in tawarruqbased financing products. A qualitative approach based on library studies concerning relevant documents and literature are implemented to achieve these objectives. The collected data were then analyzed using descriptive content analysis methods. The results found that the smart contract is a contract innovation based on blockchain technology that can implement tawarruq-based financing products terms automatically, decentralized, and distributed manner. Thus, its thorough implementation can reduce the risk of faults in transactions and potentially ensure the transparency of transactions’ is well-preserved. However, further research on the risks associated with this technology, especially Shariah risks, needs to be clarified before being fully integrated into Islamic banking operations.
One of the problems that occur in the development of cash waqf in Indonesia is the managerial system and financial reporting. Currently, the safety of waqf data is not guaranteed and is not integrated yet between Islamic Financial Institution – Cash Waqf Recipient/LKS-PWU (Lembaga Keuangan Syari’ah – Penerima Wakaf Uang), Nazir, and BWI (Badan Wakaf Indonesia). The blockchain system comes with changing a centralized approach to being decentralized. The use of the blockchain system in managing waqf funds can be a solution to the problem of waqf that occurs. Therefore, this study aims to examine the implementation of blockchain technology in increasing the accountability and transparency of cash waqf in Indonesia. This study adopts an interview technique with seven practitioners and academics in collecting data and using thematic analysis in the analysis. The research finds that the level of accountability in the waqf management by the LKS-PWU of the Islamic bank is quite acceptable, as evidenced by the fulfillment of five accountability indicators by the LKS-PWU. However, it must be improved in several aspects such as data security, data integration, and real-time reporting. Strategies for increasing accountability include the blockchain implementation in the waqf management both in collecting and distributing waqf by LKS-PWU. The opportunity to apply blockchain to waqf management is very potential because the blockchain system has several advantages such as speed, transparency, and a higher level of security than the conventional system.
Cryptocurrency is a digital or virtual currency, which does not have a physical form like fiat money. This crypto currency can only be used through devices such as PCs, laptops, smartphones and other devices that are connected to the internet. There are several advantages in a crypto system that uses blockchain system, such as transaction security, convenience, speed and can be used across countries and continents, however cryptocurrency which is currently circulating also still have weaknesses, including there is no supervisory authority, even many countries have disagreements over the legality of this cryptocurrency. The debate about the pros and cons regarding to the use of cryptocurrency becomes dynamics among the experts including the scholars who have study from Islamic point of view. This research aims to examine the dynamics of using cryptocurrency from ushul fiqh point of view, where the methods which used in this research are al-qur'an, al-Hadith, Qiyas and Sad-Adzariyah. Basically the use of cryptocurrency is allowed to meet cetain conditions that is by removing batil elements as in Quran surah An-Nisa verse 29, those batil elements are gharar and mayshir. Moreover, cryptocurrency must also have clear legality in a country for security in their use.
Dini Turipanam Alamanda, Yusuf Murtadlo Hidayat, Ikin Solikin, Budi Purnomo
Fenomena cryptocurrency sedang populer didunia termasuk di Indonesia. Meskipun Majelis Ulama Indonesia (MUI) dan Bank Indonesia telah menyampaikan sikapnya, namun nyatanya masyrakat masih mempertanyakan hukum cryptocurrency. Opini pemuka agama populer di Indonesia dianggap mampu memberikan pemahaman, namun kenyataan tidak semua pemuka agama mempunyai pandangan yang sama. Tujuan penelitian ini adalah untuk mengeksplorasi opini para pemuka agama populer di Indonesia mengenai hukum cryptocurrency. YouTube digunakan sebagai media untuk mencari sumber opini dari pemuka agama terpilih. Data selanjutnya dianalisis menggunakan opinion mining dan selanjutnya dipetakan polarisasinya. Hasil menunjukkan bahwa dari sejumlah pemuka agama populer, tidak semua mempunyai jejak digital di YouTube yang membahas mengenai cryptocurrency ataupun bitcoin. Secara umum, pemuka agama yang pernah membahas mengenai cryptocurrency terbagi dua, ada yang membolehkan dengan syarat tertentu dan ada yang mengharamkan secara tegas. Implikasi penelitian ini dapat digunakan sebagai bahan pertimbangan pemangku kebijakan dalam menyikapi posisi cryptocurrency ditengah-tengah penganut agama Islam terbesar di dunia
Lately, cryptocurrency investors and transactions in Indonesia are thriving, the number of crypto asset investors as of the end of February 2021 has reached 4.2 million people, which exceeds the number of stock investors in Indonesia. This study aims to determine specifically cryptocurrency as an investment in commodity futures trading in Indonesia using the MaqÄsÌ£id al-Sharī’ah approach. This research uses a qualitative approach. The data collection technique used is literature study by collecting data from previous studies in the form of documentation of articles, journals, or books as well as publication data from other parties. The data analysis techniques used were data reduction, data presentation, and concluding, from the collected data analyzed through SWOT analysis (strengths, weaknesses, opportunities, and threats) then continued using the MaqÄsÌ£id al-Sharī’ah approach (MasÌ£lahÌ£ah and Mafsadah). The results show that cryptocurrency technology with blockchain can indeed be recognized as an excellent revolutionary technology, but the position of cryptocurrency as an investment in commodity futures trading contains an element of gambling because it contains high speculation and is gambling by taking advantage of the level of volatility. In addition, cryptocurrencies are prone to be used by illegal practices such as money laundering, so that when compared to MasÌ£lahÌ£ah and Mafsadah it contains greater Mafsadah.
