Purpose: This research concludes that, with a strategic and collaborative approach, blockchain technology can be an effective tool for transforming the Islamic banking industry. Methodology: This study uses qualitative methods with literature analysis from 19 journals, one book, and three websites to explore how this technology can be applied in risk management, asset tracking, and interbank transactions. Results: The research results reveal that this technology can reduce fraud, manipulation, and cyberattacks, as well as increase customer and sharia authority trust through transaction transparency. However, there are major challenges to overcome, such as immature regulatory aspects, the need for a strong infrastructure, and a lack of understanding of this technology among customers. This study also emphasizes the importance of collaboration between Islamic banking, regulators, and other stakeholders to maximize the potential of blockchain technology. Limitations: Case studies on the use of smart contracts in the Sharia banking industry show that this technology can increase efficiency and Sharia compliance, reduce administration costs, and simplify transactions. Contribution: This study describes the role of blockchain in the sukuk issuance process. Blockchain technology, which is known for its decentralization, transparency, and security characteristics, has great potential to increase efficiency and transparency in Sharia banking operations.
This research examines the problem of technological advances creating digital transformation in various aspects of life, one of which is art. Digital evolution in art, giving rise to various new creative expressions, one of which is Non-Fungible Tokens. NFT as a form of creative output has Copyright which is part of Intellectual Property Rights. Based on Government Regulation Number 24 of 2022 concerning Implementing Regulations for Law Number 24 of 2019 concerning the Creative Economy, Intellectual Property Rights can be used as a basis for financing the creative economy sector. This research aims as an effort to encourage the progress of the creative economy sector by examining NFTs as objects of Fiduciary Guarantees in order to optimize Intellectual Property Rights as the basis for financing schemes for the creative economy sector. This research is a prescriptive normative legal research. Types of secondary data include primary and secondary legal materials. The technique of collecting legal materials is done by literature study, then a conceptual approach is used. The results of this study indicate that NFTs have the potential to be used as objects of fiduciary guarantees, however, there are obstacles in regulations and mechanisms that have not been protected by the government, so it is necessary to adjust more specific regulations related to the use of digital assets in fiduciary schemes and education and increased digital literacy for financial institutions and creative economy actors regarding the potential and risks of using NFTs as objects of fiduciary guarantees.
This study explores the adoptability of cryptocurrency within the Islamicfinancial system, a topic of substantial debate among scholars and practitioners. Given thedecentralized nature of cryptocurrency, its acceptance within the conventional and Islamicfinancial systems presents unique challenges. To ascertain the legitimacy and possibleadoptability of cryptocurrency under Sharīʿah law, this paper employs qualitative researchmethods, using in-depth interviews of twenty-four Sharīʿah scholars. These scholars,selected through purposive and snowball sampling techniques, possess expert knowledgeof both cryptocurrency and the Islamic financial system. The results revealed that theacceptability of cryptocurrency in Sharīʿah-compliant financial systems is contingent onits centralization and its function as a store of value, aligning with the objectives (maqasid)of Sharīʿah. Cryptocurrency's lack of intrinsic value necessitates its backing by a centralauthority or asset to mitigate risks and potential fraud. This research offers valuableinsights into the considerations required for cryptocurrencies' adoption in Islamic finance,contributing to the ongoing debate on their legitimacy under Sharīʿah law.
