This study aims to determine and understand whether bitcoin can be categorized as a means of payment exchange in Indonesia and how the legality of positive Indonesian law in regulating bitcoin issues. The research method used is a normative research method. The approach method used in this research is the statutory approach and the conceptual approach. Bitcoin clearly does not meet the requirements of money in theory and the Currency Act only recognizes the rupiah as a legal medium of exchange, and under the Currency Act, bitcoin cannot be said to be money. Apart from not being able to be said to be bitcoin money, it can also not be said to be electronic money. Law No. 7 of 2011 concerning Currency, it is stated that Indonesia only recognizes Rupiah as a legal medium of exchange for Bitcoin and Other Virtual Currency” which basically states that bitcoin and other virtual currencies are not legal tender in Indonesia, so the risk associated with the use of bitcoin is borne by the owner. or the bitcoin user concerned. This study aims to determine and understand whether bitcoin can be categorized as a means of payment exchange in Indonesia and how the legality of positive Indonesian law in regulating bitcoin issues. The research method used is a normative research method. The approach method used in this research is the statutory approach and the conceptual approach. Bitcoin clearly does not meet the requirements of money in theory and the Currency Act only recognizes the rupiah as a legal medium of exchange, and under the Currency Act, bitcoin cannot be said to be money. Apart from not being able to be said to be bitcoin money, it can also not be said to be electronic money. Law No. 7 of 2011 concerning Currency, it is stated that Indonesia only recognizes Rupiah as a legal medium of exchange for Bitcoin and Other Virtual Currency” which basically states that bitcoin and other virtual currencies are not legal tender in Indonesia, so the risk associated with the use of bitcoin is borne by the owner. or the bitcoin user concerned.
Countries in the world still do not have the same nature in compiling rules related to cryptocurrency, therfore it is very important to study the legality of using cryptocurrency as a means of payment in Indonesia. This paper aims to analyze the legal protection for the society related to the use of cryptocurrency as a payment. In particular cryptocurrency has two usability functions, namely as a medium of exchange and as a commodity. As a medium of exchange, cryptocurrency has currency characteristics because it can be accepted as a means of payment within a certain scope and its value is maintained because the number of issuance is limited. But the cryptocurrency is not a legitimate and official currency because it does not have the authority to issue and regulate, manage circulation and distribution, maintain its exchange value and all these functions are carried out by the computing system so that accountability is still doubtful.
The increasingly widespread development of the digital era has led to changes in the payment system which then affects the economic behavior of the community in line with the increase in various services that facilitate economic activity. An example is the emergence of crypto currency or Cryptocurrency as a digital currency that has almost the same function as other currencies. The thing that distinguishes this digital currency from conventional currencies in general is that it does not have a physical form of money like currency currency but only a block of data bound by a hash as validation. Although it provides a number of advantages for its users, the existence of cryptocurrencies in Indonesia itself is still experiencing pros and cons in terms of regulation and legality, especially from the point of view of Islamic law for its use. Therefore, this study was conducted to review cryptocurrencies that are widely used in transactions, especially investments from the perspective of Islamic law. This research is a qualitative library research. The data analysis technique used is descriptive-analytical with a normative juridical approach to Islamic law. Based on a number of references used in this study, it is known that investing with cryptocurrencies has a very high risk because its value can go up or down drastically and unpredictable. Meanwhile, from the point of view of Islamic sharia law, the law of this cryptocurrency transaction is haram lighairihi.
Safe-haven assets conserve their value or grow against another asset or portfolioduring market turmoil. Indonesian stock market, represented by the Jakarta composite index (JKSE), plunged in price because of COVID-19, pushing investors to look for safe-havens. The cryptocurrency began to be perceived as a store of value as indicated by the transaction volume increase; hence it was expected to be a safe haven asset. However, cryptocurrency’s high price volatility cast doubts on its store of value effectiveness, prompting inspection for its safe haven property as well. This research aimed to predict the assets' risk and return plus investigate whether cryptocurrency is safe haven assets against the Indonesian stock market during COVID- 19. Daily closing prices of JKSE, Bitcoin, Ethereum, Litecoin, and Ripple were used, then the GARCH model was implemented in the forecasting. DCC-GARCH model, followed by dummy variable regression, will be applied to the return data to evaluate the safe haven property. The prediction projected Bitcoin as the most profitable asset andRipple as the riskiest. The analysis and robustness test suggested that none of these cryptocurrencies were safe haven assets during the whole observation. This indicates that investors who intend to seek safe haven investments were advised against investing in these cryptocurrencies.
