Virtual Economies continue to be a global phenomenon, and cryptocurrency is prominent in this process, and it can be attained by playing blockchains. The rise of non-fungible tokens (NFTs) is also increasing the demand for Ethereum. Thus, these features encourage many people to earn money while playing it that even young people (most likely undergraduate students) invest. There is no doubt that it is a good business for financial risk and problems, it also provides much more significant opportunities and applications. Somehow the notions of blockchain technology provides some negative outcomes, specifically in the behavioral aspects of them. In this paper, the researchers focused on socioeconomic status and behavioral aspects of the players and considered these two as the factors in their perspective about the blockchain games. The results on socioeconomic shows that most of them are playing because of financial problems and sees this as an opportunity to have an income. The results on Behavioral impacts through pareto analysis shows that most respondents suffer from the negative impact of playing blockchain games, 66% of the respondents has lack of sleep, 53.5% less focus in studies, 39.5% less interactive and more. Tukey method is also use to analysis whether which questions is significantly important in terms of obtaining and analysis the results from the survey conducted. In conclusion the socioeconomic stand is likely to affect their perspective in the blockchain games and shows that these games can lead to addiction because of the time spend in playing, the anxiety with the game and other negative outcomes.
The investment world today is vying for profit from investing in cryptocurrencies, so this encourages young people, especially students, to invest in cryptocurrencies, but financial literacy, herding behavior, and risk perception are things that influence investment decisions. The aim of this study was to identify the factors that influence studentsâ decisions to invest in cryptocurrencies. The research method used is quantitative, using questionnaires distributed to students in Bali; the sample in this study was active students currently studying at universities in Bali, Indonesia, totaling 179 samples; questionnaires were distributed using the Google form and analyzed using Warp PLS. The results show that investment decisions, herding behavior, and risk perception are all significantly and positively influenced by financial literacy. Perceived risk and herding behavior have a significant influence on investment decisions. Perceived risk and herding behavior can partially mediate financial literacy on investment decisions. The influence of financial literacy on investment decisions will be stronger if it is through perceived risk with a coefficient value of 0.412 and herding behavior with a coefficient value of 0.422. Based on the studyâs conclusion, it is important for investors, especially students, to prioritize improving their financial literacy before investing in cryptocurrencies. Additionally, investors should be aware of the potential impact of herding behavior and perceived risk on their investment decisions and take steps to mitigate their influence.
This study attempts to assess individualsâ Bitcoin, Ethereum and Litecoin literacy, and then identifies different profiles based on the literacy levels of these cryptocurrencies, and further investigates whether financial literacy explains Bitcoin, Ethereum and Litecoin literacy. Using a sample from higher learning institutions in Malaysia, the results indicate that individuals exhibit higher knowledge on Bitcoin compared to Ethereum and Litecoin. Cluster analysis revealed two clusters, where the high-cryptocurrency-literacy cluster (high in Bitcoin, Ethereum, and Litecoin literacy) has a distinct demographic profile and higher financial literacy than the low-cryptocurrency-literacy cluster (low in Bitcoin, Ethereum, and Litecoin literacy). Financial literacy is shown to explain Bitcoin and Ethereum literacy, but not Litecoin literacy.
Rafles Ginting, David Crystopher, Khristina Yunita
Mental accounting is in the form of a series of cognitive operations used by individuals to code, categorize and evaluate their financial activities which is a development of prospect theory, where each individual has a tendency to classify money into certain groups according to a criterion. From this background, the researcher has the main objective of this study, which is to find out the meaning of mental accounting for the investment decisions of Indonesian cryptocurrency investors. Mental accounting may have some kind of meaning on investment decisions, especially cryptocurrencies, so this study aims to find out what leads to mental accounting in Indonesian cryptocurrency investors. This research method uses a qualitative phenomenological approach with in-depth interview primary data. The results show that the application of mental accounting helps investor in managing portfolios and finances, but anomalies in mental accounting and prospect theory can make investors make high-risk investment decisions and are prone to causing losses.
