<p align='justify'> This research aims to analyze Cryptocurrency Fundamentals Against Price Fluctuations (Case Study of Cardano Coin Cryptocurrency for the period 2022 to 2023). This research will analyze the relationship between fundamental factors which include variables such as market capitalization and trading volume with Cardano Coin price fluctuations. This research was conducted at the explanatory level, which aims to explain the causal relationship between the variables involved through hypothesis testing. The method used in this research involves data processing using the SPSS version 26 program. The research results show that the two independent variables, namely Average Trading Volume (X1) and Average Market Capitulation (X2), have a significant influence on Average Price -average (Y) on Cardano cryptocurrency. The high calculated t coefficient values for Average Trading Volume (X1) and Average Market Capulation (X2) indicate that they have a strong influence on Cardano price fluctuations. Average Trading Volume (X1) has a significant positive relationship with Average Price (Y). Average Market Capulation (X2) has a significant negative relationship with Average Price (Y). </p>
 <p><strong>Keywords : </strong>Cryptocurrency, Market Capitalization, Trading Volume, Price Fluctuation, Cardano Coin.</p>
Bitcoin merupakan salah satu instrumen investasi yang dapat memberikan keuntungan dan telah mendapatkan izin untuk diperdagangkan oleh Badan Pengawas Perdagangan Berjangka Komoditi Indonesia. Keberadaan investasi mata uang digital kini semakin populer di berbagai belahan dunia, termasuk di Indonesia, yang didorong oleh lonjakan harga yang signifikan. Tujuan utama penelitian ini adalah untuk mengetahui pengaruh World Comodity Price terhadap harga Bitcoin. Penelitian ini merupakan penelitian kuantitatif. Jenis data dalam penelitian ini adalah data time series yang diambil dari laporan transaksi bulanan Bitcoin Januari 2016 sampai dengan Desember 2022, sehingga didapatkan target populasi sebanyak 84 data bulanan untuk yang menjadi sampel penelitian. Metode analisis data dalam penelitian ini menggunakan model regresi Moderate Regression Analysis (MRA) dan analisis data menggunakan software statistik STATA. Hasil analisis data menunjukkan variabel harga emas dunia berpengaruh positif signifikan terhadap harga Bitcoin, sedangkan variabel harga minyak dunia (WTI) dan harga batu bara tidak memiliki pengaruh yang signifikan terhadap harga Bitcoin. Indeks dolar (dxy) memperkuat pengaruh positif kenaikan harga emas terhadap harga Bitcoin.
Mutamimah Mutamimah, Suryani Alifah, Made Dwi Adnjani
This study aims to design a framework of corporate governance innovation to reduce the credit risks of Micro, Small and Medium Enterprises (MSMEs) by using blockchain technology. The research design uses a qualitative approach with Grounded theory analysis for data analysis with open, axial, and selective coding. This framework consists of two stages, namely development and validation. In-depth interviews are used for data collection to develop the framework while focus group discussions are used for validation. The in-depth interviews are carried out with various stakeholders, such as the government, association, MSMEs, suppliers, and banking. Findings show that blockchain technology as corporate governance innovation framework has the potential to reduce asymmetric information and credit risk. The reason is that blockchain technology can facilitate recording, immutable, partial decentralisation, and storage of business and financial transactions on a digital network and all stakeholders can access information in a transparent and valid manner that can increase transparency, accountability, responsibility, and fairness. Results of the focus group discussion indicate the validity of the proposed framework.
Holding the loss without reason is one of the behavioural biases which are very common to be found in investment. Investment is also entering a new era of modern and sophisticated assets. One of these assets is known as cryptocurrencies. This article is written to detect whether the disposition effect is occurring to cryptocurrency investors and whether they are holding the loss. The disposition effect in this research was measured as respondents' perception of whether they sold the winning assets too fast and kept the failure in the long run. The result from this research is disposition effect was indeed found in descriptive statistics but failed to confirm the influence of independent variables on the disposition effect using the linear regression method. There is no effect of financial literacy, overconfidence, regret aversion, and risk tolerance on the perceptional disposition effect, which the emotional factor of loss aversion might cause. This will cause an individual to be reluctant to realize the loss in the hope the asset will return to the initial purchasing price. Further investigation will be the future area for developing research about the disposition effect. Interestingly, this research also found the literacy score of the respondents is deficient, but they are very confident in investing in the most volatile asset, such as cryptocurrencies. This research has several limitations, such as the sample being relatively similar in financial literacy, so selecting a wide range (heterogenous), sample in future research is crucial. Another improvement is in methodology, and perhaps an experimental approach could be a promising field in the study of behavioural bias in the future.