Investasi pada zaman modern ini tidak hanya sebatas emas, saham, obligasi dan lain-lain. Seiring berkembangnya zaman muncul sejenis instrumen investasi baru yang bernama Cryptocurrency. Cryptocurrency adalah mata uang digital dengan sifatnya yang desentralisasi. Desentralisasi artiannya adalah metode pelaksanaan traksaksi tanpa adanya pihak ketiga sebagai perantara. Akan tetapi ada juga resiko akibat dari investasi jenis cryptocurrency ini, seperti terjadinya tindak money laundering (pencucian uang) dikarenakan sifat dari cryptocurrency ini yaitu desentralisasi sehingga jika terjadi transaksi yang mencurigakan sulit untuk dilakukan pembekuan ataupun pemblokiran akun dan uang. Yang lainnya adalah sistem pemajakan terhadap keuntungan dari Cryptocurrency ini masih kurang tegas sehingga terjadinya tindak tax avoidance (penghindaran pajak). Penelitian yang dilakukan adalah untuk mengkaji permasalahan terkait pencegahan money laundering (pencucian uang) dan juga tindak tax avoidance (penghindaran pajak). Adapun penelitian ini menerapakan metode penelitian hukum normatif. Berdasarkan penelitian yang dilakukan, didapatkan bahwa kasus money laundering (pencucian uang) didalam cryptocurrency ini terjadi karena fitur anominity dimana identitas aslinya tidak dapat dilacak dan dilindungi oleh sistem. Sehingga adanya celah untuk melakukan tindakan kejahatan seperti pencucian uang. Akan tetapi berdasarkan data yang dipaparkan kasus money laundering (pencucian uang) dalam cryptocurrrency sudah menurun dikarenakan adanya kerjasama antara platform/exchanger dengan PPATK untuk meminimalisir terjadinya kasus tersebut, dan juga praktik tax avoidance (penghindaran pajak) terjadi karena masih adanya ketidakjelasan sistem pemajakan terhadap cryptocurrency. Dapat disimpulkan bahwa pelaporan pajak atas keuntungan cryptocurrency wahib dilaporkan dan tidak susah untuk prosedurnya. Diharapkan adanya kesadaran dari investor untuk melaporkannya sendiri karena sifat pemajakan di Indonesia bersifat self assesment.
The purpose of this study is to find out the solutions that can be done if there is a loss in bitcoin investment.Along with technological developments, virtual currencies were created to facilitate the process of electronic transactions. Bitcoin is a virtual currency using a peer to peer network that is fully controlled by the user. Its value continues to increase every year, many use bitcoin as an asset in investment. In this study, a normative juridical method was used by collecting data from various sources and laws and regulations related to the discussion in research. Referring to Law Number 7 of 2011 concerning Currencywhich states that the rupiah is the only legal currency, so there is no regulation regarding the legality of using bitcoin in Indonesia so it cannot be said that it is safe to use bitcoin as an investment asset. If there is a loss caused by investing in bitcoin, the settlement can use litigation or non-litigation channels. Tujuan Penelitian ini adalah untuk mengetahui legalitas investasi bitcoin dan untuk mengetahui penyelesaian sengketa dalam investasi bitcoin yang terus mengalami peningkatan. Seiring perkembangan teknologi, diciptakannya mata uang virtual untuk mempermudah dalam proses transaksi elektronik. Bitcoin merupakan mata uang virtual dengan menggunakan jaringan peer to peer yang sepenuhnya dikontrol oleh pengguna. Nilainya yang terus meningkat tiap tahunnya, banyak yang menggunakan bitcoin sebagai aset dalam investasi.Dalam penelitian ini digunakan metode yuridis normatif dengan mengumpulkan data dari berbagai sumber dan peraturan perundang-undangan yang terkait dengan pembahasan dalam penelitian. Mengacu pada Undang-Undang Nomor 7 Tahun 2011 tentang Mata Uang yang menyatakan rupiah adalah satu-satunya mata uang yang sah, dengan begitu belum ada regulasi mengenai legalitas penggunaan bitcoin di Indonesia sehingga belum bisa dikatakan aman menggunakan bitcoin sebagai aset investasi. Jika terjadinya kerugian yang ditimbulkan akibat investasi bitcoin, maka penyelesaiannya bisa menggunakan jalur litigasi maupun non litigasi.