This paper discusses the blockchain frameworks for evaluating trustworthiness in managing waqf management system. The frameworks are Ethereum, Hyperledger, Finterra Waqfchain and Waqf Blockchain (WB). The invention of the blockchain has offered many benefits to the waqf institution since this institution faced many challenges such as lack of data transparency, accountability issues, weak of historical records, improper audit and improper compliance practices that may breaks donors' trust to use waqf system as a platform to make donation. However, the framework has their own pros and cons in order to make waqf management system more transparent, trusted and efficient. As a result, Ethereum framework shows the most suitable blockchain platform that can be used for the waqf management system.
Ardhi Barkah Apandi, Muhammad Iqbal Fasa, A.Kumedi Ja’far
ABSTRAK
 Bitcoin adalah sistem pembayaran online dari uang elektronik peer-to-peer (P2P) yang dikirim langsung dari satu pihak ke pihak lain tanpa melalui lembaga keuangan. Di Indonesia Bitcoin tidak memiliki legalitas untuk dijadikan sebagai alat transaksi yang sah karena bertentangan dengan Undang-Undang nomor 7 tahun 2011 dan Peraturan Bank Indonesia nomor 17 tahun 2015 serta kepemilikan Bitcoin hanya dianggap sah apabila Bitcoin dijadikan sebagai asset kripto dalam bursa berjangka komoditi. Konsep Bitcoin menurut ulama Indonesia haram karena mengandung gharar dan dharar serta bertentangan dengan Undang-Undang. Gharar disebabkan karena penemu atau penciptanya tidak diketahui secara pasti, tidak adanya otoritas yang memastikan keabsahan transaksi, tidak memiliki nilai intrinsik, tidak memiliki validitas dalam sistem ekonomi, nilainya yang tidak stabil karena volatilitas yang tinggi, sulit untuk diawasi akibat ketidakjelasan pemiliki. Dharar disebabkan karena factor kemanan yang rentan akan peretasan, nilai yang fluktuatif sehingga harga bisa turun drastis dan merugikan pemilik, tidak adanya regulasi yang memberikan jaminan terlindung dari kerugian.
 ABSTRACT
 Bitcoin is an online payment system of peer-to-peer (P2P) electronic money sent directly from one party to another without going through a financial institution. Bitcoin does not have the legality to be used as a legal transaction tool because it is contrary to Undang-Undang nomor 7 of 2011 and Bank Indonesia Regulation number 17 of 2015 and Bitcoin ownership is only considered legal if Bitcoin is used as a crypto asset in the commodity futures exchange. The concept of Bitcoin according to Indonesian scholars is haram because it contains gharar and dharar and is against the law. Gharar is caused by the inventor or creator is not known with certainty, there is no authority to ensure the validity of transactions, has no intrinsic value, has no validity in the economic system, the value is unstable due to high volatility, difficult to announce due to the uncertainty of the owner. Dharar is caused by security factors that are vulnerable to hacking, fluctuating values so that prices can drop drastically and harm the owner, there is no regulation that guarantees protection from losses.