The transformation of information technology gave birth to the latest innovations, one example of which is public access to the financial transaction sector. The purpose of this study is to determine the effect of tax collection on cryptocurrency transactions and financial literacy on the intention to invest in cryptocurrency. This research uses a type of research using quantitative methods whose data uses statistical analysis and uses numbering. The population used in this study is all millennial generation in the istmewa area of Yogyakarta. The sample used for this study was a millennial generation with an age range of 18-50 years totaling 114 people. Sample collection technique with snowball sampling model where the distribution of questionnaires to resonence is carried out online, how to distribute questionnaires using social media (WhatsApp, Twitter, and Instagram). The study used multiple linear regression analysis. In the research that has been done, it can be concluded that tax collection on cryptocurrency transactions does not have an influence on investment intentions. Financial literacy has a positive influence on the intention to invest in cryptocurrencies. The results of research and discussion of each variable illustrate that financial literacy has an influence on the intention to invest in cryptocurrency for respondents, most of whom are students. This proves that financial literacy such as understanding and skills in managing finances have been applied well by students when deciding to invest.
Purpose â This study tries to find out what factors influence the intention to use cryptocurrency from a social and religious perspective using Self Determination Theory (SDT) and Theory of Planned Behavior (TPB).Methodology â Respondents were chosen using purposive sampling targeting z generation and analyze using Structural Equation Modeling - Pooled Least Square (SEM-PLS). 100 respondents took part in this study and analyze using SmartPLS 3.2.9 Software.Findings â The result of this study indicates that FoMO and Islamic financial literacy does not have influences on intention to use cryptocurrency while Attitude has a positive effect on intention to use cryptocurrency. The other finding of this study is religiosity and subjective norms has influence on attitude while higher level of religiosity will increase the Islamic financial literacy.Implications â Theoretically, this study contributes to financial behavior and financial technology study. Practically, this study can be used by developer of sharia investment platform to optimize their product. Because even all of our respondents are a moslem, majority of them didnât investing in sharia product but also donât have intention to engage in Cryptocurrency. Originality â We believe this study is the first empirical study that investigates the intention to use cryptocurrency from a religious perspective, specifically Islamic financial literacy.
<strong>ABSTRACT: </strong>Cryptocurrency, an innovative asset class that is widely adopted by investors around the world. Indonesia is no exception to this, increasing the investor adoption up to 12 million investors in 2022. This number is very significant compared to Indonesia stock market investors that is only around 7 million investors. Various literatures have covered cryptocurrency in terms of pricing strategy and technicalities, so this paper extends the understanding of cryptocurrency dynamics from a behavioral finance perspective that is still less developed in Indonesia. This paper aims to explore the relationship between financial literacy, behavioral bias as well as its implication on the investment decision making process and investment performance from the perspective of investors based on Indonesiaâs cryptocurrency investors at online communities. This paper used Structural Equation Modeling (SEM) to predict the relation between variables. Our results show that financial literacy has an impact on each behavioral bias. While the behavioral biases that investigate in this study have different result in term of impact on decision-making process and the investment performance. Overconfidence, herding and anchoring are the biases that significantly influence invertorâs decision making in scope of cryptocurrency market in Indonesia. This study outcome may help investors understand and increase the awareness of investorâs investment behavior and decision-making process, and parallel to that the regulators and other stakeholders may use the insight to improve investorâs protection.
Alexander Suriadi, Andreas Dongan Wibawa, Setiani Putri Hendratno
Investment is a financial activity known by many people. With the advance of technology, people can now invest in digital currency. The purpose of this study is we would like to know the factors affecting mental accounting. Whether financial literacy, investment decision, and overconfidence affect mental accounting regarding investment activities in cryptocurrency. To do this, we use a quantitative method with six-point Likert scale questionnaires as a measurement to collect samples. The questionnaires are shared with individuals from different regions that have or do not have an experience in investing activities. In addition, the demographic is further categorized into age, gender, and education level. We got 279 samples, mainly from Southeast Asia and a few from East Asia, Europe, and North America. The data will be processed using SEM-PLS software to conduct the result. The finding implies that investing in cryptocurrency is strongly affected by the investorâs behaviour, such as mental accounting. Overconfidence is a significant factor contributing to investorsâ mental accounting and investment decisions, while financial literacy is only associated with decision-making and not related to mental accounting.
