Muhammad Fauzi, Kusnadi Kusnadi, Musdizal Musdizal, Rafzan Rafzan
This study aims to determine whether Cryptocurrency status can meet the criteria of wealth/property (Maal) and currency in Islam. This is based on the fact that the issue of Cryptocurrency as Maal and money in Islam has attracted attention from various parties. Cryptocurrency is a digital/virtual currency, with a decentralized system using peer-to-peer (Blockchain) technology without being regulated and issued by a third party. In contrast to fiat currency in physical form (banknotes and coins) and non-physical fiat currency (demand) which is centralized/regulated and issued by third parties. This research was conducted using the Literature Review approach. This research shows that Cryptocurrency status can meet the criteria of Maal and currency in Islam has not yet seen a thread, because from various parties there are still differences of opinion, there are cons group opinions;, netral groups opinions;, and there are also pros groups opinions;. Finally, this area is open for future research as many issues remain unresolved and more concrete work is needed.
This study investigates the possibility of taxing digital assets such as cryptocurrency and NFT in order to raise funds for the government. Using normative research approaches, it is possible to determine if cryptocurrencies and other digital assets (NFT) should be subject to high or low tax rates. The study looked at the tax policies of numerous countries addressing cryptocurrencies and digital assets, in addition to studying bitcoin tax laws and NFT. Different laws, methods, and issues apply to the regulation of cryptocurrencies and NFT depending on the jurisdiction. There is no universal agreement on this. Keywords: taxes, cryptocurrencies, digital assets, NFT
In recent years, technological advances have grown so rapidly, including progress in the economic field. the existence of cryptocurrencies or digital money, provides a new alternative as a transaction tool, investment instrument or as a trading commodity. On the other hand, the legitimacy of using cryptocurrencies is still a matter of debate in various circles. Researchers want to study the use of cryptocurrencies with the sadd dzariah approach. This research is a quantitative research and is a library research. The data analysis technique used is descriptive-analytical with a normative juridical approach to Islamic law. The results of the study indicate that the use of cryptocurrencies in business transactions, as an investment instrument, and illegally traded commodities, is maysir and gharar. So it should be avoided containing mafsadat rather than benefit, and has the potential to bring more harm than good/mafsadah.
To this date, technology has seen massive development and, it influences the economic field. The emergence of the metaverse has become an inevitable part of this progress. It serves as a digital world, wherein everyone is able carry out a vast array of activities, including economic transactions. The emergence of digital assets, that has encouraged serious discussion, is inseparable from Islamic law. One of these digital assets is the Non-Fungible Token (NFT). This digital asset is the focus of this study, specifically on for its posibility to become material guarantees. This article employs a qualitative study and presented descriptively through the perspective of Islamic law. The result of this study is that the pledged-object (marhūn) has certain primary conditions for it to be functional, namely: it is a property, it has value, it can be traded, its asset value is clearly known, and it is actually owned by the guarantor (rāhin). The concept of marhūn as a valuable object ultimately answers that NFT is included in the marhūn category. However, since NFTs do not stand alone if the transaction currency used in the metaverse is cryptocurrencies, al-rahn transactions using NFTs become less favourable considering Cyrptocurrency is deemed to be haram.
Non-Fungible Token (NFT) is one of the most popular digital assets traded by the global community. This phenomenon is increasingly popular with the news that Ghazali was able to earn billions of rupiah. The NFT phenomenon encourages researchers to carry out analyzes related to the law of transactions in it and its validity according to the fiqh mu'amalah of the four schools of thought. This study uses a literature study approach by collecting data and information related to NFT and the views of several scholars regarding the pillars of a sale and purchase contract (bay') which include: NFT as ma'qud 'alaih, cryptocurrency as tsaman or mal, seller and buyer, and shighat (contract). This research resulted in two findings. First, NFT is a mal in the fiqh mu'amalah review. NFTs are categorized as meaningful malls because they are useful for copyrighted works and can be fully owned (hiyazah). Second, NFT transactions are legally valid 'because they have fulfilled all the conditions and pillars of the sale and purchase contract (bay'). Cryptocurrency as a transaction tool in NFTs is legal and meets the requirements to be categorized as a mall and recognized as a hiwalah contract. The two actors (al-'aqidan) and shighat in NFT transactions have also met the conditions.
