Cryptocurrency is a digital currency spread in peer-to-peer network all over the world. This network has a big accounting book called Blockchain which can be accessed by public. This article is doctrinal legal research with conceptual research. This article reviews digital money based on Jalbu Masalah wa Dar al-Mafasid accompanied by the implication of Saddu az-Zari’ah. The results show that Islamic law acknowledges the currency issued by the government. The existence of a country is a form of protection to the money owners from the acts of fraud in finance. Bitcoin and digital money are not included in the criteria mentioned in Islamic economy law because of it contains obscurity (jahalah), high speculation element, and can harm individual as well as the country. Bitcoin has no clear source, authentic balance, and it only has moral assurance.Mata uang kripto adalah mata uang digital yang tersebar dalam jaringan peer-to-peer di seluruh dunia. Jaringan ini memiliki sebuah buku akuntansi besar bernama Blockchain yang dapat diakses oleh publik. Artikel ini merupakan penelitian hukum doctrinal dengan pendekatan konseptual. Artikel ini melakukan kajian terhadap uang digital berdasarkan Jalbu Masalah wa Dar al-Mafasid sertai implikasi Saddu az-Zari’ah. Hasil penelitian ini menunjukkan bahwa hukum Islam mengakui keberadaan mata uang yang dicetak oleh pemerintah. Keberadaan negara merupakan wujud perlindungan kepada pemilik uang dari tindakan penipuan dan kecurangan dalam bidang finansial. Bitcoin dan uang digital tidak termasuk dalam kriteria yang disebutkan dalam hukum ekonomi Islam. Karena mengandung ketidakjelasan (jahalah), unsur spekulasi yang tinggi serta dapat merugikan individu dan negara. Bitcoin ini tidak mempunyai sumber yang jelas, saldo yang hakiki, dan hanya ada jaminan secara moril.
This paper conducts a bibliometric research in the literature on Fintech and Islamic finance. The data of this study consists of relevant articles obtained from the Scopus database as of February 2021. A keywords bundle related to Islamic finance and keyword has been used for the search, resulting in 89 publishments included in this research. Results show the stunning increase in the Islamic Fintech publishments after 2017, mainly in the fields of cryptocurrencies, micro-finance, impact investing, and SRI investing, and so on. The two main centers of Islamic Fintech research are Malaysia-Indonesia Region and the GCC area. The increasing number of Islamic Fintech publishments show the potential of the field for the industry's future.
Jan 1, 2021·Proceedings of the 1st Universitas Kuningan International Conference on Social Science, Environment and Technology, UNiSET 2020, 12 December 2020, Kuningan, West Java, Indonesia
Cryptocurrency in the perspective of Islam has currently become a subject undergoing intense study among researchers. The Islamic perspective of money, has specific characteristics and requirements, such as stability and is based on assets. These characteristics also applied to the Cryptocurrency as
Ahmada Khoirul Umam, Onny Herlambang Putra Wardhana, Ira Humaira Hany
Advances in technology that exist today, have brought people to a lot of reforms in various aspects; fashion, automotive, communication and payment systems. developments that exist in the payment system, not only mobilizing people to be able to transact more effective and efficient. Furthermore, it is able to lead humans to a monetary system reformation such as the existence of various cryptocurrencies. However, this progress must be able to be monitored, because we know that everything’s like two sides of a coin. Islam as a kaffah system has a responsibility to anticipate the various possibilities that exist. Through literature review in this paper, the author tries to provide various important matters in the dynamics of cryptocurrencies, and how the Islamic economy’s role in order to supervise, make a contribution to the existing dynamics.