AbstractLegalization of cryptocurrency transactions in Indonesia is a breath of fresh air for the community. The increase in cryptocurrency investors every year shows that there are promising benefits from the transaction process. Even though Indonesia's economic condition is currently experiencing a recession, it has no impact on the sustainability of cryptocurrency transactions. So it can be said that this transaction can be an opportunity for tax revenue. However, it is unfortunate that there are no specific tax rules that regulate the collection of income tax on profits derived from cryptocurrency transactions in Indonesia. Based on these problems, the purpose of this study is to analyze the income tax collection system and law enforcement of income tax payments for cryptocurrency transactions in Indonesia. And the research method used is normative law by conducting extensive interpretation to find law (rechtsvinding). Keywords: Cryptocurrency; Income Tax; Tax Law Enforcement.AbstrakDilegalkannya transaksi cryptocurrency di Indonesia merupakan angin segar bagi masyarakat. Bertambahnya investor cryptocurrency pada setiap tahunnya menandakan bahwa terdapat suatu keuntungan yang menjanjikan dari proses transaksi tersebut. Meskipun kondisi perekonomian Indonesia yang sedang resesi saat ini, ternyata sama sekali tidak membawa pengaruh terhadap keberlangsungan transaksi cryptocurrency. Sehingga dapat dikatakan bahwa adanya transaksi tersebut bisa menjadi suatu peluang penerimaan perpajakan. Namun disayangkan belum tersedianya aturan pajak yang khusus untuk mengatur pemungutan Pajak Penghasilan atas keuntungan yang diperoleh dari transaksi cryptocurrency di Indonesia. Sehingga pemerintah belum bisa secara optimal mengontrol penerimaan pajak dari transaksi cryptocurrency di Indonesia. Berdasarkan permasalahan tersebut tujuan dari penelitian ini adalah untuk menganalisis sistem pemungutan Pajak Penghasilan serta penegakan hukum pembayaran Pajak Penghasilan atas transaksi cryptocurrency di Indonesia. Dan metode penelitian yang digunakan adalah hukum normatif dengan interpretasi ekstensif guna menemukan suatu hukum (rechtsvinding).Kata Kunci: Cryptocurrency; Pajak Penghasilan; Penegakan Hukum Pajak.
I Gede Hendrawan Saputra, I Dewa Putu Surya Wardana

 
 
 
 The current technological development is so fast, including in the world of economy. Technological developments in this economic aspect can be seen from the types of payment systems that are so developed. In this era of globalization, Bitcoin appears which can be used as a means of payment. Bitcoin is a new currency or electronic money created in 2009 by a person who uses the alias Satoshi Nakamoto. Bitcoin is mainly used in internet transactions without using intermediaries or not using bank services. In Indonesia, there is no regulation on Bitcoin itself. The absence of laws governing Bitcoin in Indonesia causes unclear legal consequences related to transactions using Bitcoin. The use of Bitcoin is commonly applied in Indonesia, but regulations regarding the currency used in Indonesia as a legal means of payment have been regulated in Law Number 7 of 2011 concerning Currency, which is only the rupiah currency that can be used, which raises questions about legality. bitcoin and the legal consequences of Bitcoin transactions as a means of payment in Indonesia. This will cause various legal problems, one of which is related to the aspect of legal protection for consumers who use bitcoin payments in the event of a loss when making payments through the bitcoin system. With the absence of specific regulations governing bitcoin payments, it can be said that this system is not certain to be safe to use because there is no legal certainty that regulates it
 
 
 
Program Studi Ilmu Komunikasi Universitas Kristen Petra Indonesia, Lady Joanne Tjahyana