Taufiq Gilang Adhitama, Anggunmeka Luhur Prasasti, Ali Fahmi Perwira Negara
Baitul Maal Wa At Tamwil (BMT) is a sharia financial institution that provides savings and loan services in accordance with the social, cultural, and economic needs of rural communities, especially in agricultural and plantation communities. The current data management is still using manual recording and a centralized server which can cause fraudulent financial reports and creates a lack of credibility between BMT and its customers. The research method is to decentralize the application data system by using blockchain technology, then replacing the conventional database to blockchain system. The simulation shows that the e-BMT application are connected to blockchain network as intended, users can use metamask to interact with the Ethereum network, the blockchain implementation on e-BMT application has run according to expectations with a 100% success rate with the average transfer time on two devices of 9.47 seconds and 12.13 seconds. While the results of data entry time on two devices obtained an average of 9.96 seconds and 37.09 seconds. While the blockchain implementation on e-BMT could provide access to every user so that each entity could confirm the validity of the transactions, the size of the transactions, and other data recorded on the blockchain without having to develop an integrated database system. The research contributes in two aspects, first, we develop the distributed blockchain system using public Ethereum blockchain network integrated with with popular e-wallet such as metamask, provides easy access for both customers and BMT parties who are connected to the network so that the recorded data can be accessed by anyone, and second, the application of blockchain technology to BMT is capable to interact with users as it is built on a website platform with RESTful API.
Abstract. The practice of transactions in NFTs uses cryptocurrencies, while using cryptocurrencies as tools of payment is declared haram by the MUI because it contains gharar and dharar. So this reseach aims to find out the transaction scheme of NFT assets in OpenSea and to find out the practice of NFT transactions in terms of muamalah jurisprudence. The method used in this study is a qualitative approach, types of normative juridical research data, data collection is obtained by literature study and interviews, data analysis techniques are qualitative data studied inductively. The results of this research show that the first NFT transaction scheme is almost the same as transacting in the marketplace in general, the difference is in the payment scheme using cryptocurrencies instead of using currency, the second based on the MUI fatwa regarding cryptocurrency as a medium of exchange is declared haram because it contains gharar, dharar, and is contrary to Law No. 7 of 2011 concerning Currency and Bank Indonesia Regulation Number 17 of 2015 concerning the obligation to use rupiah in the Republic of Indonesia, so NFT transactions using cryptocurrency is prohibited because in practice the transaction is violates the pillars of the buying and selling contract.
 
 Abstrak. Praktik transaksi dalam NFT menggunakan cryptocurrency, sementara itu penggunaan cryptocurrency sebagai alat bayar dinyatakan haram oleh MUI karena mengandung gharar dan dharar. Maka penelitian ini memiliki tujuan untuk Mengetahui skema transaksi aset NFT di OpenSea serta untuk mengetahui praktik transaksi NFT ditinjau dari fikih muamalah. Metode yang digunakan dalam penelitian ini ialah pendekatan kualitatif, jenis data penelitian yuridis normatif, pengumpulan datanya diperoleh dengan studi literatur dan wawancara, teknik analisis datanaya ialah data kualitatif ditelaah secara induktif. Hasil dari penelitian ini menunjukkan bahwa yang pertama skema transaksi NFT ini hampir sama dengan bertransaksi di marketplace pada umumnya, perbedaannya terdapat pada skema pembayarannya menggunakan cryptocurrency bukan menggunakan uang kartal, yang kedua berdasarkan fatwa MUI mengenai cryptocurrency sebagai alat tukar dinyatakan haram karena mengandung gharar, dharar, serta bertentangan dengan UU No. 7 Tahun 2011 Tentang Mata Uang dan Peraturan Bank Indonesia Nomor 17 Tahun 2015 mengenai kewajiban menggunakan rupiah di NKRI, dengan demikian transaksi NFT yang menggunakan cryptocurrency ini tidak boleh karena dalam praktik transaksinya terdapat ketidak sesuaian dengan rukun akad jual beli.