Abstract An investment decision is a discretion adopted by investors in selecting or determining the placement of their investment funds. Investments are always fraught with uncertainty, as the investment occurs in the present while the benefits come in the future. Investment is essentially the deployment of capital now to gain profit in the future. This study aims to examine the effect of financial literacy, risk perception, and overconfidence on cryptocurrency investment decisions while taking investment experience as a moderating variable. The data used were primary data collected directly from 200 respondents. The sampling technique used was non-probability sampling with a purposive sampling technique. Respondents who completed questionnaires were examined quantitatively, and subsequently; SPSS was employed as an analytical tool. The results indicate that financial literacy and risk perception have a significant effect on cryptocurrency investment decisions. On the other hand, overconfidence has no significant effect on cryptocurrency investment decisions. In addition, investment experience has a positive and significant effect on investment decisions. Investment experience has a significant moderating effect between financial literacy and risk perception toward cryptocurrency investment decisions. However, investment experience has no significant effect as a moderating variable between overconfidence and cryptocurrency investment decisions.
Pengambilan keputusan memiliki peran penting dalam perilaku keuangan terutama terkait perilaku investor didasarkan pada berbagai bias psikologis, perilaku, volatilitas pasar dan peluang untuk memaksimalkan keuntungan. Investor seringkali bertindak secara tidak rasional dalam pengambilan keputusan suatu investasi terutama investor muda milenial yang lebih mengincar keuntungan dari volatilitas harga. Penelitian ini bertujuan menguji atau merumuskan hipotesis yang mempengaruhi pengambilan keputusan investor dari behavioral finance yang terdiri dari overconfidence, gamblerâs fallacy, mental accounting, disposition effect, dan hindsight terhadap investment decision. Selain itu, studi ini juga menganalisa peran Risk perceptions sebagai variabel mediasi antara Overconfidence terhadap investment decision. Dengan menggunakan Teknik convenience sampling, didapatkan jumlah responden sebanyak 452 investor sebagai responden. Metode analisis data yang digunakan adalah Partial Least Squares â Structural Equation Modelling (PLS-SEM). Hasil penelitian menunjukkan bahwa gamblerâs fallacy dan mental accounting berpengaruh signifikan terhadap investment decision. Lebih lanjut, studi ini juga membuktikan hubungan signifikan antara overconfidence terhadap investment decision dengan risk perceptions sebagai variabel mediasi.
Penelitian ini dimaksudkan untuk mengetahui seberapa tinggi atau rendahnya tingkat literasi investasi cryptocurrency pada muslim generasi Z. Penelitian ini menggunakan metode kuantitatif deskriptif dengan pengumpulan data menggunakan kuesioner skala dikotomis dan penyajian data menggunakan SPSS Statistics 26 dengan Uji Validitas Skala Guttman, Uji Reabilitas dan tabel distribusi frekuensi dengan Bar Chart. Hasil penelitian menunjukkan bahwa tingkat literasi cryptocurrency muslim generasi Z adalah 36,9%. Perbedaan persentase tingkat literasi cryptocurrency terhadap muslim generasi Z tidak begitu jauh melihat bahwa persentase tingkat literasi rendah mencapai 30,8%, tingkat literasi rendah 36,9%, dan tingkat literasi tinggi 32,31%. Hal ini dapat menjelaskan bahwa generasi Z masih harus meningkatkan pemahaman dan pengetahuan akan cryptocurrency apabila ingin berinvestasi di masa yang akan datang. Kata kunci: Cryptocurrency, literasi, dan generasi Z.