Pemalsuan data merupakan masalah serius yang dapat merugikan berbagai pihak. Dalam era digital, teknologi blockchain menawarkan solusi dengan menyimpan data secara permanen dan aman. Penelitian ini bertujuan mengembangkan sistem berbasis smart contract pada platform blockchain Ethereum untuk digitalisasi realisasi anggaran Operational Expenditure (OPEX) perusahaan, menggunakan metode SDLC Waterfall. Metode ini dipilih karena dapat menyelesaikan tantangan waktu pengembangan dan tidak melibatkan respons pengguna pada tahap awal. Hasil penelitian menunjukkan bahwa sistem ini mampu mengotomatisasi proses persetujuan anggaran, mengurangi waktu dan biaya, serta meningkatkan transparansi dan akuntabilitas. Hasil pengujian Unit Testing menunjukkan bahwa sistem berjalan sesuai harapan tanpa kesalahan. Pengujian gas rata-rata menunjukkan penggunaan 106.375,3 gas dengan biaya sekitar 0,00208 ETH atau Rp 139.129. Pada end-to-end testing menggunakan skenario proses pembelian server IBM, dimulai dari Budgeting Staff Controller yang menginput harga Rp 150.000.000 untuk pembelian IBM Power System S822LC Rack Server. Setelah pengajuan realisasi diajukan, kepala departemen melakukan pengecekan dan persetujuan, yang berlanjut melalui beberapa tahap hingga seluruh pengajuan disetujui. Implementasi teknologi ini diharapkan dapat meningkatkan efisiensi, transparansi, dan keamanan dalam pengelolaan anggaran di perusahaan.
Shinta Hadiyantina, Dewi Cahyandari, Bahrul Ulum Annafi, Nandaru Ramadhan
Cryptocurrency has set intriguing and innovative trends in investment amidst the fluctuating global economy following government policies. This research aims to investigate the trends of policies of cryptocurrency in Indonesia, seen from the perspective of taxation and investment laws. Low tax charged in Indonesia is seen as relaxation by investors and cryptocurrency users, while the trends in legal policies concerning investment are experiencing hyper regulations in legislative products set to assure investors, in comparison to those of other countries. These trends attract some attention from investors and cryptocurrency users from abroad. This research is a unique offering that will illustrate which countries are suitable and friendly for businesspeople to carry out crypto business activities. The methodology used in this study is normative research with a conceptual approach and comparative law. The research results are expected to shed light on foreign investors wishing to invest their money in cryptocurrency businesses by considering the low tax from the perspective of current taxation law in Indonesia compared to those in Canada, the United States, and Singapore. According to the details of taxation in Canada, the United States, and Singapore, it is obvious that Indonesia gives ease to foreign cryptocurrency investors in Indonesia from the aspect of taxation law. The countries compared seem to charge very high taxes for cryptocurrency users and businesses in investment cryptocurrency. This comparison gives easier access to foreign investors to invest their assets for the development of cryptocurrency businesses and companies in Indonesia by considering the amounts of taxes imposed on cryptocurrency businesses and users. Indonesia makes it easier for foreign cryptocurrency investors in Indonesia compared to Canada, the United States, and Singapore from a tax law perspective. In terms of investment regulations, Indonesia has broader laws and regulations compared to other countries, where the investment process involving cryptocurrency businesses in Indonesia receives sufficient attention from these laws and regulations.KEYWORDS: Cryptocurrency, Investment Law, Taxation Law.
Lientang Wijaya, I Gede Wahyu Artha Kusuma, Umu Khouroh
In the context of significant growth in cryptocurrency in Indonesia, investment influencers on social media often provide information that affects investment behavior. Digital financial literacy becomes crucial in ensuring wise investment decisions, especially in understanding the risks and potential benefits of cryptocurrency. This research explores the role of influencers in cryptocurrency investments in Indonesia, with a focus on digital financial literacy as a mediating factor. Data were collected using a survey method with a sample of 100 respondents. Data analysis employed SEM-PLS. The study results indicate that influencers and digital financial literacy affect cryptocurrency investment decisions. Digital financial literacy acts as a mediator, not a moderator. These findings highlight the importance of comprehensive financial education in addressing this increasingly popular investment trend.