Investment is a driving factor for a country's economic development. One form of investment that is often used is bitcoin investment. This type of investment is an investment alternative that is easily accessible to the wider community. This study aims to find out whether the causes of many cryptocurrency investors are FOMO. This study uses a qualitative research design with a case study approach. Cryptocurrency investments made by new informants are in the trial and error stage so the money invested is not large, only in the hundreds of thousands to millions. The nominal is not that big but it means a lot if it's not used properly. The cause of FOMO among novice investors in investing in cryptocurrency is that many investors have already invested so they want to participate in these investment activities.
This study aims to analyze the Indonesian government's policies regarding cryptocurrency transactions and taxation and accounting practices in Indonesia. In addition, this research also conducts literature studies abroad. Commodity Futures Trading Regulatory Agency Regulation No. 13 of 2022 and No. 8 of 2021 concern guidelines for organizing crypto asset physical market trading on futures exchanges to oversee cryptocurrency transactions. Cryptocurrency transactions in Indonesia are considered VAT objects and are subject to income tax. Accountants face a challenge because there is no accounting standard that explains why cryptocurrency must be considered. It is hoped that the Indonesian Accounting Standards Board can conduct discussions related to accounting standards for cryptocurrency. Besides, the government's role is very important in making financial technology policies and systems in order to mitigate the risks of cryptocurrency transactions so that they can benefit investors and the tax system in Indonesia.
Charis Masduki, Amalia Nur Chasanah, Lenni Yovita, Dian Prawitasari
Tujuan dari penelitian ini adalah untuk membandingkan return investasi antara Bitcoin dengan Indeks Harga Saham Gabungan (IHSG) menggunakan periode waktu antara April 2013 sampai dengan Maret 2023 dengan rentang waktu 1 tahun, 5 tahun dan 10 tahun. Penelitian ini merupakan penelitian kuantitatif menggunakan metode komparatif. Data yang digunakan adalah data historis Harga Bitcoin dan harga IHSG. Analisis data menggunakan uji Mann-Whitney. Hasil dari penelitian ini menunjukkan bahwa investasi Bitcoin dengan IHSG dalam jangka waktu 1 tahun dan 5 tahun Tidak terdapat perbedaan pengembalian investasi antara Bitcoin dengan IHSG, sedangkan jangka waktu 10 tahun terdapat perbedaan pengembalian atau return investasi antara Bitcoin dengan IHSG.
Kadek Diah Listiyani Putri, I Gusti Ayu Nyoman Budiasih
The Ministry of Finance shows data regarding interest in investing in Cryptocurrency in Indonesia continues to increase. This study aims to obtain empirical evidence of the influence of investment knowledge, risk perception, returns, and motivation on students' interest in investing in Cryptocurrency. The sample was taken using the purposive sampling method and obtained 110 student respondents for the 2019 and 2020 batches of the Bachelor of Accounting study program, Faculty of Economics and Business, Udayana University. Multiple linear regression analysis was used in this study as a data analysis technique. Based on the results of the analysis, it was found that things related to investment knowledge, returns, and motivation had a positive effect on students' interest in investing in Cryptocurrency, while perceptions of risk had no effect on students' interest in investing in Cryptocurrency.
Universitas Lampung, Ahmat Nurmawan, Erlina Rufaidah, Rahmah Dianti Putri
This study aims to determine how students' perceptions of cryptocurrency investment assets are viewed from cost perception, benefit perception, and risk perception. This study used quantitative descriptive research method with survey approach. The population in this study is students of the Economic Education Study Program FKIP University of Lampung with a total of 230 students. The sampling technique in this study was Probability Sampling using the Simple Random Sampling technique and a sample of 146 students was obtained. The results stated that students of the Economic Education Study Program FKIP University of Lampung have a good perception of cryptocurrency investment assets in terms of aspects of cost perception and benefit perception. Meanwhile, in terms of risk perception, students of the Economic Education Study Program FKIP University of Lampung have a bad perception of cryptocurrency assets. Seeing the potential and development of financial instruments, students should begin to be sensitive and begin to understand all aspects in it before investing to avoid various kinds of existing risks.