In Malaysia, over RM 800 million transactions were processed in one cryptocurrency platform. The central bank of Malaysia has made e-payment one of its top targets to execute a cashless payment system. However, an in-depth analysis of the literature shows a dearth of research focusing on the influencers of cryptocurrency mobile wallet acceptance, especially the intention to use them continuously. Therefore, this study uses the Post-Acceptance Model of IS Continuance to determine the elements influencing the continuance intention of cryptocurrency mobile wallets in Malaysia. This research also investigates the impact of perceived security, effort expectations, and social influence on the intention to continue the usage of cryptocurrency mobile wallets. The empirical evidence from 106 current cryptocurrency respondents shows that: (1) perceived security and satisfaction are significant factors of continuance intention, and (2) performance expectancy, effort expectancy, and social influence are insignificant factors of continuance intention. It reveals perceived security as one of the critical elements in continuance intention in the cryptocurrency field.
Latar Belakang : Perkembangan teknologi menyebabkan banyak inovasi yang tercipta seperti cryptocurrency pada awalnya dibuat untuk menggantikan uang konvensional pada akhirnya banyak negara yang sekarang lebih memilih menjadikannya sebagai aset digital termasuk Indonesia menjadikanya sebagai instrumen investasi.
 Tujuan : Penelitan ini bertujuan untuk menganalisis bagaimana pengaruh persepsi manfaat, persepsi kemudahan penggunaan, pengetahuan konsumen dan promosi terhadap penggunaan cryptocurrency sebagai instrumen investasi pada konsumen PT Indodax Nasional Indonesia. Pengaruh antara variabel independen dan dependen di penelitian ini diuji secara parsial dan secara simultan.
 Metode : Bentuk penelitian yang digunakan dalam penelitian ini yaitu penelitian kuantitatif dengan eksplanatory research.
 Hasil : Hasil penelitian menunjukkan variabel persepsi manfaat (X1), persepsi kemudahan penggunaan (X2), pengetahuan konsumen (X3) berpengaruh secara signifikan terhadap penggunaan cryptocurrency sebagai instrumen investasi.
 Kesimpulan : Melalui nilai adjusted R square juga diketahui bahwa variabel persepsi manfaat, persepsi kemudahan penggunaan, pengetahuan konsumen dan promosi berkontribusi sebesar 55,7%, terhadap variabel penggunaan cryptocurrency sebagai instrumen investasi sedangkan sisanya sebesar 44,3%, dipengaruhi oleh variabel lainnya yang tidak dibahas dalam penelitian ini.
Cryptocurrency is gaining popularity worldwide, with some countries already starting to regulate and accept cryptocurrency in their financial services. Malaysiaâs Securities Commission (SC) announced in October 2021 that over MYR 16 billion (USD 3.85 billion) involving digital assets and cryptocurrencies were traded between August 2020 and September 2021. Since cryptocurrencies are issued by private corporations and are technically beyond the federal governmentâs control, criminals may use them for illegal reasons such as money laundering and terrorist funding. Consequently, it is vital to examine why investors are engaged in cryptocurrency in the first place. This study aims to provide insight into Malaysian investorsâ perceptions by evaluating the influence of perceived risk and perceived value on their cryptocurrency adoption decision. The retail investorsâ demographic characteristics (gender, age, education, income, and investment experience) were analyzed as control variables. Data were gathered using purposive sampling, and responses from 211 respondents from various cities in Malaysia were used in the final analysis. Data were examined using Smart PLS Structural Equation Modelling (PLS-SEM). Based on the findingâs, perceived value was found to have a significant influence on cryptocurrency adoption. Meanwhile, perceived risk had no significant influence on the adoption of cryptocurrency among the Malaysian investors.