Cryptocurrency Dogecoin awalnya dianggap sebagai meme coin namun telah mengalami kenaikan nilai tukar sebanyak 800% pada Januari 2021 dan bertambah lagi sebesar 400% pada April 2021. Hal ini tidak lepas dari dukungan kuat dari komunitas cryptocurrency Dogecoin dan top public profiles pada media sosial Twitter. Penelitian ini menggunakan metode digital netnography untuk melihat pola komunikasi jaringan komunitas cryptocurrency Dogecoin di Twitter. Komunitas yang diteliti tidak terpusat pada akun komunitas tertentu namun meliputi seluruh akun Twitter yang aktif berdiskusi mengenai Dogecoin. Batasan penelitan adalah pada tanggal 1 April - 9 Mei 2021 bertepatan dengan beberapa peristiwa penting yang terjadi. Data yang digunakan adalah semua percakapan pada Twitter dengan kata kunci "Doge" dan diambil menggunakan social network analysis tools Brand24 dan Netlytic. Penelitian ini menemukan adanya 5 tipe interaksi yang merupakan pola komunikasi jaringan Dogecoin. Pola komunikasi yang ditemukan pada penelitian ini dapat memberikan masukan bagi pengembang Dogecoin dan cryptocurrency lainnya tentang pentingnya memberikan informasi yang dapat meyakinkan komunitas untuk tetap hold sebuah cryptocurrency. Kemudian pentingnya membina komunitas yang saling mendukung dan memberi semangat di antara anggota komunitas, dan pentingnya bekerjasama dengan top public profiles untuk memberikan keyakinan dan konfirmasi untuk mengatasi keresahan komunitas terkait volatility yang tinggi dari sebuah cryptocurrency.
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
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. Keberadaan bitcoin sebagai mata uang virtual dianggap legal, atau diperbolehkan dengan syarat, yaitu jika diakui oleh negara. Pasalnya, hak dan kewajiban mengurus iqtishadiyah termasuk penerbitan mata uang baru menjadi kewenangan negara. Dalam hal ini bitcoin tidak dikeluarkan oleh negara dan tidak diakui oleh Bank Indonesia, sehingga bitcoin merupakan mata uang yang dianggap tidak legal di Indonesia. Konsep bitcoin menurut ulama klasik dan ulama kontemporer meliputi: a. Bitcoin dalam hal fungsi; pada dasarnya sama dan tidak ada perbedaan. b. sisi legalitas; Bitcoin adalah mata uang ilegal di Indonesia. c. sisi kelemahan; bitcoin dapat digunakan sebagai alat pencucian uang. bitcoin adalah mata uang digital yang dapat digunakan oleh negara maju. Dia sangat berpengaruh dalam lalu lintas ekonomi modern. Hukum penggunaan bitcoin sebagai mata uang atau transaksi bisnis adalah haram li ghairihi, karena pelarangannya disebabkan oleh hal lain, bukan substansi bitcoin itu sendiri. Dan juga karena sifatnya yang tidak pasti yang memungkinkannya menimbulkan kerugian dan merugikan banyak orang Kata kunci : bitcoin, haram li ghairihi,legalitasmoney laundryingdan ekonomicNegara
Cut Niswatul Chaira, Hafas Furqani, Dara Amanatillah
Alat pembayaran atau uang terus mengalami inovasi dan berevolusi mulai dari bentuk tunai menjadi bentuk non tunai atau disebut juga uang elektronik. Kemunculan bitcoin sebagai salah satu dari virtual currency menimbulkan pro dan kontra di berbagai kalangan. Ada yang membolehkan ada pula yang mengharamkannya. Penelitian ini bertujuan untuk menjelaskan konsep mata uang dalam perspektif ekonomi Islam dengan menganalisis bitcoin sebagai salah satu dari virtual currency. Metode yang digunakan dalam penelitian ini adalah metode kualitatif deskriptif. Sumber data diperoleh dari hasil wawancara dengan beberapa akademisi dari bidang ekonomi dan pihak regulator yaitu Bank Indonesia dan Otoritas Jasa Keuangan (OJK). Data dianalisis dengan mendeskripsikan konsep bitcoin sebagai mata uang virtual dalam perspektif ekonomi Islam. Hasil penelitian ini menjelaskan bahwa dalam ekonomi Islam mata uang harus memiliki underlying asset dan dijamin oleh pemerintah. Sedangkan bitcoin tidak memiliki underlying asset, tidak jelas siapa penerbitnya dan tidak ada yang bertanggung jawab. Banyak unsur ketidakjelasan yang dimiliki oleh bitcoin. Bahkan di Indonesia belum ada regulasi secara resmi dan masih dalam tahap pengkajian oleh para ulama. Oleh sebab itu, Bank Indonesia menghimbau kepada masyarakat untuk bertransaksi dengan rupiah karena sesuai dengan Undang-Undang No 7tahun 2011 tentang Mata Uang.