Raphael Excelsio Fredrich Paat, Paulus Kindangen, Lawren J. Rumokoy
Over the past few years, especially during the Covid-19 pandemic where many industries have turned to market digitization, transaction activities in crypto investment have increased quite significantly. The purpose of this research is to investigate how Investment Knowledge and Fear of Missing Out influence young adult's Investment Intention in cryptocurrency assets. This research was conducted with a quantitative approach by analyzing the Linear Regression equation using the Ordinary Least Squares (OLS) technique to get the most relevant results. The data source used is primary, where data is collected through a questionnaire with a total of 125 respondents among young adults in the city of Manado. Data processing uses several software, such as Stata 16/MP and Microsoft Excel 2013.The results of this study indicate that there is a positive influence related to Investment Knowledge and Fear of Missing Out on Investment Intention. Knowledge of investment can increase the intention of young adults to invest in cryptocurrency assets. Meanwhile, fear of missing out also has the ability to trigger investment intention among young adults in cryptocurrency assets. This study recommend that the developers should be able to provide in-depth information related to crypto, also information about systematics and instruments in order to attract more investors and strengthen the market of digital investment. Keywords: Cryptocurrency, investment behavior, FOMO, digital investment, fintech
Abstract. Cryptocurrenciesis one of the digital currencies of innovation in the development of digital financial system infrastructure in the modern era. There are views aboutcryptocurrencies, there is a profitable opportunity by involving cryptocurrenciesinto the economy and monetary system. This study aims to examine the impact that can be caused by cryptocurrencies. This study uses a qualitative method with systematic literature review (SLRs). Based on the findings and results of the study it can be concluded that there is a positive impact cryptocurrencies regarding the function of the monetary system, namely ease of access, security and stability of the financial system which can influence economic growth, the central authority needs to make strict regulations involving innovation infrastructure cryptocurrenciesand building system infrastructurevirtual currencywith rules that focus on building infrastructure on stablecoinsto be involvedcryptocurrenciesinto systems and policies to strengthen the financial ecosystem.
 Abstrak. Cryptocurrency merupakan salah satu mata uang digital dari inovasi pengembangan infrastruktur sistem keuangan digital di era modern. Terdapat pandangan mengenai cryptocurrency, ada kesempatan menguntungkan dengan melibatkan cryptocurrency kedalam ekonomi dan sistem moneter. Penelitian ini bertujuan untuk mengkaji dampak yang dapat ditimbulkan oleh cryptocurrency. Penelitian ini menggunakan metode kualitatif dengan systematic literature review (SLR). Berdasarkan temuan dan hasil penelitian dapat disimpulkan bahwa terdapat dampak positif cryptocurrency terhadap fungsi sistem moneter yaitu kemudahan akses, keamanan dan stabilitas sistem keuangan yang dapat berpengaruh mendorong pertumbuhan ekonomi, Otoritas pusat perlu membuat regulasi dengan ketat yang melibatkan infrastruktur inovasi cryptocurrency dan membangun infrastruktur sistem virtual currency dengan aturan yang berfokus membangunan infrastruktur pada stablecoin untuk dapat melibatkan cryptocurrency ke dalam sistem dan kebijakan untuk memperkuat ekosistem keuangan.
This study aims to discuss the history, purpose, and reality of decentralization of financing management in local government, as well as analyze the conflict of corruption of education funds in Indonesia and formulate solutions. The method used is a literature study with descriptive analysis techniques. It describes the analysis of data evidence from official government websites and from the results of other parallel studies to find new discussions and experiences to formulate solutions that are much more relevant to the current bureaucracy. The results of this study explain that local government corruption cases after decentralization are the highest of other government agencies, and the source of funds that is the strongest possibility of this practice is the education sector. The education budget continues to soar every year, but the progress of educational development still needs to grow. With the political payback concept, the corruption chain is increasingly difficult to break. As time goes by, the barriers to education seem unchanged. In this case, the DPRD is required to oversee the process of distributing education funds from the central ministry to local governments, the mass media must be more transparent, and the need for anti-corruption education from an early age to form an attitude of responsibility and discipline, this anti-corruption education needs to be given repeatedly, especially for political contestants.