Zakat as a tremendously effective tool for poverty minimization and social problems resolution, just like digital wallets can be used and optimized within the potential use of blockchain technology. Furthermore, zakat blockchain is one of the media instruments to cut the chain of zakat management and distribution, which is complex and requires much time. The synergy of amil zakat and muzakki in zakat blockchain is the right answer for welfare and time efficiency in distributing zakat to asnaf wherever they are. The methodology employed in this research was descriptive qualitative. This research was a descriptive study because it described or elucidated the combination of zakat and blockchain in Indonesia. The research approach used was qualitative. The objects of this research were zakat institutions in Indonesia. The subject of this research was the mechanism between muzakki and nadzhir in Indonesia This study’s results stated the importance of blockchain application and implementation for better zakat management
Transaksi pembayaran secara online tak hanya menggunakan nominal sejumlah uang, tetapi menggunakan alternatif metode pembayaran dengan menggunakan uang virtual atau disebut dengan bitcoin. Tujuan penelitian untuk menganalisis dan mengetahui pengaruh regulasi digital Cryptocurrency terhadap sistem pembayaran pada Usaha Mikro Kecil dan Menengah (UMKM), mengetahui seberapa banyak UMKM yang pernah menggunakan bitcoin, sejauh mana perkembangan dari bitcoin tersebut. Penelitian menggunakan metode kualitatif dengan data primer diperoleh dari penyebaran kuisioner dan data sekunder yang terkait dengan penelitian melalui buku, jurnal, data kementerian keuangan dan Bank Indonesia. Penelitian dilakukan di Kabupaten Banyumas dengan menggunakan sampel sebanyak 250 responden yang terdiri dari masyarakat pengguna mata uang virtual bitcoin baik UMKM maupun non UMKM. Pemilihan sampel melalui metode non probability sampling yaitu metode purposive sampling serta data dianalisis menggunakan analisis regresi linear berganda dengan alat bantu aplikasi SPSS. Variabel yang digunakan pada penelitian yaitu ketetapan Bank Indonesia, keamanan sistem, dan peraturan otoritas jasa keuangan sebagai variabel X sedangkan variabel Y adalah sistem pembayaran pada UMKM. Hasil analisis masing-masing koefisien regresi yakni b1 = -0,021; b2 = 0,043; b3 = 0,10. Kesimpulan penelitian yaitu regulasi penggunaan digital cryptocurrency memiliki pengaruh signifikansi yang relatif kecil terhadap sistem pembayaran pada UMKM di kota Purwokerto. Penggunaan bitcoin mengalami peningkatan walaupun belum ada aturan yang berlaku di Indonesia khususnya daerah Banyumas.
Program Studi Teknik Informatika, Universitas Telkom, Sarah Suryaningsih, Yoga Riandika, Program Studi Teknik Informatika, Universitas Telkom · 8 authors
Waqf has an important role in one aspect of Islamic in the economic sector. For document and evidence, waqf noted by nazir (receiver, guard, who maintains waqf) with paper and receipt. That is very vulnerable to losing waqf data which is because it is only documented by paper which is easy to lose or damaged. Based on that problem, then the waqf application based blockchain technology was developed which Aims to securing record data of waqf transaction so as not to be lost or hacked by irresponsible people, other than that for increase effectiveness in executing waqf transaction from wakif (a person who donates his property) side and nazhir (receiver, guard, who maintains waqf) side. The data collection methods used in this article are questionnaires and also interviews. This article confirms that waqf could be stored even better in security effort and saving data which is done digitally via website and android application. The results of the research which got a total result 95% with very feasible criteria, therefore the result of this research from this application have a very feasible score to be implemented for available waqf transaction because it has given more secure and effectiveness for the user.
Marganda Saut Parulian Sihombing, Jubaedah Nawir, Sri Mulyantini
Abstrak Tujuan dari penelitian ini adalah untuk mengetahui dan menganalisis pengaruh Cryptocurrency, Nilai Tukar dan Real Asset terhadap Harga Saham pada Perbankan Indonesia yang terdaftar di Bursa Efek Indonesia periode 2016- 2018. Penelitian ini menggunakan metode kuantitatif dengan desain explanatory research. Populasi dalam penelitian ini adalah seluruh perusahaan perbankan yang listed di Bursa Efek Indonesia yang berjumlah 43 perusahaan perbankan. Penarikan jumlah sampel menggunakan metode probability sampling dengan teknik simple random sampling, dan berdasarkan rumus slovin jumlah minimum yang di jadikan sampel sebanyak 39 perusahaan. Teknikoanalisispdata menggunakan analisisyregresii lineariberganda dengan menggunakan program Eviews 7.Hasil hipotesis menunjukkan bahwa Cryptocurrency berpengaruh positif terhadap Harga Saham. Nilai Tukar Rupiah berpengaruh positif terhadap Harga Saham. Harga Emas berpengaruh positif terhadap Harga Saham. Untuk itu disarankan kepada calon investor yang ingin membeli saham agar terlebih dahulu melihat kondisi pasar saham berdasarkan analisa makro ekonomi seperti cryptocurrency, nilai tukar rupiah dan harga emas dunia, karena ketiga faktor ini terbukti dapat mempengaruhi naik turunnya harga saham sektor perbankan.