Cryptocurrency sudah menjadi hal penting dalam bertaransaksi ataupun investasi saat ini. Namun uang digital ini masih memiliki sisi negative dan juga positif dari beberapa negara, Sebagian negara berpendapat bahwa Cryptocurrency merupakan sebuah teknologi yang harus didukung karena memberikan dampak ekonomi yang baik bagi negara, namun di sisi lain ada negara-negara yang masih skeptis dengan Cryptocurrency, mereka berpendapat desentralisasi yang menjadi dasar uang digital ini akan sangat berbahaya karna sulitnya untuk melacak transaksi yang dilakukan oleh pengguna dan dikhawatirkan akan memberikan kemudahan kepada para pelaku untuk melakukan kejahatan seperti penjualan narkotika, terorisme dan pencucian uang. Dalam penelitian ini akan melihat aturan-aturan apa saja yang sudah di terapkan di Indonesia untuk mengatur penggunaan Cryptocurrency dalam aktifitas sehari-hari dan juga akan membahas terkait bagaimana negara-negara lain mengatur terhadap perkembangan Cryptocurrency
Globalization encourages technological progress so that its development is utilized by terrorist organizations in expanding their movements. Terrorist organizations utilize digital financial transaction technology, namely cryptocurrency, as part of their funding activities. This condition is influenced by the shift in traditional funding methods that have begun to switch to digital media, so the emergence of cryptocurrencies has a great opportunity in terrorism financing activities globally. Over the past few years there has been a phenomenon of using cryptocurrencies by terrorist groups for funding purposes. This research article wants to explain how terrorist organizations use cryptocurrency as a new medium in digital financial funding. The research was conducted using qualitative methods with the theory of the use of funds by terrorist organizations covering the stages of receipt, management, transfer and spending. The results of the study show that cryptocurrencies are at each stage of the use of funds either as a medium or a source of funding which is shown through models or schemes related to the use of cryptocurrencies for terrorism financing. In addition, an exploration of the movement of terrorism financing was carried out from the traditional to the digital realm. Furthermore, recommendations are given regarding the role of the state in efforts to handle the phenomenon of financing terrorism using cryptocurrencies.
The paper aims to provide a review of literature on the Islamic social institution of WAQF, dissecting the components of WAQF and the classic Islamic laws that guide its formation and implementation. WAQFs are Islamic social finance institutions that have played a critical role in achieving sustainable development in Islamic society. During the Ottoman era, it was operated effectively to ensure the founder's wishes until the advent of Islamic finance. The study highlights the challenges that the WAQF institution faces and the viability of the Blockchain system in mitigating these challenges and managing WAQF across the globe, which should help achieve the convectional objectives WAQF. Approach/Methodology/Design: The study reviewed the most recent research papers on the WAQF Islamic social finance institution to isolate the institution's components, legal framework and challenges, and outline the solutions Blockchain system can provide.