Muhammad Ikhlas Rosele, Abdul Muneem, Azizi Bin Che Seman, Luqman Haji Abdullah ¡ 7 authors
This research aims to study whether zakat is due on cryptocurrency (Bitcoin) and to address the issues related to imposing zakat upon it. This study is conducted based on the qualitative research method following the inductive method and explanatory research approach. The findings show that Bitcoin is recognised as a digital asset in many countries and the tax is imposed accordingly. As such, Bitcoin is among the zakatable assets since it meets the conditions of zakat on assets. Moreover, Bitcoin as a digital currency would also be zakatable if a country recognises it as currency, as would any regulated digital currency issued by a government. Imposing zakat on Bitcoin would boost the total amount of zakat collectible, which would be beneficial for needy people. Further research is recommended to provide the zakat model for Bitcoin and other cryptocurrencies.
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.
Margaretha S. N. Mait, Marthinus Mandagi, Abdul Rahman Dilapanga
Since regional autonomy in 2004, it has brought major changes in government administration in Indonesia. The decentralization policy has changedâthe system of governance shift from previously centralized to decentralized. Tomohon City is one of the autonomous regions where the government strives to provide maximum service to the community, especially developing development. The purpose of this article is to discuss the role of the government's internal supervisory apparatus in preventing fraud in the management of village funds. This study uses a qualitative approachâdata collection techniques using interviews, observation, and documentation. The data analysis technique uses the stages of data reduction, data presentation, and verification. The results showed that the role of the Tomohon City Inspectorate was as Fraud Prevention in the Management of Village Funds, (1) Quality Assurance. The role of the Tomohon City Inspectorate in quality assurance (performed through an audit, monitoring, review, evaluation, and other supervisory activities. (2) Providing advice. The role of the government's internal supervisory apparatus is to provide an objective and independent assessment of the feasibility of the governance structure and the effectiveness of government organizations/agencies. (3) Providing early warning that is early detection of problems that occur in each agency before other parties find out. They are required to provide solutions and formulate anticipatory steps so that problems that occur do not occur.
Technological development has affected the global financial industry. The use of digital currency is increasingly gaining a place among the worldâs population, so much so that there are 2486 types of digital currency on record. Scholars in Islamic finance as well as Fatwa institutions all over the world have delivered their religious decree concerning the digital currency; hence, most discussions about the use of the decree was only directed at Bitcoin as a medium of payment although some digital currencies have other functions, such as being utility and security tokens. Therefore, the decree concerning other digital currencies cannot apply the decree issued for Bitcoin only because each digital currency has a different conceptual framework. Hence, this study, which applied the qualitative approach and a descriptive research design, intended to analyse the classification of digital currencies according to their function and characteristics. The findings show that digital currency is classified into coins, currency, tokens, payment tokens, utility tokens and security or asset tokens. Coins function as a medium of payment and store of value that was developed using its own blockchain. Currency is a medium of exchange and can be exchanged with any form of money, including the crediting or debiting of an account. Tokens represent services, financial instruments or infrastructure that is developed using the blockchain technology of other digital currencies. Tokens are divided into three types according to their function, namely payment tokens, utility tokens and security or asset tokens. The classification of digital currencies provides a guideline for the public who wish to carry out transactions using digital currencies. It is important to ensure that transactions carried out in accordance with the syarak will help alleviate cases of fraud related to investment and sale of digital currencies.
Meiryani Meiryani, Monika Sujanto, ASL Lindawati, Arif Zulkarnain ¡ 5 authors
The purpose of this study is to analyze the auditorâs perception of the implementation of technology transformation such as: blockchain and CAATs that can affect audit quality at the Big Four Public Accounting Firm in Jakarta. This study uses quantitative research methods using a combination of primary and secondary data. The data collection techniques used in this study was questionnaires. The sample was taken using purposive sampling method, which resulted in 60 respondents. Data analysis was carried out with SmartPLS 3.0 and IBM SPSS 26 software which resulted in the conclusion that the auditorâs perception of the implementation of blockchain had a significant positive effect on audit quality, while the auditorâs perception of the implementation of CAATs had no significant positive effect on audit quality.