<p>Abstract<br />This article aims to know the use of cryptocurrency can replace conventional money as a means of payment in Indonesia. This article belongs to the type of normative legal research that is prescriptive to produce a new concept in resolving the problems faced by supported by a legal approach and a case approach. The data used is secondary data with primary binding and fundamental material. Data collection techniques using library studies. The data analysis technique used by the authors is a silogism analysis. The results showed that cryptocurrencies are difficult to substitute for conventional currency use as a means of payment in Indonesia because there is no centralized authority governing as well as the value of a relatively unstable cryptocurrency from Conventional currency that has been circulating in Indonesia is the rupiah, it is difficult to use cryptocurrency as a means of payment at the least level of Use daily.<br />Keywords: Payment Tools; Paymeny Systems; Conventional Currency; Cryptocurrency.</p><p>Abstrak<br />Artikel ini bertujuan untuk mengetahui penggunaan cryptocurrency dapat menggantikan uang konvensional sebagai alat pembayaran di Indonesia. Artikel ini termasuk ke dalam jenis penelitian hukum normatif yang bersifat preskriptif untuk menghasilkan konsep baru dalam menyelesaikan permasalahan yang dihadapi, didukung dengan pendekatan undang-undang dan pendekatan kasus. Data yang digunakan merupakan data sekunder dengan bahan hukum primer yang sifatnya mengikat dan mendasar. Teknik pengumpulan data menggunakan studi kepustakaan. Teknik analisis data yang digunakan penulis merupakan analisis silogisme. Hasil penelitian menunjukkan bahwa cryptocurrency sulit untuk menggantikan kegunaan mata uang konvensional sebagai alat pembayaran di Indonesia karena tidak ada otoritas terpusat yang mengatur serta nilai dari cryptocurrency yang relatif tidak stabil dari mata uang konvensional yang sudah beredar di Indonesia yaitu rupiah, maka sulit untuk menggunakan cryptocurrency sebagai alat pembayaran di tingkat paling kecil yaitu penggunaan sehari-hari.<br />Kata Kunci: Alat Pembayaran; Sistem Pembayaran; Uang Konvensional; Cryptocurrency.</p>
Cryptocurrency payment system with Bitcoin is an important factor in realizing a smart economy in Banyumas Regency because Cryptocurrency process does not depend on third parties, transactions can be carried out easily and without fees, safe and open source. Growth and development of Cryptocurrency as a virtual currency is very significant along with technological advances. Cryptocurrency as a virtual currency has had a positive and possibly negative impact on user community, both big, middle-class business actors and MSME players. Problem in this study is whether digital Cryptocurrency model of bitcoin as a payment system can be used to develop MSME. Research objective was to analyze benefits of digital cryptocurrency with bitcoin model to be used as an integrated payment model for developing MSME (Micro, Small and Medium Enterprises). This study used a qualitative analysis method in form of questions used to obtain in-depth data analysis to prove relationship between independent variable and dependent variable. Nature of research is correlational which examines extent of relationship between two or more variables. Primary data were collected through questionnaires and interviews with respondents using non-probability sampling techniques as many as 250 respondents consisting of MSME business players and public as customers in Banyumas Regency. Conclusion from results of analysis for this research is that variables of Usefulness, Reliability, Functionality, and Efficiency partially have a significant effect on use of digital cryptocurrency technology, bitcoin model as a payment system for MSME development.