<em>cryptocurrencies still often clash with applicable law, not least with sharia economic law because Indonesia has a majority Muslim population, so sharia review in the use of cryptocurrencies is essential, so in this case, the Indonesian Ulema Council issued an unlawful fatwa regarding the use of cryptocurrencies both as currency. or as a digital asset. This study aims to analyze and explain cryptocurrencies based on the provisions of Islamic economic law in their use in money or as digital assets, using normative juridical research methods. The results of this study found that the use of cryptocurrencies has two functions, namely as currency and digital investments, but the use of cryptocurrencies clashes with the concept of Islamic economics because cryptocurrency has elements of dharar, ghrara, and qimar, also the idea of money in cryptocurrency clashes with the concept of money in Islam.</em>
AbstractStudi ini berfokus pada pentingnya memahami implikasi filosofis desentralisasi Bitcoin dalam konteks kebebasan individu. Desentralisasi Bitcoin dipandang sebagai upaya untuk mendapatkan kebebasan finansial dan mengurangi ketergantungan pada institusi pusat. Namun, penelitian ini juga menunjukkan bagaimana kekuatan modal yang merupakan bagian dari sistem kapitalis global dapat memanipulasi dan mengendalikan Bitcoin. Sistem kapitalis global, sering disebut "kerajaan", adalah sebuah realitas di mana kekuasaan didistribusikan di banyak tempat. Desentralisasi Bitcoin menciptakan paradoks, karena kebebasan yang dijanjikan dikompromikan oleh ketidakseimbangan kekuatan yang diciptakan oleh kekaisaran. Oleh karena itu, penelitian ini menggarisbawahi pentingnya kritik filosofis terhadap desentralisasi Bitcoin.
A growing economy creates cryptocurrency virtual money residing in cyberspace. Cryptocurrency Is an online payment tool that uses an open source peer-to-peer payment network. There are many problems faced by users, where Cryptocurrencies are said to include money or a commodity. This phenomenon really makes users feel uncomfortable, feel at a loss, therefore the government must immediately provide an evaluation of the use of Cryptocurrency as a means of obtaining transactions. more attention, especially from the government so that the community gets their rights and obligations in muamalah. This paper aims to discuss how to use Cryptocurrency transactions from the Perspective of the DSN-MUI Fatwa and Law No. 7 of 2011. This research is classified as normative research, using a statutory approach and a conceptual approach. The results of the discussion show that Cryptocurrency is linked in the DSN MUI fatwa No.28/DSN-MUI/III/2002 regarding al-sharf that in the provisions of the fatwa the conditions for exchanging Cryptocurrency digital money are prohibited because of the element of speculation. In Article 2 paragraph (1) of Law Number 7 of 2011 concerning Cryptocurrency, it does not meet the requirements as a type of currency in Indonesia. Judging from the six criteria of money, Cryptocurrency only meets the criteria of portability and visibility.
Despite the fact that cryptocurrency is regarded as a highrisk speculative cryptocurrencies, the growth in the number of cryptocurrency owners in Indonesia continues to grow every year. The low level of financial literacy and the trust factor in crypto investment are the reasons why the government is worried about the increasing number of crypto investors. The study will provide an explanation for the rise in cryptocurrency investment based on the following variables: subjective norms, financial literacy, trust, and governmental regulation. Gender is utilized as a moderating variable to analyze the difference in cryptocurrencies investment between men and women. This study used a quantitative methodology, the data were collected using a questionnaire survey of respondents who were at least 17 years old, and had invested in non- cryptocurrencies. Financial literacy and trust were discovered to have an impact on the forming of investment intentions in cryptocurrency. Women are known to have higher trust than men in investing in cryptocurrencies. This research is expected to provide input to the Indonesian government in developing strategies to establish a safer environment for investors and to minimize the amount of risk associated with cryptocurrency investment.