CoinFolks, a Web3-focused multi-platform media company, faces lower engagement and follower metrics compared to competitors in Indonesia.This study analyzes the company's internal and external environments using frameworks like RBV, VRIO, Porter's Value Chain, and SWOT based on primary data from in-depth interviews and secondary data from market trends and competitor strategies.The findings highlight CoinFolks' valuable and unique resources, such as expertise in content creation, research capabilities, educational resources, strong community engagement, and strategic partnerships.The proposed marketing strategy includes enhancing promotional content, leveraging data analytics for targeted marketing, and fostering community ties through interactive formats.These strategies aim to boost CoinFolks' brand awareness and engagement, strengthening its market position and promoting long-term growth in the Indonesian Web3 media landscape.
This study sought to generate predictive models for the leading cryptocurrencies in the Philippines. Autoregressive Distributed Lag (ARDL) and Artificial Neural Networks (ANN) underpinned these forecasting models for XRP, Bitcoin (BTC), and Ethereum (ETH). The study also examined how market capitalization, trading volume, exchange rate, and volatility affect pricing. This quantitative study used historical data from 2018 to 2023 to forecast these three cryptos. Findings revealed that BTC, ETH, and XRP prices fluctuated over the past five years. Market capitalization, exchange rate, and volatility also affected BTC, ETH, and XRP prices. The forecasting models, based on historical data, exhibited prediction accuracy rates of 95.49%, 92.92%, and 93.73% for the ARDL model, and 93.18%, 90.18%, and 91.25% for the ANN model, as measured by mean absolute percentage error. The study concluded that ARDL predicts Philippine cryptocurrency prices better than ANN. By using algorithmic trading strategies, such as those grounded into mathematical models, is recommended to interfere in the economic aspect of sustainable development.
The Indonesian property sector has experienced significant growth, with a remarkable 54% annual increase in property prices and a 9% rise in real estate companies' profits over the past decade, driven by rapid urbanisation and robust economic development. This growth underscores the need for innovative and transparent financing solutions. This study investigates the potential integration of blockchain technology into a sukuk model tailored for Indonesia's property market. Sukuk, which comply with Sharia principles, offer asset ownership opportunities and could significantly benefit from blockchain technology by enhancing ownership certainty, streamlining transactions, enabling real-time monitoring, and reducing both costs and associated risks. Despite the promising synergies, the application of blockchain in Indonesian sukuk remains largely unexplored. The research methodology involves qualitative interviews with industry experts and simulations to thoroughly examine the sukuk processes, identify potential challenges, and evaluate the benefits that blockchain can offer. Anticipated outcomes include greater market efficiency and enhanced transparency; however, challenges such as regulatory hurdles and issues related to technology adoption may arise. The study proposes a collaborative framework involving Islamic financial institutions, property developers, and blockchain experts to develop a robust and effective sukuk model. This research is pioneering in its approach and aims to provide transformative insights into how blockchain could revolutionize sukuk financing in Indonesia's rapidly expanding property sector.
Andika Prawira Buana, Rizki Ramadani, Aan Aswari, Zainuddin Zainuddin
Cryptocurrency has become a key focus in the evolving landscape of virtual finance, sparking a divide among Islamic scholars. The debate centres on whether cryptocurrency should be considered permissible for transactions under Islamic law. This study explores the polarisation among scholars, some of whom permit cryptocurrency use while others prohibit it. Using normative legal research methods with statutory and conceptual approaches from an Islamic law perspective, the study draws on secondary data, including primary, secondary and tertiary legal materials. The findings reveal that some scholars oppose cryptocurrency due to its lack of intrinsic value and high volatility, which leads to gharar (uncertainty). Conversely, others argue that cryptocurrency can be permitted if limited to monetary functions and not for other purposes. The study concludes by recommending that, as cryptocurrency becomes increasingly prevalent, Islamic scholars should work to establish ijma’ (consensus) and qiyas (analogical reasoning) to form a clear basis for determining its permissibility according to Islamic principles.