The study aims to elaborate on the Shari’ah issues regarding cryptocurrencies. The research found that overall Shari’ah challenges in studying this unprecedent issue can be confined to Bitcoin since it is the first cryptocurrency with its own protocol and laws, and the later versions of the cryptocurrency started using the protocol of Bitcoin. Bitcoin was distinguished being the only cryptocurrency that is classified as decentralized, whereas the subsequent versions of the currencies, which were introduced as an alternative to Bitcoin, such as Ethereum, were centralized by their issuer. Also, the tokens are merely representing the assets which were collected through it. The overall Shari'ah issues were summarized in terms of its asset and monetary consideration, impact of price fluctuations, decentralization, anonymity, and the mechanism of mining which PoW (Proof-of-Work) and PoS (Proof-of-Stake). This study has concluded on the Shari’ ah permissibility of the PoW system which is used in Bitcoin, and PoS system which is used in Ethereum. The contract is based on Ju’alah contract. As a principle, the study could not conclude the Shari’ah non-permissibility of exchanging, trading or investing in Bitcoin, and similar cryptocurrencies. These cryptocurrencies are subjected to all the guidelines related to exchange of currencies (sarf) and rulings of Riba buyu’ (sale on credit) and Riba duyun (interest on debt). Also, it will be subjected to monetary Zakat rulings. However, dealing with mining groups, electronic platforms, as well as investing in these currencies through various websites, may contain executing agreements and contracts that contain conditions not compliant to Shari’ah. These agreements should be examined in the light of the provisions of the Islamic law. Also, users should be cautious against falling into the net of fraudsters on the Internet. The research recommends to hold-up investing in these recent currencies because of the rapid volatility and to avoid exposing the wealth to high risk.
Sukuk are the most popular Islamic products and have experienced the most development and development since their launch. However, this market suffers from large numbers of obstacles and challenges that the Islamic financial community is committed to containing and solving them. The non-standardization of practices, the high costs of the issuing operation, and in particular the lack of diversity of investors and issuers of sukuk, which currently is limited to governments and large companies, are all among the main development challenges. of the sukuk market. Thus, and by their specificities which make it possible to stall this large number of obstacles, the "smart Sukuk" have become the future of emissions of sukuk in the Islamic financial industry. Their structure using blockchain and smart contract technology improves transparency and eliminates fraud and speculation in sukuk transactions. This new way of issuing sukuk has also been designed to avoid the participation of intermediaries and save their additional costs, which is currently one of the main obstacles to the development of the current sukuk market. In our article, we are committed to studying the central question: Blockchain and smart sukuk, are they a new determinant of development of the sukuk market? Thus, we will present the smart sukuk, their application methods, their current uses and we will focus on their specificities which allow to overcome the current obstacles of the development of the sukuk market.
The recurrence of global financial crisis catalysed the advancement of the financial technology which in this study proposes conceptual model for Cryptocurrency based Islamic financing Instrument. The paper is an attempt in proposing the conceptual model of Unified Theory of Acceptance and Use of Technology (UTAUT) to determine factors influencing the adoption which derived from the literature review. Thus, the model proposes a direct relationship between variables of FC and BI and maintaining moderating factors of GEN and AGE while USE, EXP and VOL variables were removed. The paper expected to contribute to the development of a theoretical knowledge of UTAUT theory that expand the current limited studies on adoption of cryptocurrency based Islamic financing. The study also provides contribution to financial technology firms, academicians, regulators and practitioners on future work extension in applications in relation to Islamic instruments model adoption with end client. Nevertheless, the proposed conceptual model is set forth as the underlying approach for future empirical study validation in keeping with the technology momentum.
Kemajuan bidang teknologi dan komunikasi pada kenyataannya banyak disalahgunakan oleh kelompok teroris. Kelompok teroris menggunakan salah satu teknologi transaksi keuangan daring berupa cryptocurrency untuk tujuan ilegal. Hal ini dikarenakan tradisi hawala yang sudah tidak memungkinkan lagi untuk dilakukan dan terdapat beberapa prinsip cryptocurrency yang memberikan peluang lebih besar bagi kelompok teroris untuk bertransaksi serta mencari dana untuk kegiatan operasional mereka. Makalah ini ingin menjawab bagaimana kelompok teroris menggunakan kecanggihan teknologi saat ini berupa cryptocurrency sebagai jalan alternatif dari tradisi hawala untuk tujuan ilegal, dan apa bentuk tindakan penanganan yang baik bagi masalah ini. Makalah ini bertujuan untuk mengeksplorasi cryptocurrency dari sisi sistem, cara penggunaan, tradisi transaksi tradisional hawala, dan bentuk konkret penggunaan cryptocurrency oleh kelompok teroris. Makalah ini juga akan membahas tentang peluang aktor non negara lainnya seperti perusahaan teknologi swasta dalam membantu menangani penyalahgunaan cryptocurrency. Makalah ini menggunakan organizational approach terorisme dan konsep digital counterterrorism.