Tarkhani Ayoob Ibrahim Ahmed, Mohamad Sabri B. Zakaria
This research study will endeavour, in principle, to make a significant contribution to the field of zakat management. It basically aims at suggesting a unique approach that would be practical and effective in managing the zakat sector through blockchain technology. The paper additionally deals with several current challenges encountered in the adopted approaches of managing zakat in Muslim societies; including, inter alia, inefficiency, lack of transparency in terms of fund collection, managing and distribution. In the meantime, it is hoped that blockchain technology would be adoptable effectively to address such relevant problems in a transparent and immutable manner in effect. This article will basically adopt the qualitative and data collection method. Main data will be collected through articles and dissertations because related data mainly exists in the articles and thesis rather than books. This study assumes certain fiqhi (Islamic jurisprudence) issues of using blockchain for managing zakat distribution such as establishing full-possession or tamlīk (Ownership), transporting zakat funds, and transferring zakat funds directly without ruler or government interference. The findings of this paper indicate that providing a novel method, which would contribute to reducing routine procedures and playing an effective role to put an end to the administrative and financial inefficiencies that have paralysed zakat institutions. The main significant aspect of this research will be establishing an active Technological Department for the purpose of serving charitable projects and reconstructing the trust between groups managing zakat and donors.
Tujuan penelitian untuk mengetahui kointegrasi, kausalitas berikut pengaruh antara Bitcoin dan nilai tukar Rupiah. Metode penelitian uji regresi linier sederhana dengan metode ARCH- GARCH, Kointegrasi Johansen, dan Kausalitas Engel Granger. Data Bitcoin dan nilai tukar menggunakan data mingguan selama enam tahun (2013-2019). Penelitian ini mendapatkan Bitcoin tidak memiliki kointegrasi jangka panjang dengan nilai tukar Rupiah. Hubungan kausalitas berbentuk pola satu arah yang terjadi pada Bitcoin terhadap nilai tukar Rupiah. Bitcoin memiliki pengaruh positif terhadap nilai tukar Rupiah. Transaksi Bitcoin tidak memenuhi salah satu rukun maupun syarat dalam al-sharf sehingga tidak sesuai dengan ketentuan syariat Islam serta transaksi tidak dapat dibatalkan walaupun terjadi pending order. Bitcoin lebih beresiko pada maysir, batil, dan gharar.
Abdulloh Hamid, Anis Fittria, Ubbadul Adzkiya, Santi Andriyani
The emergence of bitcoin as a means of transaction and investment in the virtual world is intriguing to be studied. Many countries in the world have different perspectives upon the law of bitcoin itself. In Indonesia, the regulation on electronic money is in Indonesian Bank Regulation Number 20/6/PBI/2018 and MUI Fatwa Number 116/DSN-MUI/IX/2017. However, both have not specifically regulated bitcoin. As something new, bitcoin is necessary to be studied in the perspective of Islamic law. The research is a literature study utilizing content analysis to approach the data. The findings of the results are that bitcoin as a means of transaction is permissible (mubah) since there is a similar handover (taqabudh)--that there is a bitcoin to handover, there is no gambling (maisir), speculation (gharar), haram, riba, and false, and that the transactions is on a willingness basis (antharodin) of the both parties. Second, bitcoin as a means of transaction is haram if there is an uncertainty which is close to gharah and maisir, bitcoin as an investment tool has more damages than benefits.
Mohd Faizal Yusof, Lisasari Ab. Rasid, Ridzuan Masri
Bitcoin spearheaded the rise of cryptocurrencies since it was first launched in 2009. The concept of bitcoin as digital currency was first published publicly in the 2008 well-known whitepaper by pseudonymous Satoshi Nakamoto. The whitepaper outlined a self-serving peer-to-peer transaction network concept based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party such as financial institutions. Since then, thousands of cryptocurrencies have been launched mostly through token offerings as an alternative approach of raising funds for blockchain, technology projects, and start-ups. People are holding cryptocurrencies mostly as digital asset investments. Some individuals made huge profits from buying cryptocurrencies at their initial offerings and sold later when the prices increased. Some crypto millionaires were born from such trades. However, many people lost their investment as well due to many factors. Some were due to bad investment decisions, and some fall into scams and investment programs run by dishonest peoplewith promises of highly lucrative returns. As trading and owning cryptocurrencies are becoming common, governments and policymakers around the world are coming up with proper and comprehensive regulations for cryptocurrencies. In the context of Malaysia, in which zakat collections and distributions are of state matters, this paper discusses the implementation of zakat payment platform for cryptocurrencies at zakat institutions. This paper seeks to contribute to the academic development, blockchain technology, and zakat management.