Najhan Muhamad Ibrahim, Munira Abu Bakar, Siti Sarah Abdul Rahman, Muhammad Amrullah Drs Nasrul
The article provides a critical assessment of cryptocurrencies as digital assets within the framework of Islamic legal theory, or Usul al-Fiqh. The researcher is none other than Mohd Daud Bakar, a renowned authority on Islamic law and finance. The rise in popularity of cryptocurrencies as a digital representation of wealth has raised questions about whether they are consistent with Islamic principles and financial ethics. Both contemporary legal theories and the foundations of traditional Islamic jurisprudence are thoroughly examined in order to evaluate the nature of cryptocurrencies. To determine its classification and legitimacy under Islamic law, it takes into account the key features of cryptocurrencies, such as decentralisation, cryptographic security, and digital scarcity, within the framework of Usul al-Fiqh principles. The research also examines the potential impact of cryptocurrencies on the broader Islamic financial industry, considering its potential applications as a medium of exchange, investment instrument, and store of wealth. It also addresses the advantages and disadvantages of cryptocurrencies in the context of Islamic finance, particularly in relation to riba (usury), gharar (uncertainty), and haram (prohibited) activities. In summary, by supplying details on cryptocurrency legal classification, acceptability as digital assets, and consequences for Islamic financial principles, this research contributes to the ongoing conversation concerning cryptocurrencies in the framework of Islamic law.
Lulu Anggriani, Defa Gustara Maulana, Mahipal Mahipal
The advancement of the digital era which is increasingly widespread and commonplace has encouraged a shift in transactions that makes various transactions easier. Modern innovation in the digital era has expanded payment methods beyond the traditional use of cash and current accounts (non-physical). Many people utilize cryptocurrency as digital money, but there are unavoidable pros and cons to this technology based on the blockchain protocol. Various arguments have been put forward for and against cryptocurrencies in Indonesia. One argument is that this does not adhere to standard practices for transactions and currencies. Another argument is that the Indonesian government has firmly stated that Bitcoin and similar virtual currencies are not legal tender in the country. The widespread use of digital money in people's lives requires research and analysis from religious and technology experts considering these events and facts. Bitcoin and other cryptocurrency transactions are considered gharar and dharar from an Islamic economic perspective
Bitcoin merupakan mata uang digital yang telah menjadi fenomena global dalam transaksi elektronik. Berbagai negara telah mengeluarkan regulasi terkait penggunaan Bitcoin, namun belum ada kajian komprehensif dari perspektif hukum Islam. Penelitian ini bertujuan untuk mengkaji status hukum penggunaan Bitcoin sebagai alat transaksi elektronik menurut prinsip-prinsip syariah. Dengan menggunakan metode kajian kepustakaan dan analisis fiqih muamalah, penelitian ini mengeksplorasi konsep uang dalam Islam, karakteristik Bitcoin, dan implikasinya terhadap keabsahan transaksi. Hasil penelitian menunjukkan bahwa penggunaan Bitcoin sebagai alat transaksi elektronik mengandung beberapa kesamaran dan ketidakpastian yang bertentangan dengan prinsip-prinsip syariah, seperti ketidakjelasan sumber dan nilai intrinsik, serta potensi spekulasi dan penipuan. Namun, Bitcoin dapat dipertimbangkan sebagai alat tukar yang sah jika memenuhi syarat-syarat tertentu, seperti adanya pengawasan dan regulasi yang ketat, serta upaya untuk meminimalisir risiko dan ketidakpastian. Penelitian ini memberikan kontribusi penting dalam diskursus hukum Islam terkait transaksi elektronik dan mata uang digital.