The invention of the computer which was originally a calculating machine (Difference Engine no. 1) which was discovered by Charles Babbage (1791- 1871) is something very famous in the history of computer development and is the first automatic calculator. With the very rapid development of the digital world, in 1983 an American cryptography expert David Chaum used cryptographic electronic money called e-cash, and in 1995, he implemented it through Digichash, which became the initial form of collaboration between the digital world of computers and Money, which is a cryptographic electronic payment instrument that requires user software to pull notes from the bank and designate a specific encrypted key before it can be sent to the recipient. And in 1996, the NSA, namely the United States National Security Agency, which was founded by President Harry S. Truman on November 4, 1952, had the task and function of collecting and analyzing communications from other countries, as well as protecting information belonging to the United States. The agency published a paper entitled How to Make a Mint: The Cryptography of Anonymous Electronic Cash, describing the Crypto currency system that first published it on the MIT mailing list, later in 1997, in the journal The American Law Review (Vol. 46, Issue 4). It was these researches that eventually led the developers to start developing what is known today as blockchain which is basically a distributed open ledger to record transactions between two parties efficiently and in a verifiable and permanent way. The discovery of Bit coin in 2009 which was declared as electronic money was developed by an institution or individual who has the initials Satoshi Nakamoto, the technology used is using a peer to peer network without centralized storage so that verification can be done anywhere in the world anywhere that dedicates a computer, to do this or it is called mining. Since 2009 other coins and tokens have started to appear, as we can see on CoinMarketcap which has more than 6000 coins and tokens. The utilization and use of this technology is still being debated from the point of view of Muslims in Indonesia, as stated by Yenny Wahid in the activities carried out by the Islamic Law Firm (ILF), this is due to the uncertainty of the asset value which can change at any time.
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Terrorism, Counterterrorism, and Political Violence
This study aims to determine the effect of Cryptocurrency, Intellectual Capital, Rupiah Exchange Rate, Leverage, and Return On Assets on stock prices. The objects of this research are banking companies listed on the IDX from June 2019 to March 2021. The sampling technique uses secondary data sources, namely data obtained or collected by researchers from various existing sources. The number of samples used as many as 46 banking companies. The analytical method used is the classical assumption test and multiple regression test.
 Based on the analysis conducted, it can be concluded that this study meets the requirements of the classical assumption test. Hypothesis testing using the t test shows that Cryptocurrency has no effect on stock prices before the Covid-19 Pandemic, and has a significant effect on stock prices during the Covid-19 Pandemic. Intellectual Capital has a significant positive effect on stock prices before Covid-19, and has no effect on stock prices during the Covid-19 Pandemic. Leverage has no effect on stock prices before and during the Covid-19 Pandemic. The Rupiah Exchange Rate has no effect on stock prices before and during the Covid-19 Pandemic. has a significant positive effect on stock prices before and during the Covid-19 Pandemic.
Zakat as means to help Muslims to increase their living standard and to sustain socio-economic justice. The efficiency in zakat management especially in zakat collection and zakat distribution is still lack due to low transparency and ineffectiveness distribution process. The evolving Fintech has become an important integrated practice, especially in financial transactions. Blockchain technology seems to increase the efficiency in zakat fund data collection which leads to enhance the effectiveness of zakat distribution. The purpose of this study is to identify the integration of Blockchain in zakat management to optimize zakat collection and zakat distribution. This study employed qualitative research, attempting to describe the contribution of Fintech in Zakat institutions. The synergy of Blockchain technology and zakat management contributes to higher transparency in the collection and distribution of zakat. However, there is a limitation on the integration of Blockchain technology in the zakat management which needs profound discussions in the future.
<p><em>The cryptocurrency industry has exploded, with an increasing number of individuals investing in digital assets — even Malaysians who adhere to Shariah financial norms. The surge in Islamic faith members' involvement in cryptocurrencies such as Bitcoin and Ethereum has given birth to Zakat payments. Zakat is the third pillar of Islam, and it compels Muslims to make charitable contributions if they have sufficient means. The major considerations to explore are whether zakat is required on cryptocurrency investments and how the community sees zakat on cryptocurrencies. As a result, this paper will investigate the prospect of </em><em>cryptocurrencies as a digital assets</em><em> being a new source of revenue for zakat from an Islamic perspective by acquiring appropriate rulings (fatwas) and then investigating community attitudes on zakat on cryptocurrency.</em><em></em></p>
The purpose of this study is to analyze cryptocurrencies based on the characteristics of money, legal perspective, economic perspective and sharia perspective. In this study, the methodology used is descriptive with a qualitative approach. The results show that in this case cryptocurrency can be accepted as money (from the perspective of money characteristics), cryptocurrency does not meet the criteria as a currency (currency perspective), cryptocurrency does not fully fulfill the function of currency (economic perspective), cryptocurrency is not a legal currency in Indonesia. (legal perspective) and the existence of two scholars' opinions (accept and prohibit) regarding cryptocurrency (sharia perspective)
The shariah issues involving cryptocurrencies include the permissibility of dealing with them given that they are not backed by assets, nor their value is guaranteed by any authority or party. This is in addition to their vulnerability to sharp fluctuations in their values and to electronic piracy; not to mention the infeasibility of controlling their use in illegal activities, such as financing the drug trade and so on. Shariah issues also include whether they possess the necessary shariah characteristics of a valid currency such that their circulation may be subjected to riba rules similar to gold, silver and conventional currencies. The chapter also investigates the extent to which the resemblance of cryptocurrencies to money may qualify them for waqf , such that they can be endowed as waqf ; whether as a charitable waqf or a family waqf . Since Bitcoin is currently the most popular cryptocurrency, the research takes it as a model in this study .