The presence of cryptocurrencies is basically an alternative model for providing decentralized money and payment. They provide a payment system model that no longer has to rely on third parties such as banks or governments to ensure that the payer can deliver the agreed-upon funds. In contrast, cryptocurrency systems inspire trust in decentralized, uninterrupted computer programs, which theoretically cannot deceive their users. The focus of the study in this research is related to the regulation of cryptocurrencies, especially Bitcoin, in Indonesia and Ukraine. Using Bitcoin in Indonesia and Ukraine to pay for goods or services is illegal. In this study, the method used is a normative legal research method. This method analyzes how the legal system reacts to a new problem that has not been regulated by legislation or systemic and comprehensive precedents, in this case, cryptocurrency. The normative legal research method is based on the post-positivism paradigm. Research results, in general, find that cryptocurrency is the antithesis of capital money. First, cryptocurrencies are neutralized by third parties being removed from the global system of economic actors. Second, as a medium of exchange, cryptocurrencies oppose fiat money. Despite the lack of material situation (use-value), the issuance of cryptocurrencies is not controlled by fractional reserve lending, thereby ultimately reducing the fundamental requirements of negative excess of capitalism to continue to grow. Abstrak Kehadiran mata uang kripto pada dasarnya merupakan model alternatif untuk menyediakan uang dan pembayaran yang terdesentralisasi. Mereka menyediakan model sistem pembayaran yang tidak lagi bergantung pada pihak ketiga seperti bank atau pemerintah untuk memastikan bahwa pembayar dapat mengirimkan dana yang telah disepakati. Sebaliknya, sistem mata uang kripto menginspirasi kepercayaan pada program komputer terdesentralisasi dan tidak terputus, yang secara teoritis tidak dapat menipu penggunanya. Fokus kajian dalam penelitian ini terkait dengan regulasi mata uang kripto y khususnya Bitcoin di Indonesia dan Ukraina. Saat ini, penggunaan Bitcoin di Indonesia dan Ukraina untuk membayar barang atau jasa dianggap ilegal. Dalam penelitian ini metode yang digunakan adalah metode penelitian hukum normatif, metode ini digunakan untuk menganalisis bagaimana sistem hukum bereaksi terhadap suatu masalah baru yang belum diatur oleh peraturan perundang-undangan atau preseden yang sistemik dan komprehensif, dalam hal ini mata uang kripto. Metode penelitian hukum normatif didasarkan pada paradigma post-positivisme. Hasil riset secara umum menemukan bahwa mata uang kripto adalah antitesis dari kapital uang. Pertama, bahwa cryptocurrency dinetralkan oleh pihak ketiga yang dikeluarkan dari sistem global pelaku ekonomi. Kedua, sebagai alat tukar, mata uang kripto menentang uang fiat. Terlepas dari kurangnya situasi material (nilai guna), penerbitan mata uang kripto tidak dikendalikan oleh peminjaman cadangan fraksional, sehingga pada akhirnya mengurangi persyaratan mendasar kapitalisme untuk terus tumbuh. Kata kunci: Hukum Mata Uang Kripto, Bitcoin, Kebijakan, Ideologi, Indonesia, Ukraina
AbstractZakat payments are increasingly developing in the current digital era, the Shackwell Lane Mosque in Hackney, London, England accepts zakat payments in other forms other than cash which is of cryptocurrencies such as Bitcoin. Related to the halal controversy and the prohibition of the use of bitcoin digital currency in Islamic law, Zayd al-Khair as a religious adviser at the mosque said, if Islamic scholars have argued and supported the use of cryptocurrencies. The purpose of this study is to find out and understand the use of bitcoin as a purpose of payment of zakat that is legal and accordance with Islamic law or not, in the sense that nothing deviates from the principles of Islamic law. The research method used is normative juridical. Bitcoin can be said to be haram because it contains the element of gharar and cannot be used as zakat payment. This is reinforced by the MUI fatwa No. 13 of 2011 about the law of zakat on haram assets which emphasizes that haram assets cannot be the compulsory object of zakat. AbstrakPembayaran zakat semakin berkembang di era digital saat ini, Masjid Shackwell Lane di Hackney, London, Inggris menerima pembayaran zakat dalam bentuk lain di luar uang tunai yaitu berupa mata uang kripto seperti Bitcoin. Terkait dengan kontroversi halal dan haramnya penggunaan mata uang digital bitcoin dalam hukum Islam, Zayd al-Khair sebagai penasihat agama di masjid mengatakan, jika para cendekiawan Islam telah berdebat dan mendukung penggunaan mata uang kripto. Tujuan penelitian ini yaitu untuk mengetahui dan memahami penggunaan bitcoin sebagai alat pembayaran zakat yang sah dan sesuai dengan hukum Islam atau tidak, dalam arti tidak ada hal-hal yang menyimpang dari prinsip hukum Islam itu sendiri. Metode penelitian yang digunakan yaitu tipe penelitian yuridis normatif. Bitcoin dapat dikatakan haram karena mengandung unsur gharar dan tidak dapat digunakan sebagai pembayaran zakat. Ini diperkuat dengan Fatwa MUI No 13 Tahun 2011 tentang Hukum Zakat atas Harta Haram yang menegaskan bahwa harta haram tidak bisa menjadi objek wajib zakat.