This research was carried out in order to gain a better understanding of cryptocurrencies, as well as the position of Islamic law in relation to them as a form of alternative investment in Indonesia. This research is a qualitative investigation utilizing phenomenological and descriptive methodologies. The data that was used came from the library and was backed by a number of papers and books that were linked to the issues that were investigated in this study using a syar'i normative methodology. It is possible to invest in Crytocurrency, trade Crytocurrency, or utilize Crytocurrency as a form of payment. In addition to Bitcoin, several other forms of Crytocurrency are also seeing widespread use. Different points of view on Crytocurrency can be found within the community, which can give rise to both pros and negatives. Because there is no legislation in Indonesia that recognizes Crytocurrency as a form of payment or currency, it is illegal to utilize Crytocurrency there. Since the price is still volatile and there are still flaws in the security, the discussion around cryptocurrencies such as Bitcoin has not yet reached an advantageous point. Some Ulama say, from the perspective of Islamic law, that this kind of digital currency does not have clarity and cannot be physically seen, allowing for the possibility of fraud. As a result, they consider Crytocurrency to have aspects of Gharar. The usage of Crytocurrency in investment and trading makes it inseparable from speculation about the price, which is highly volatile and is solely used as a tool for making profits and losses. Maysir is a component of Crytocurrency. Because the significance of this crypto currency spans such a wide range of areas, particularly those pertaining to technology and the economy.
SNAP (Standar Nasional OPEN API Pembayaran) is an implementation of open banking for encouraging digital transformation in the banking industry. SNAP was submitted by several sub-working groups formed jointly by ASPI and the Bank of Indonesia. In the document Pedoman Tata Kelola (Bank of Indonesia, n.d.), there is already a customer data protection mechanism between the bank, the owner of Open API, and the user of Open API. However, there is no data protection process carried out by consumers so third parties, that use the Open API of the bank, do not need to know the customer's data. Based on the web3 protocol, users can store data and transmit only in encrypted form which can only be opened by calculating the data with a pre-agreed smart contract. Banks can work like a decentralized network on web3, where the process of calculating proof and witness is carried out by the bank. Proof and witness are calculated using a zero-knowledge proof protocol, making it difficult to duplicate. For this reason, we propose a new architecture using smart contracts between banks and customers using the ZK-SNARK method. Therefore, there is no significant performance difference between using ZK-SNARK and without ZK-SNARK in the API call process.
This study explores the concept of decentralization in the context of emerging technologies, specifically Blockchain and Web3. These technologies offer an alternative to traditional centralized models by promoting systems that are more open, secure, and transparent. The study employs a qualitative approach using case studies to understand the practical applications and impacts of decentralization across various industries. Key findings highlight the significant benefits of decentralization, such as enhanced security and transparency, user control over data, and operational efficiency through smart contracts. However, challenges such as scalability, regulatory compliance, and security concerns remain. The study concludes that while there are considerable challenges, the benefits of decentralization make it a promising area for continued exploration and development. With sustained research and technological advancement, broader adoption and deeper integration into everyday life can be achieved, leading to a more decentralized and inclusive digital future.
Digital money obtained by converting physical money into digital is often used in electronic transactions. However, modern technology has also produced virtual currencies, known as cryptocurrencies. Bitcoin and other cryptocurrencies are unregulated and have not received official approval by Indonesian law. Research to know and analyze the concept of crypto according to Islam. With the method of literature review combined with bibliometric analysis. Data was collected using Publish or Perish (PoP) software from the Google Scholar database. Table 1 shows the number of author citations for works discussing cryptocurrencies and Islamic studies. Based on search results obtained by PoP software. The number of citations from authors who have more than 10 citations is calculated from the total number of authors. Use keywords as a foundation. Nine clusters were found as a result of keyword mapping: red, blue, yellow, green, purple, orange, brown, and pink.
All industries, including banking, will be impacted by the development of information technology. The creation of cryptocurrency, also known as virtual currency or digital currency, is a result of the advancement of financial technology. On the internet, the usage of digital currencies as a form of payment started to spread. This currency is intended to make payments more convenient and secure. Using blockchain technology, it lowers the cost of transactions. However, because it hurts Indonesia's financial system, monetary stability, and payment system, the government, in this case, Bank Indonesia, forbids transactions using digital or virtual currency. The influence of cryptocurrencies on the Indonesian economy and the government's position on the country's current technology are both explained in this paper. In terms of the technology provided, cryptocurrencies are a development in financial technology that will enable future financial transactions to convert paper money into digital money. To prevent future legislation from outlawing the technology found in cryptocurrencies and to help the general public better comprehend cryptocurrencies, it is desired that the government would examine the technology in cryptocurrencies more thoroughly.