Genetika manusia merujuk pada informasi yang dikumpulkan tentang genom atau warisan genetik individu manusia. Data ini mencakup sekuens DNA, variasi genetik, mutasi, dan informasi lain yang terkait dengan sifat dan karakteristik genetik individu manusia. Data genetika manusia diperoleh melalui serangkaian proses, meliputi penguntaian genetik, pengujian genetik, analisis DNA, dan pemetaan genetik. Data genetika terutama pada manusia merupakan data yang bersifat privat yang harus dilindungi keamanan dan kerahasiaanya. Beberapa penelitian telah menggunakan teknologi Blockchain untuk menyimpan data yang memerlukan keamanan ekstra. Blockchain memberikan solusi untuk perlindungan dan pengelolaan data dengan fitur teknologinya yang terdesentralisasi, terenkripsi, setiap transaksi bisa ditelusuri, dan antitampering atau sulit dimodifikasi. Penelitian menerapkan teknologi Blockchain untuk menyimpan dan mengelola data genetik. Sebagai bahan penelitian data genetika manusia diakusisi dari NCBI repository. Data genetik tersebut disimpan dalam Smart contract pada blockchain Ethereum yang ditulis menggunakan bahasa pemrograman Solidity. Setiap transaksi dan penyimpanan data pada Ethereum dibebankan biaya yang cukup mahal atau yang dikenal dengan biaya gas maka penelitian ini menawarkan solusi hanya menyimpan signature saja dari data genetik itu dalam blockchain. Data genetik yang riil dan berukuran besar disimpan dalam InterPlanetary File System (IPFS). Hasil pengujian menjalankan smart contract pada blockchain Ethereum yang hanya menyimpan signature data genetik ini menunjukkan biaya gas yang sangat efisien karena hanya menyimpan 256 bit saja dari data genetik riilnya yang dapat mencapai giga byte. Abstract Human genetics refers to information gathered about the genome or genetic heritage of human individuals. This data includes DNA sequences, genetic variations, mutations, and other information related to individual human genetic traits and characteristics. Human genetic data is obtained through a series of processes, including genetic sequencing, genetic testing, DNA analysis, and genetic mapping. Genetic data, especially in humans, is private data that must be protected by security and confidentiality. Several studies have used Blockchain technology to store data that requires extra security. Blockchain provides solutions for data protection and management with its technological features that are decentralized, encrypted, every transaction can be traced, and anti-tampering or difficult to modify. Research uses Blockchain technology to store and manage genetic data. As research material, human genetic data was acquired from the NCBI repository. The genetic data is stored in Smart contracts on the Ethereum blockchain written using the Solidity programming language. Every transaction and data storage on Ethereum is charged with a fairly expensive fee, known as a gas fee, so this research offers a solution by only storing the signature of the genetic data in the blockchain. The real and large-scale genetic data is stored in the InterPlanetary File System (IPFS). The test results of running a smart contract on the Ethereum blockchain that only stores genetic data signatures show a very efficient gas cost because it only stores 256 bits of real genetic data, which can reach gigabytes.
Mukhlishin Mukhlishin, Abdul Wahab, Bambang Setiaji, Magomed Tazhdinov
This research investigates the management and regulatory practices of zakat maal (wealth tax) in Malaysia, Turkey, and Indonesia, aiming to provide a comparative analysis grounded in empirical data. Methodologically, the study employs a comparative qualitative analysis based on secondary data from academic literature, government reports, and institutional publications. The results show, first, Malaysia employs a centralized and technologically integrated approach, ensuring transparency and efficiency in zakat collection and distribution. In contrast, Turkey adopts a decentralized model driven by non-governmental organizations and community participation, fostering flexibility but posing challenges in standardization and oversight. Indonesia's hybrid model combines governmental oversight with private sector involvement, aiming to balance regulatory control with local adaptability, yet needs help in coordination and public trust. Second, the policy enhancements such as improved coordination mechanisms, strengthened regulatory frameworks, and enhanced public awareness to optimize Zakat's role in poverty alleviation and social welfare across Malaysia, Turkey, and Indonesia. This research contributes to the broader discourse on Islamic finance and social policy by providing nuanced insights into zakat management practices, offering valuable implications for policymakers, practitioners, and scholars interested in enhancing zakat efficacy globally.