This article supports decision-makers for the use of blockchain technology in academies and industry in Indonesia, considering its advantages and disadvantages. Like the current Covid 19 pandemic, it is necessary to obtain accurate data in various economic sectors. Islamic economic instruments such as waqf are an important sector, proven to have played a significant role in socio-economy throughout history, as a philanthropic tool and contribute to Islamic civilization. If developed, managed and utilized properly, it can create sustainability for the community. A method that relies on previous literature, this qualitative paper aims to contribute to encouraging the government to use blockchain for waqf. We outline terms and concepts related to how blockchain works and theoretical trust to investigate how blockchain affects the role of trust in waqf transactions. The results using the SWOT framework, we discuss what emerges from blockchain technology in waqf. The conclusion of this study discusses how blockchain can contribute to waqf instruments based on a conceptual framework. We hope to stimulate interest in theory and practice to encourage discussion in this area.
The existing crowdfunding platforms still operate using centralized system. While centralized system can operate well, it requires a third party intermediary in order to operate and thus does not completely provide data security and transparency of crowdfunding activities. In addition, the existence of a third party intermediary in a crowdfunding activity also causes the existing processing costs to be expensive. Therefore, the crowdfunding system needs to be built in a decentralized manner so that it eliminates the need for third parties as intermediaries in the crowdfunding process. This study proposes a prototype of decentralized crowdfunding system using Ethereum blockchain and smart contract technology. The result of system functionality test using black box testing method shows that all functionality of the crowdfunding system can run properly while operate in decentralized architecture.
Money has changed its form many times throughout history and has begun to turn into digital form as an alternative to the current situation. The newest type of money form is a cryptocurrency which has been developed independently of any central authority. The usage areas of cryptocurrencies are increasing day by day. Bitcoin is one of the most accepted cryptocurrencies in the world, which was issued in 2009, dominated the cryptocurrency market and attracted the attention of large masses with its rapid rise in value. Cryptocurrency market size exceeded $800 billion in early 2018. Most of the cryptocurrency users want to get a share from value increases of cryptocurrencies. However, these behaviours are not in line with the philosophy of cryptocurrencies. Cryptocurrencies also cause problems of legitimacy for Muslim users in termsof Islamic Jurisprudence (Fiqh). Although many religious institutions and Islamic scholars say that cryptocurrencies are haram, several Islamic scholars consider that they are halal. In our study, the legitimacy of cryptocurrencies in terms of Fiqh is analysed multidimensional employing the existing literature and fatwas. Furthermore, we attempt to determine the features of Islamic cryptocurrency.
Seiring perkembangan zaman yang berdampak pada perkembangan teknologi di mana dunia saat ini sudah mengenal apa yang disebut internet, sistem pembayaran pun menemukan arah baru. Ada yang menginginkan digitalisasi sistem pembayaran namun tetap menggunakan instrumen konvensional, maka muncullah uang elektronik. Namun ada juga yang menginginkan digitalisasi sistem pembayaran dengan menggunakan instrumen digital juga, maka muncullah uang digital atau dikenal dengan cryptocurrency. Di Indonesia otoritas keuangan Sentral baru menerbitkan izin untuk uang elektronik begitu juga dengan Dewan Syariah Nasional Majelis Ulama Indonesia yang mengeluarkan fatwa tentang kebolehan uang elektronik. Pada kenyataannya masyarakat Indonesia selain telah menggunakan uang elektronik mereka juga telah menggunakan uang digital.
The development of the digital era is increasingly widespread, encouraging changes in the payment system that provides services that facilitate economic activity. This also affects the economic behavior of the community. For example, the emergence of crypto currency or cryptocurrency as a digital currency, has almost the same function as other currencies. The difference is, crypto currencies do not have a physical form like fiat currency but in the form of blocks of data bound by hashes as validation. Despite providing a number of advantages for its users, the existence of cryptocurrency in Indonesia is still subject to debate both in terms of regulation and legality, especially from the perspective of Islamic sharia for its use. This article is conducted to review cryptocurrencies that are widely used in transactions, especially investments from the perspective of Islamic law. This research is a qualitative literature review. The data analysis technique in this study is descriptive-analytical with a normative juridical approach to Islamic law. Based on a number of references cited in this study, it is known that investing with cryptocurrency has a very high risk because its value can rise or fall derastically and predictably.