The phenomenon of buying and selling online continues to grow, especially in 2022, when Ghozali shocked the Indonesian people by selling 933 non-fungible token digital works for $1.5 billion on the OpenSea Online Market. But not all people respond, because everyone can sell other people's art, sell images that contain pornography, and commit fraud under the guise of investment. In Sharia economic law, on the other hand, the element of fraud and the sale of something that does not belong to him are prohibited. The mechanism of buying and selling non-fungible tokens on the OpenSea online market is discussed in this study, as well as how the law is based on Islamic economics.This type of research uses a qualitative approach by seeking direct data from parties involved in buying and selling non-fungible tokens on the Opensea online marketplaces, from journals, articles, books, and other sources. The theory of "al-mal" and "al-bai' is used to analyze this research using a qualitative deductive method. The results of the research show three mechanisms in the practice of buying and selling non-fungible tokens on the Opensea online marketplace, which include the creation, sale, and purchase of digital artwork, and most of them are carried out on the Ethereum and Polygon blockchain platforms. According to sharia economic law, when buying and selling non-fungible tokens on the Opensea online market is analyzed using the mall theory, the majority of Ulama argue that non-fungible tokens can be classified as malls, while some groups of followers of Imam Hanafi do not justify non-fungible tokens as malls because of their non-concrete nature. Meanwhile, if it is captured using the "bai' theory, the practice of buying and selling non-fungible tokens is not covered by sharia because, in practice, people can easily sell other people's digital artwork, sell images that contain pornographic elements, and are very vulnerable to involvement in non-fungible token sale scams such as forgery of digital artwork descriptions and investment scams. As for those who can avoid all these negative elements, then they are returned to the original law of bai', namely mubah.
Penelitian ini bertujuan untuk menganalisis faktor yang menjadi penyebab naik atau turunnya harga Bitcoin. Penelitian ini menggunakan metode kuantitatif deskriptif. Digitalisasi telah merambat pada dunia investasi yang telah melahirkan investasi dengan sistem blockchain yaitu cryptocurrency, peneliti berfokus pada Bitcoin dari berbagai macam bentuk cryptocurrency. Bitcoin salah satu dari banyaknya macam bentuk cryptocurrency menjadi popular akhir-akhir ini. Masyarakat menjadikan Bitcoin sebagai investasi pengganti selain saham dan emas. Berdasarkan hasil analisis yang telah dilakukan, dapat ditarik kesimpulan bahwa secara parsial kurs tidak berpengaruh signifikan terhadap harga Bitcoin, indeks harga LQ45 berpengaruh signifikan terhadap harga Bitcoin, trend berpengaruh signifikan terhadap harga bitcoin, suku bunga the FED berpengaruh signifikan terhadap harga Bitcoin, dan dummy perang Ukraina berpengaruh signifikan terhadap harga Bitcoin. Penelitian ini memberikan implikasi bahwa pemerintah lebih memperhatikan investasi lain selain emas dan saham yang sudah umum di Indonesia, masyarakat juga perlu berhati-hati untuk investasi di Cryptocurrency karena selain high risk high return tetapi juga minim regulasi dari negara untuk tindak kejahatan di dunia cryptocurrency.
Arinda Mentari Putri, Sylviana Maya Damayanti, Raden Aswin Rahadi
The Covid-19 pandemic is causing the digital economy to expand quickly. The development of Islamic finance employing Islamic financial technology should see this technology and the burgeoning digital economy as a problem and an opportunity. One of the most sophisticated acceleration development products is blockchain, and become Islamic finance’s most challenging product. There are still pros and cons to using blockchain in Islamic financial products. In terms of transparency and high trust level, the value of blockchain is similar to those of Islamic financial value. It’s critical to have this opportunity to speed up Islamic finance development. The main problem is that there are still very limited studies about Islamic finance and blockchain. With this study, we will conduct a bibliometric analysis of the publications we published from 2012-2022 about Islamic finance and blockchain through Scopus and google scholar. This study uses the Vos viewer program to see the number of publications, co-authorship authors, co-authorship institutions, co-authorship countries, and keywords. In Scopus, only 24 papers have discussed Islamic finance and blockchain in the last ten years. However, there are more papers on google scholar, but they are still not as specified as in Scopus. There are still many opportunities to have more research in this field.
Bitcoin is the first cryptocurrency that is widely accessible and the most sought after by investors working in the Cryptocurrency world. At the same time, the price of Bitcoin continues to fluctuate, raising concerns about inflation and monetary aggregates in Indonesia. Therefore, Bank Indonesia (BI) prohibits financial institutions in Indonesia from using cryptocurrencies as a means of payment or financial services. This is also supported by the Indonesian Ulema Council (MUI) institution by prohibiting the use of cryptocurrencies in Indonesia. Apart from the policies of Bank Indonesia and the MUI, there are several factors that cause the use of cryptocurrencies to be prohibited in Indonesia, including having a negative impact on the economy and the environment.
 Keyword: Cryptocurrency; Bitcoin; Indonesian policy; environmental impact.