Blockchain is a revolutionary concept in information technology that allows the creation and storage of data in a decentralized and encrypted manner. However, blockchain is still a new system in the economic world, so it is necessary to ensure that this technology complies with Sharia standards. In this case, the Compilation of Sharia Economic Law is an essential guideline in Sharia economics in Indonesia because it provides legal certainty, regulatory standards, and consumer protection and supports the development of Sharia finance. This article was written to provide an overview of the opportunities for utilizing blockchain technology in the economic sector from a KHES perspective. The method used is library research, a normative juridical approach, by analyzing documents and information related to the study problem. The results show that KHES articles suit the blockchain character, some of which are articles 21, 179-180, 200, 413, and 577. However, an in-depth analysis is needed regarding the principles of Sharia and the need for a fatwa. Apart from that, it is essential to make clear regulations by the government and government authorities regarding the use of blockchain technology. With proper regulations, blockchain can become helpful in developing the Sharia economy. Abstrak Blockchain adalah konsep yang revolusioner dalam teknologi informasi yang memungkinkan pembuatan dan penyimpanan data secara terdesentralisasi dan terenkripsi. Keunggulan utama dari blockchain adalah transparansi dan keamanan. Kendati demikian, blockchain tetaplah system baru dalam dunia ekonomi, sehingga perlu dipastikan jika teknologi ini sesuai dengan standar syariah. Dalam hal ini, Kompilasi Hukum Ekonomi Syariah menjadi pedoman penting dalam ekonomi syariah di Indonesia karena memberikan kepastian hukum, standar regulasi, perlindungan konsumen, dan dukungan pengembangan keuangan syariah. Artikel ini ditulis untuk memberikan gambaran mengenai konsep blockchain dan peluang pemanfaatan teknologi blockchain di bidang ekonomi dalam perspektif KHES. Metode yang digunakan adalah library research, pendekatan normatif yuridis. Tahapan dalam penelitian ini, meliputi: pengidentifikasian secara sistematik, serta analisis dokumen dan informasi yang berkaitan dengan masalah kajian. Hasil menunjukkan terdapat pasal KHES yang sesuai karakter blockchain, beberapa diantaranya: pasal 21, pasal 179-180, Pasal 200, Pasal 413 dan Pasal 577. Meski demikian, dibutuhkan analisis mendalam terkait prinsip kepatuhan syariah dan perlu adanya fatwa khusus. Selain itu, penting dibuatnya regulasi yang jelas oleh pemerintah dan otoritas keuangan mengenai penggunaan teknologi blockhcain. Dengan regulasi yang tepat, edukasi yang memadai, dan penilaian dari ahli syariah, blockchain dapat menjadi alat yang sangat berguna dalam mengembangkan ekonomi syariah yang lebih adil dan transparan.
Objective - Different countries have different policies towards cryptocurrencies. In Indonesia, cryptocurrency is prohibited as a means of payment or transaction. The prohibition is stated in Bank Indonesia Regulation (PBI) Number 18/40/PBI/2016 concerning the Implementation of Payment Transaction Processing. However, cryptocurrencies are recognized as long-term commodities or investment assets, so their supervision is carried out by the Commodity Futures Trading Supervisory Agency (bappepti) and regulated in Bappebti Regulation No. 7 of 2020 concerning the Determination of the List of Crypto Assets that Can be Traded on the Crypto Asset Physical Market. This study aims to analyze the differences in return and risk on the 5 cryptocurrencies with the largest market capitalization in Indonesia. Methodology/Technique - This research uses quantitative methods with a descriptive approach, and secondary data is used. The population in this study consisted of 383 cryptocurrencies that were legal and registered with Bappepti from 2020 to 2022. The sample was determined using purposive sampling to determine the top 5 cryptocurrencies with the largest market capitalization during the observation period from January 2020 to September 2022. The data analysis technique used the Kruskal-Wallis test. Findings - The results showed no significant differences in return and risk between Bitcoin, Ethereum, Tether, BNB, and USD coins. Empirically, this study proves that each cryptocurrency has the same risk and return. Novelty - This research was conducted in Indonesia with regulations that may differ from other countries towards cryptocurrencies. As a long-term commodity investment asset, this study finds empirical evidence that each cryptocurrency has the same risk and return. Type of Paper: Empirical JEL Classification: G11; G18; G28 Keywords: Cryptocurrency; Investment; Return; Risk; Bappepti Reference to this paper should be referred to as follows: Dewi, D.M; Faizal, I; Sambe, T.A. (2024). Cryptocurrency Investment in Indonesia, Acc. Fin. Review, 9(1), 32 – 41. https://doi.org/10.35609/afr.2024.9.1(1)