The development of the digital era is increasingly widespread where some of them do provide many conveniences, especially in terms of economic activity services. As an example of the emergence of cryptocurrencies or cryptocurrencies as digital currencies, these cryptocurrencies are designed or designed to be traded through one cryptographic technology or what is commonly called a block chain which is decentralized in nature to carry out a trade or transfer from one party to another. In such a way the perpetrators are anonymous and there is no law governing and being responsible for this. Even though it provides a number of advantages for its users, the existence of cryptocurrency in Indonesia is still experiencing debate both in terms of regulation and legality, especially from the perspective of Islamic law for its use.This research was conducted to review cryptocurrencies which are widely used in society such as in buying and selling transactions, investments, mining, trading, and other things both from the definition, types, and legal arguments from an Islamic legal perspective. This research is a library research (library research) qualitative in nature. The data analysis technique in this study is descriptive-analytical with a normative juridical approach to Islamic law. Based on a number of references cited in this study, it is known that investing in cryptocurrency has a very high risk because its value can rise or fall drastically and is unpredictable. In addition, cryptocurrencies are also considered to be able to maintain the value of one's wealth far better than cash, even gold. Then the practice of buying and selling digital currency (cryptocurrency) is quite interesting where it offers quite high flexibility and can be done anytime and anywhere around the world. On the other hand, the jury of contemporary scholars considers that any form of cryptocurrency, be it bitcoin, aternity, or other coins cannot be called money, thus giving rise to various controversies about the legal use of these cryptocurrencies.
Countries are using various sophisticated information technologies to help provide quality and transparent services. This research aims to explore the potential and models of using blockchain technology to overcome corruption problems in Indonesia. Proper utilisation of blockchain technology can increase accountability and reduce loopholes in corrupt practices. Blockchain is a distributed database with records (ledgers) shared by all network participants. Smart contract as a form of blockchain can help make the process more transparent and trackable. Since blockchain is a relatively new technology, very few studies have been done to explain its potential in the public sector, particularly with regards to issues of corruption. This study develops a model for the application of blockchain technology and conducts an in-depth analysis of its possibilities using a qualitative method and an exploratory approach. In-depth interviews, designed to get a big picture view of the blockchain development model in the public sector were conducted with several sources, namely the Director General of Asset Tracing KPK (Indonesian Anti-Corruption Commission), KPK Public Prosecutors, the KPK IT department, WIr Group, Financial and Development Oversight Agency (BPKP), and blockchain practitioners. The research was conducted between August and December 2022. The study's findings demonstrate how promising it is to use blockchain technology to lessen corruption. Distributed ledgers give governments new ways to improve transparency. The model that can be applied is ‘permissioned blockchain’ because it has a private nature. Blockchain application requires top management support, organisational readiness, and organisational support. To deepen understanding, further experimental research is needed to test the model.
More and more millennials are interested in investing in crypto assets like Bitcoin and Ethereum. However, there is still uncertainty and hesitation in making this investment. This study aims to determine the effect of herding behavior on the millennial generation's intention to invest in crypto assets. This research was conducted in Indonesia with the respondents being the millennial generation who adopted crypto assets. The population in this study is the millennial generation of crypto asset adopters throughout Indonesia which continues to change every time, so the number is unknown. The sampling technique was carried out by purposive sampling with a sample of 220 respondents. Data was collected by distributing questionnaires via google form. The analysis used is SEM-PLS. The results of this study indicate that herding on social media environment has a positive and significant effect on behavioral intention. Herding on social media environment has a positive and significant effect on financial literacy. Herding on social media environment has a positive and significant effect on E-trust. Financial literacy has a positive and significant effect on behavioral intention. E-trust has no effect on behavioral intention. Ethical concern is able to moderate the influence of herding on social media environment on behavioral intention.