Transaksi jual beli yang berbasis internet telah mereformasi transaksi jual beli yang terjadi secara konvensional, di mana transaksi antara Perkembangan teknologi yang sangat pesat membawa kemajuan pada hampir seluruh aspek dalam kehidupan manusia, khususnya pada metode pembayaran baru dalam kegiatan e-commerce, yaitu alat pembayaran virtual atau yang lazim disebut dengan mata uang virtual Bitcoin. Penulisan skripsi ini bersifat deskriptif yang merupakan penelitian yuridis normatif dan alat pengumpul datanya adalah studi dokumen yaitu dengan menganalisis peraturan perundang-undangan yang berkaitan dengan permasalahan dalam tesis ini dan analisis data adalah analisis kualitatif. Berdasarkan hasil penelitian diketahui bahwa aspek hukum mata uang virtual bitcoin sebagai alat pembayaran masih belum jelas dasar hukumnya. Akibat ketidakjelasan tersebut transaksi menggunakan bitcoin belum dapat dikatakan sah.
Technological developments are in line with economic developments based on digital technology. One of them is the emergence of financial technology which has now become a daily life for us, especially the millennial generation. This research was quantitative research that aimed to analyze interest in cryptocurrency investment based on the influence of millennial lifestyles, technological advances, and investment content on TikTok. This study used primary data with research instruments in the form of questionnaires and used path analysis to test the research hypothesis. The sampling method was carried out in the Arzanocrypto community with as many as 100 samples using the voluntary response sampling method, in which the samples were individuals who voluntarily took part in the research. The results of the study showed that the millennial lifestyle variable had no significant effect on interest in cryptocurrency investment, but had an effect on investment content on TikTok. The variable technological progress had a significant effect on interest in cryptocurrency investment but had no significant effect on investment content on TikTok. The investment content on TikTok had a significant effect on interest in cryptocurrency investment. Perkembangan teknologi sejalan dengan perkembangan ekonomi yang berbasis teknologi digital. Salah satunya dengan muncul financial technology yang kini sudah menjadi keseharian bagi kita terutama generasi milenial. Penelitian ini adalah penelitian kuantitatif yang bertujuan untuk menganalisis minat investasi cryptocurrency berdasarkan pengaruh gaya hidup milenial, kemajuan teknologi, dan konten investasi di TikTok. Penelitian ini menggunakan data primer dengan instrumen penelitian berupa kuesioner dan menggunakan analisis jalur untuk menguji hipotesis penelitian. Metode pengambilan sampel dilakukan pada komunitas Arzanocrypto sebanyak 100 sampel dengan metode pengambilan sampel voluntary response sampling, yang mana sampel merupakan individu yang secara sukarela menjadi bagian dalam penelitian. Hasil penelitian menunjukkan bahwa variabel gaya hidup milenial tidak berpengaruh signifikan pada minat investasi cryptocurrency, namun berpengaruh pada konten investasi di TikTok. Variabel kemajuan teknologi berpengaruh signifikan pada minat investasi cryptocurrency, namun tidak berpengaruh signifikan pada konten investasi di TikTok. Konten investasi di TikTok berpengaruh signifikan pada minat investasi cryptocurrency.
Riza Desriandi, Joni Indra Wandi, Rhona Sandra, Erda Fitriani · 7 authors
This study aims to compare Indonesian and Japanese education by using five indicators, namely the purpose of education, education management, education budget, education personnel, and salaries, as well as the learning evaluation process. The education system according to the National Education System Law No. 20/2003 it is stated that the National Education System is all components of education that are interrelated in an integrated manner to achieve national education goals. This research is based on a literature study by looking for theoretical references that are relevant to the cases or problems found. The results of this study According to Law No. 20 concerning "the National Education System" Chapter 1 General Provisions Article 1 paragraph 8 explains that the stages of education that have been determined are based on the level of development of students, the goals to be achieved and the abilities developed. The law explains that formal education in Indonesia consists of primary education, secondary education, and higher education. The financing of the education system in Indonesia is influenced by government policies. There are two financing systems, namely centralized and decentralized.