This study explores the evolving landscape of cryptocurrency taxation in Indonesia, focusing on regulatory developments and challenges. Tracing the trajectory from the introduction of Bitcoin in 2009 to the establishment of a formal crypto exchange in 2023, this research emphasizes the government's commitment to regulate and facilitate crypto asset trading. Despite this progress, challenges such as regulatory uncertainties, security concerns, necessitating a profound understanding of cryptocurrency dynamics to navigate the global financial landscape. This research focuses on exploring Indonesia's regulatory response, particularly in taxation, employing a qualitative descriptive methodology that integrates primary data from legal frameworks and secondary data through literature reviews, document analyses, and interviews with cryptocurrency traders and tax officials. This study contributes not only to academic discourse but also provides insights for fostering the growth of the cryptocurrency ecosystem while managing potential tax-related risks.
The Globalization system has had a huge impact on modern society, especially in the fields of science, technology, information and communication, all of which are developing rapidly. The most famous currency is Bitcoin or cryptocurrency. Because there are now no clear boundaries and no recognition of the existence of cryptocurrencies in Indonesia, these cryptocurrencies are facing a number of polemics regarding their use throughout the world, including in that country. The debate over whether Bitcoin is halal or haram in Islam continues among scholars who study the Koran, hadith, ijma and other Islamic books. One important area of expertise in the world of information security is cryptography. Today, professionals in the fields of computer science and mathematics discovered a new application of encryption that could improve the quality of life of local communities: the buying and selling of digital currencies known as cryptocurrencies. Digital currencies that are not subject to government regulation are known as cryptocurrencies; this does not include official cash. This cryptocurrency is the forerunner to the creation of digital currency which is now known as Bitcoin currency, which can be used like other types of money. And the result of the discussion is that whether scholars allow cryptocurrency or not. This research uses a qualitative method where this method focuses on in-depth observation. Therefore, the use of qualitative methods in this research can produce a study of a phenomenon that is more comprehensive with literature research. Based on the background information provided previously, the author identifies problems that require further investigation. Among other things, what is the meaning of cryptocurrency in the current understanding and context and what is Islamic law regarding the use of cryptocurrency as a transaction tool.
Penelitian ini bertujuan untuk mengkaji pandangan ekonom Muslim terkait cryptocurrency melalui studi komparasi pemikiran Buya Hamka dalam Tafsir Al-Azhar dan Sayyid Qutb dalam Tafsir Fi Zilalil Qur’an. Metode penelitian yang digunakan adalah library research, dengan teknik pengumpulan data melalui penelusuran literatur. Data yang terkumpul kemudian dianalisis dengan content analysis. Hasil penelitian menunjukkan bahwa pemikiran Buya Hamka dan Sayyid Qutb secara implisit melarang penggunaan cryptocurrency sebagai alat pembayaran, mata uang, asset, dan barang yang diperjualbelikan di Indonesia. Buya Hamka menekankan bahwa mata uang harus memiliki nilai intrinsik dan transaksi harus adil, sementara Sayyid Qutb menuntut kepatuhan terhadap prinsip syariah dan perhatian terhadap dampak sosial dan keadilan.