Cryptocurrency is a digital or virtual currency, which does not have a physical form like fiat money. This crypto currency can only be used through devices such as PCs, laptops, smartphones and other devices that connected to the internet. There are several advantages in a crypto system that uses blockchain system, such as transaction security, convenience, speed and can be used across countries and continents, however cryptocurrency which is currently circulating also still have weaknesses, including there is no supervisory authority, even many countries have disagreements over the legality of this cryptocurrency. The debate about pro and contra regarding to the use of cryptocurrency becomes dynamics among the experts including the scholars who have study from Islamic point of view. This reseach aims to examine the dynamics of using cryptocurrency from ushul fiqh point of view, where the methods which used in this research are al-qur’an, al-Hadits, Qiyas and Sad-Adzariyah. Basically the use of cryptocurrency is allowed to meet cetain conditions that is by removing batil elements as in Quran surah An-Nisa verse 29, those batil elements are gharar and mayshir. Moreover, cryptocurrency must also has clear legality in a country for security in their use.
Cryptocurrency is a form of digital storage that uses cryptographic techniques or secret passwords. This cryptocurrency is not controlled by an institution such as a bank, country or certain company but uses a decentralized server and cryptocurrency uses a system that cannot be controlled by anyone because it uses a network that can document transactions directly, without any third party. This review expects to get a thought meaning of Cryptocurrency and how the assessment of the researchers on it depends on sharia and Islamic law. This examination is a writing study. The information wellsprings of this examination were taken from the Qur'an, the hadith of the Prophet, traditional and contemporary books, the assessments of researchers just as from online media sources. From this exploration, it was discovered that Cryptocurrency or the utilization of virtual money can without a doubt be perceived as a brilliant progressive innovation, but its use as an investment instrument contains elements of maysir (betting) and as a business transaction instrument that contains elements of gharar, it contains tyranny and that including transactions that are prohibited in Islam.Keywords : Enterpreneurship, Cryptocurrency and Islamic Law.
Penelitian ini bertujuan untuk mengetahui keabsahan hukum teknologi cryptocurrency Litecoin dalam investasi dan transaksi bisnis dari perspektif hukum Islam. Teori yang digunakan adalah teori taksonomi bisnis haram lidzatihi dan haram lighairihi dari sejumlah ulama yang direkonstruksi oleh Adiwarman Abdul Karim. Penelitian ini merupakan penelitian kualitatif yaitu penelitian kepustakaan yang bersumber dari Al-Quran dan Hadist serta melalui qiyas dari hukum-hukum fiqh yang telah qat'i. Hasil penelitian ini menunjukkan bahwa teknologi Litecoin memang dapat diakui sebagai teknologi revolusioner yang sangat baik. Namun penggunaannya sebagai instrumen investasi mengandung unsur maysir (taruhan) dan sebagai instrumen transaksi bisnis mengandung unsur gharar, dan tidak memiliki manfaat syariah, sehingga status hukumnya haram.
Abstract: The emergence of innovation in the world of digital finance in recent years has received attention from various parties commonly known as financial technology. This innovation is in the form of crowdfunding and blockchain platforms. These two innovations can not only be used for commercial, but also social purposes, including waqf. There is a huge potential of cash waqf in Indonesia. However, the realization is relatively still low. This study aims to analyze at a glance waqf blockchain in Indonesia that can optimize the realization of waqf development in Indonesia. Qualitative research methods is used in this paper through the study of literature. The results of the study show that Indonesia is very likely to implement waqf blockchain because the Muslim population reaching more than 80%, the flexible concept of waqf fiqh and the emergence of the halal industry. The most challenges faced are related to waqf literacy to increase public awareness. Investigating about perceived intention to use waqf blockchain through questionnaire and a deep interview with the stakeholders is important for the future research. Keywords: technology, blockchain, waqf.