Latar Belakang: Secara global dan lokal, pertumbuhan signifikan dan penggunaan uang kripto (cryptocurrency) didukung oleh komitmen Pemerintah Indonesia, termasuk penyusunan regulasi yang komprehensif, perpajakan, dan bursa cryptocurrency. Dari sudut pandang akademis, hal ini merupakan peluang untuk mengeksplorasi implementasi akuntansi untuk cryptocurrency sebagai pelajaran bagi Indonesia. Studi kasus adalah kasus riil yang menelaah semua informasi yang tersedia untuk publik guna memahami implementasi kebijakan akuntansi untuk cryptocurrency di Galaxy Digital dan Meitu.Tujuan: Tujuan dari penelitian ini adalah untuk memberikan sudut pandang akademis dalam mengeksplorasi implementasi akuntansi cryptocurrency sebagai pembelajaran untuk Indonesia di mana cryptocurrency akan tumbuh.Metode Penelitian: penelitian ini menggunakan referensi literatur yang relevan, pedoman IFRS, IAS 2 Inventories, IAS 38 Intangible Assets, serta standar akuntansi lain yang relevan yaitu IAS 36 Impairment of Assets dan IFRS 13 Fair Value Measurements, termasuk studi KAP Big Four.Hasil Penelitian: Berdasarkan analisis, Galaxy Digital dan Meitu, menerapkan dua standar akuntansi yang berbeda untuk cryptocurrency. Penerapan standar akuntansi yang berbeda ini diharapkan dapat memberikan analisis yang lebih komprehensif dan sebagai pembelajaran bagi penerapan akuntansi cryptocurrency di Indonesia, baik dari segi literatur maupun praktis, yang kemungkinan akan muncul dalam waktu dekat.Keaslian/Kebaruan Penelitian: Penelitian ini memberiakan hasil diskusi resmi terkait pemberlakuan akuntansi untuk cryptocurrency di Indonesia yang masih jarang dilakukan.
The purpose of this paper is to review the findings of a review of the academic literature on Islamic financial technology that has been carried out in the field of Islamic financial technology. The aspects studied in Islamic Finance Fintech with cryptocurrency regulations, compliance and tax policy laws and finally identify other influences such as opportunities and Islamic financial technology that Islamic financial institutions can learn from global fintechs around the world. This study collected 150 journals. Based on the inclusion and exclusion criteria, 79 research papers and publications were used in this systematic literature review. This paper offers a thorough analysis of the study. This study classifies Islamic Financial Technology with regulation/compliance in Islamic law and taxation. Throughout our review, we also found barriers to cryptocurrencies in Islamic law and found several countries have tax policies for cryptocurrencies. This study will greatly advance the understanding of Islamic FinTech among academics, companies, regulators, investors, and other FinTech users. The results of this study are expected to be useful in understanding Fintech (cryptocurrency-based technology) from the point of view of sharia and taxation rules in Indonesia
Nova Yanti Maleha, Waldi Nopriansyah, Bagus Setiawan
Crypto is a digital currency that is contained in a network that does not have a concrete object. However, this cryptocurrency has several types, the more common being bictoin. The problem with Bictoin is that it is a network of consensus systems into a new form of payment transaction using blockchain in this Cryptocurrency transaction. It doesn't have physical objects, it's only digital goods. Therefore, this article discusses the dynamics of Cryptocurrency transactions. This type of research is qualitative in the form of literature research with a normative approach. The author concludes that Cryptocurrency transactions are developing in Indonesia, but transactions still contain elements of ambiguity (gharar), speculation (masyir) so that this is the basis for the Islamic prohibition of Cryptocurrency transactions in Indonesia. However, if it is managed according to Islamic rules, Cryptocurrency transactions can be legalized in transactions.
Blockchain merupakan salah satu fintech yang ramai diperbincangkan saat ini, terlebih keterkaitannya dengan cryptocurrency. Dalam perkembangan keuangan syariah tidak lepas dari antusias masyarakat terkait praktik ekonomi syariah dan inovasi layanan syariah dalam bentuk fintech. Tujuan dari penelitian ini adalah untuk mengetahui bagaimana prespektif Islam terhadap Blockchain. Metode pengumpulan data yang dalam penelitian ini menggunakan metode library research melalui studi kepustakaan melakukan pencarian data dari sumber seperti buku, jurnal, peraturan perundang-undangan, serta tulisan ilmiah lain. Penelitian ini menggunakan metode kualitatif deskriptif. Berkembangnya keuangan syariah baik dalam hal perbankan maupun nonperbankan tidak lepas dari antusias masyarakat terkait adanya praktik ekonomi syariah dan adanya inovasi layanan syariah dalam bentuk fintech. Penggunaan blockchain dalam keuangan syariah dapat diterapkan melalui pengaplikasian smart contract dalam perbankan syariah, pengoptimalisasian penghimpunan zakat, peningkatan utilitas wakaf, menciptakan halal value chain, serta penerapan blockchain dalam ritel sukuk.