Transactions and investments using cryptocurrency in their application based on Islamic law are still debated. Cryptocurrency is a transaction tool that can be used easily and safely, but remember that cryptocurrency can be haraam because it is something whose physical condition is uncertain or unknown. It can be concluded that cryptocurrency is a digital currency where transactions can be carried out online. Unlike printed paper currency, cryptocurrencies are designed by solving mathematical problems based on cryptography. This currency was formed based on Cryptographic technology so that it cannot be easily duplicated or transferred to other parties who are not the owner and do not have access to this currency. In determining or establishing cryptocurrency laws, Islam has its own methods and reference sources, first from the Koran and second from al-Hadith, third from Qiyas and fourth from Sadd-adzariah. The pros and cons that occur in society regarding cryptocurrency have not yet reached a clear point. In Indonesia itself, the government has not taken a definite stance on the existence of cryptocurrency. Even cryptocurrency is not a legal means of payment in the country. This is in accordance with the regulations of Law No. 7, Article 1 Paragraph 1, 2011, that the means of payment accepted in Indonesia only use the Rupiah currency. From the perspective of Islamic law, cryptocurrency may contain elements of gharar and maysir, because its use is for speculation and its physical form cannot be seen.
Savera Hanif, Ahsan Raza Khan, Ehzaz Mustafa, Mazhar Ali · 6 authors
Quran is the Holy book of Muslims revealed to the last Prophet (SAW) during the previous 1400 years. The internet has made everything available to everyone in the modern world. The existence of digital copies of the Quran and its verses creates tampering opportunities for groups with malicious intents. False Quranic verses are available online containing symbols that are missing or incomplete statements. Globally, followers of the Holy Quran are concerned about the spread of falsehoods. A trusty framework using blockchain technology is being developed to ensure the integrity of the Holy Quran. Blockchain technology is used in the study to build digital trust, which is an emerging distributed ledger technology. Based on the Hyperledger fabric framework, the suggested architecture is tested on the IBM blockchain platform. Three phases make up the proposed architecture: execution, ordering, and validation. The components of the framework include participants, a Quran-distributed ledger, consensus, and chaincode. The blockchain storage system sets the Quranic hash in the Quran distributed ledger. Consensus is reached to agree on a specific transaction to be validated. Chaincode specifies the logic and endorsement policy, allowing interaction with the ledger. The suggested frame-work shows how users and establishers collaborate with the network to validate and verify Quranic verses. The research suggests using blockchain technology to ensure the integrity of Quranic verses, which aids in the conservation of the text while also demonstrating a method for verifying its authenticity.
The rise of innovation and technological development has triggered a revolution in the financial sector with a new 'non-centralized' system. The purpose of this study is to comprehend the idea of decentralized finance and pinpoint its advantages. Using literature sources, this study employs a qualitative descriptive methodology. Books, periodicals, and other publications are examples of secondary data. According to the study's findings, DeFi has five maslahah: 1) Maintain religion (hifzu al-din); 2) Preserve the soul (hifzu an-nafs); 3) Preserve offspring (hifzu al-nasl); 4) Preserve the intellect (hifzu al-'aql); and 5) Preserve property (hifzu al-maal). These principles align with technology and the development aspects of the era of Society 5.0. Consequently, it is advised that the government implement a regulation utilizing blockchain technology in the banking industry.
Abdul Rokhim, Sunardi Sunardi, Muhammad Resky Rakhim
Crypto is a non-wuud commodity that is digital using cryptography. The legality of crypto assets in Indonesia has not received firm regulation in their use, and there is a need for a supervisory body that regulates all transaction activities for legal protection for investors in trading digital assets. The research method used in this study is to use normative juridical research methods, using a statutory approach (statute approach) and a conceptual approach (conceptual approach). The result of the discussion of this study is that for the legality of crypto assets, Bank Indonesia places them as digital money so that they are prohibited as a means of payment, while the Ministry of Trade places them as digital assets so that they are allowed to be traded on the Futures Exchange. Normatively, there is still opposition in looking at crypto money. Legal protection of investors who make crypto asset buying and selling transactions get legal protection for losses that can be caused both criminally, namely losses caused by cyber crime and civil losses due to Unlawful Actions.