"Cryptocurrencies have become the buzzword among society, especially after some prominent companies such as Wikipedia, Microsoft and Amazon accept the use of cryptocurrencies. Nonetheless, accounting treatment of cryptocurrencies appears to be a challenging area for standard setters, financial statement preparers, and also users. This is mainly because elements of cryptocurrency do not explicitly fall under any existing accounting standards. The fact that cryptocurrencies are held for different business models and intentions may affect how it should be treated under accounting standards. Hence, this research aimed to examine factors that affect the accounting treatment of cryptocurrencies in Malaysia. Different factors were examined including the function of cryptocurrencies, conceptual framework of financial reporting and the legal status of cryptocurrencies. Targeted respondents involved in this research were accountants in Malaysia. Data collected were analysed using SPSS and SmartPLS 3. SPSS was mainly used to analyse the demographics of respondents whereas SmartPLS 3 was used to carry out reflective measurement model and structural model evaluation. The results concluded that all the independent variables which are the functions of cryptocurrencies, conceptual framework of financial reporting, and the legal status of cryptocurrencies have a significant relationship with the accounting treatment of cryptocurrencies. The results of this study provide an insight about factors that standards setters and financial standards should consider when accounting for cryptocurrenciesâ transactions in order to provide faithful representation and relevant information. Some limitations and suggestions are included in this research to provide ideas for future researchers to carry out further research. Keywords: Cryptocurrencies, Accounting Treatment"
Sin Yee Teh, Angeline Kiew Heong Yap, Siew Chin Wong
Cryptocurrencies have become the buzzword among society, especially after some prominent companies such as Wikipedia, Microsoft and Amazon accept the use of cryptocurrencies. Nonetheless, accounting treatment of cryptocurrencies appears to be a challenging area for standard setters, financial statement preparers, and also users. This is mainly because elements of cryptocurrency do not explicitly fall under any existing accounting standards. The fact that cryptocurrencies are held for different business models and intentions may affect how it should be treated under accounting standards. Hence, this research aimed to examine factors that affect the accounting treatment of cryptocurrencies in Malaysia. Different factors were examined including the function of cryptocurrencies, conceptual framework of financial reporting and the legal status of cryptocurrencies. Targeted respondents involved in this research were accountants in Malaysia. Data collected were analysed using SPSS and SmartPLS 3. SPSS was mainly used to analyse the demographics of respondents whereas SmartPLS 3 was used to carry out reflective measurement model and structural model evaluation. The results concluded that all the independent variables which are the functions of cryptocurrencies, conceptual framework of financial reporting, and the legal status of cryptocurrencies have a significant relationship with the accounting treatment of cryptocurrencies. The results of this study provide an insight about factors that standards setters and financial standards should consider when accounting for cryptocurrenciesâ transactions in order to provide faithful representation and relevant information. Some limitations and suggestions are included in this research to provide ideas for future researchers to carry out further research.
Wiwin Windihastuty, Sri Rahayu, Krisna Adiyarta, Swasti Broto
Koperasi Usaha Mandiri in Manisrenggo, Klaten, Java has carried out intermediation activities by collecting funds from all cooperative members in form of savings to be distributed again to members who need funds in the form of loans. Koperasi has significant public accountability, but because it has not registered as a public company, Koperasi Usaha Mandiri is only responsible for the funds of its members. The purpose of this Community Service activity is to improve the management's ability to prepare financial reports based on SAK ETAP either manually or using a computer system. This activity begins with an introduction and submission of material on financial reports or financial reports based on SAK ETAP and is followed by training on recording using Excel. The material prepared in this training includes the process of preparing financial reports, namely making journals, ledgers, balance reports, reports on business results and cash flow reports. After attending the training, the management of the Koperasi has increased their understanding of the importance of implementing SAK ETAP to present cooperative financial reports. Increased understanding of cooperative management regarding the concepts and basic principles of cooperative accounting, elements of recognition, measurement and presentation of financial statements in accordance with SAK ETAP, can assist them in the process of preparing and presenting financial statements in future periods.