Abstract The contention surrounding Bitcoin’s acceptability and usage has an unsettled premise in both conventional and Sharīʿah law, although digital and cryptocurrencies reflect a lasting reality. This research analyses this contention by examining the concept of currency and/or money and the underpinning trust reposed on its issuing authority against the notion that cryptocurrencies and fiat money differ only in form but share the same substance and purport. Qualitative methodology provides an analysis from conventional as well as Sharīʿah viewpoints to examine the extent cryptocurrencies can gain admittance in contemporary conventional and Islamic finance and economy. The methodology entails non-empirical secondary data sourced from libraries and online databases comprising journal articles, textbooks, newspapers and reports subjected to doctrinal content analysis. Research outcomes show division among stakeholders, including conventional and Sharīʿah scholars, regarding Bitcoin and cryptocurrencies. Further research is recommended inter alia on ways to adopt Shariah-compliant cryptocurrencies worldwide.
In the situation of the Covid-19 plague, many organizations are raising funds to help local governments to obtain additional sources of funds that will be distributed to those in need. Trust is an important factor for the parties involved in raising these funds, both in terms of the funder, the service provider of fundraising platform and even the fundraiser. On this occasion, the author tries to analyze how to implement blockchain technology and smart contracts in the dominant schemes of crowdfunding process. the results of this study indicate that blockchain-based smart contracts can be applied to the dominant schemes of crowdfunding process.
Bitcoin is a cryptographic-based digital commodity, also known as virtual currency or digital currency, which is used as a means of transactions and investments. In Indonesia the use of bitcoin is not merely a matter of technology, but has entered the realm of fiqh. An interesting phenomenon related to this is the response of several Islamic organizations and also study forums at Islamic boarding schools in Indonesia in addressing the bitcoin issue. Among them is Bahtsul Masail, the Nahdlatul Ulama Regional Manager (PWNU) in East Java in 2018. According to Bahtsul Masail's decision on the fiqh view of the use of bitcoin as a transaction and investment tool, it is legal, and may be used for muamalah. This is different from the results of the bahtsul masail in Ma'had Aly Hasyim Asy'ari Tebuireng Jombang, that bitcoin is classified as a virtual asset like dain (accounts receivable). And can be used as a legal transaction tool. But if bitcoin is used as an investment tool then the law is haram because the bitcoin exchange rate is very volatile. Based on this background, a problem arises, namely how to analyze the decision of Bahtsul Masail Ma'had Aly Hasyim Asy'ari about bitcoin and use what method to view bitcoin. The type of research used is library research. Using a normative legal approach (doctrinal), then the research is presented using descriptive techniques. In bahtsul masail using the ijtihad jama'i and ijtihad tatbiqi methods, in bahtsul masail using the term ilhaq, based on evidence, that bitcoin is equated with speculation (gambling), it is illegal.
Cryptocurrency is virtual money that does not have a physical form or concrete form in cyberspace. One of the few types of crypto money is bitcoin. The use of bitcoin as a means of payment in e-commerce lately has become increasingly widespread and unstoppable, even though the government has banned the practice. In early 2019, the government of Indonesia issued regulations regarding the legalization of bitcoin (crypto assets) in Commodity Futures Trading. The dual function of bitcoin as a commodity and exchange tool raises the pros and cons of scholars and economists. This study aims to obtain answers about bitcoin and cryptocurrencies, its usage in commodity futures trading according to the perspective of Islamic law and bitcoin’s chance as sharia commodity in Indonesia. The theory applied is a theory of legitimate and vanity business transactions in Islam. This research is a literature study and is qualitative. The data analysis technique used is descriptive-analytical with normative juridical Islamic law approach. This research found that cryptocurrency can be traded in Islamic commodity exchanges, provided that the State issues or create their cryptocurrencies whose price depends on gold or the country's currency. Bitcoin cannot be used as a commodity in Sharia Derivative Contracts in Indonesia, because it contains a lot of speculation, may and is vulnerable to use for illegal activities. Bitcoin is ḥ ar â m lighairihi or haram because of external factors, so it should be avoided. Keywords : Cryptocurrency, Bitcoin, Commodity Futures Trading, Sharia Derivative Contracts. Abstrak Cryptocurrency adalah mata uang virtual yang tidak memiliki bentuk fisik atau wujud konkrit dan terdapat di dunia maya. Salah satu dari beberapa macam uang kripto yaitu bitcoin . Penggunaan bitcoin sebagai alat pembayaran dalam transaksi jual beli online belakangan ini semakin marak, meski pemerintah telah melarang praktek tersebut. Pada awal tahun 2019, pemerintah Indonesia telah menerbitkan peraturan tentang dilegalkannya bitcoin (kripto aset) dalam Perdagangan Berjangka Komoditi. Dwifungsi bitcoin sebagai komoditas dan alat tukar transaksi online memunculkan pro dan kontra di kalangan ulama dan pakar ekonomi. Penelitian ini bertujuan memperoleh jawaban seputar mata uang kripto sebagai komoditas di Indonesia dan bagaimana peluang bitcoin sebagai subjek dalam komoditi syariah di Bursa Komoditi. Teori yang diterapkan adalah teori transaksi bisnis yang sah dan batil dalam Islam. Penelitian ini merupakan studi pustaka dan bersifat kualitatif. Teknik analisis data yang digunakan adalah deskriptif analitis dengan pendekatan hukum Islam yuridis normatif. Dari penelitian ini didapatkan hasil bahwa cryptocurrency dapat diperdagangkan dalam bursa komoditi syariah dengan syarat, negara melindungi perdagangan tersebut dengan payung hukum serta menerbitkan mata uang kripto dimana penetapan harganya bersandar pada emas atau mata uang negara tersebut. Bitcoin tidak bisa dijadikan komoditas dalam Kontrak Derivatif Syariah di Indonesia, karena bitcoin masih mengandung spekulasi, maysîr dan rentan digunakan untuk kegiatan ilegal. Bitcoin hukumnya ḥarâm lighairihi atau haram karena faktor luar, maka sebaiknya dihindari. Kata Kunci : Cryptocurrency, Bitcoin, Perdagangan Berjangka Komoditi, Kontrak Derivatif Syariah.
In view of Islamic law Ethereum as a digital asset that is traded in cyberspace.The value of cryptocurrency surges and fluctuates, it is influenced by buying and selling demand. Indodax exchange is an official digital asset site in Indonesia that trades more than 40 digital currencies.The purpose of this study is to analyze whether cryptocurrency is worthy of value as money having a certain value, and also seen from the Indonesian government through Bank Indonesia has issued regulation No. 16/8/PBI/2014, which explicitly prohibits the use of bitcoin, Ethereum and altcoin for use in financial transactions in cash. So that raises research questions how the cryptocurrency law in the form of coin ethereum in Islamic law. The results of this study explain ethereum has advantages and disadvantages. Among its advantages is that users can use exchanges or transactions without a third service (bank), and can be traded at merchandise stores.However, ethereum losses are more frequent, such as fluctuating values each time, not listed as commodities, not watched by the Financial Services Authority (OJK), they present elements of gharar (uncertainty) and maysir (gambling) or (betting), which are used for money laundering and purchase of illegal drugs.Keywords: Cryptocurrency, Ethereum, Digital asset