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.
Waqf assets are assets that can be utilized for the benefit of the people. Currently, there are many waqf asset management using internet-based Waqf Information Systems. However, the database used by the system is generally centralized, so it is prone to data manipulation. Each waqf entity has its data, causing data differences between waqf entities. This study aims to provide the concept of waqf asset management using Blockchain technology and Smart Contracts. The method is a qualitative analysis method with secondary data from various kinds of literature, study journals, and reports published by the government and related agencies. This study concludes that the concept of waqf asset management based on Blockchain technology and Smart contracts can facilitate the management of waqf assets, both movable and immovable assets. In addition, it can increase data transparency between nadzhir, wakif, and waqf regulators and minimize data manipulation. The role of regulators such as the Ministry of Religion, BWI, and BI is needed to create regulations that support the implementation of waqf management based on Blockchain technology and Smart Contract.
Julia Ayu Widhiarti, Debby Arisandi, Miti Yarmunida
Cryptocurrency is one of the many digitalization phenomena that now exist and being hot issue among people around the world. The existence of cryptocurrency raises a question in the society, especially among the muslims related to how its law of Islam is. Therefore, this qualitative research aimed at finding out the how far the understanding that people in Bengkulu’s City have about cryptocurrency, how the cryptocurrency system is and its law of Islam. To answer that question, the researcher interviewed several samples, which is from Industry and Trade Office of Bengkulu Province, and 20 samples from the people of Selebar District, Bengkulu City. As a result, it was found that from 20 community samples, only 9/20 or 45% stated that they knew about cryptocurrency, while the 11/20 or 55% remaining stated that they didn’t know. Also 2/20 or 10% of the samples said that they had invested on cryptocurrency, while 18/20 or 90% remaining said that they had not. In addition, the research also found out that cryptocurrency transactions contains at least 2 things that are prohibited in Islam, so it’s illegal.
Cryptocurrency or crypto currency is a digital currency that uses an encryption system and there are various forms of this digital currency spread all over the world. In Indonesia, people are starting to use Cryptocurrencies and not a few have become investors through this digital currency. The first problem How is the existence of cryptocurrency as a digital currency in Indonesia? Second, how is the legal power of cryptocurrency in Indonesia. This research method uses normative legal research methods. The result of the first discussion is that the existence of Cryptocurrency or cryptocurrencies only applies to the trading sector and is only recognized by Bappepti. The result of the second discussion is that cryptocurrency digital currency cannot be used as a legal currency because it does not meet the elements as a legal currency in Indonesia.
One of the investments that people are interested in today is Cryptocurrency. This is a form of investment that occurs due to advances in the world of technology that are felt by the community without exception also for Muslims. Conventional investment is defined as having broad benefits and impacts on the country's economy. However, Islam provides various limits in investing. For an investment to be recognized in Islam, four aspects must be owned, namely: material/financial aspects, halal aspects, social and environmental aspects, and divine aspects. For this reason, this research will describe in detail, whether cryptocurrencies meet these aspects or not. In answering these problems, the researcher used a descriptive qualitative approach with valid secondary data sources. This research results that none of the four aspects can be fulfilled from cryptocurrency, both material/financial aspects, halal aspects, social and environmental aspects as well as divine aspects. Keywords: Cryptocurrency; investment; Islamic economy
Innovations in economic activities are developing rapidly in this digital era. One of such innovations is the emergence of cryptocurrencies as new products in digital transactions. Cryptocurrencies can be used in the form of commodities or currencies. However, some cases related to cryptocurrencies have occurred in several countries. Given this fact, it is considered necessary to have a halal cryptocurrency formulation within the maqashid al-shari’ah frame. The analysis used in the research of a halal cryptocurrency model under the maqashid al-shari’ah scheme is descriptive-analytical in nature and complies with the ushuliyyah approach. In this model, a guarantor and a supervisor from the side of the Government are essential to eliminating the potential for chaos to occur. This model pays attention to ethical compliance with maqashid al-shari’ah which also has the principles of al-tabarruat. This application of maqashid al-shari’ah will be able to provide a framework for a cryptocurrency model that is in accordance with Islamic law. This model will also generate benefits and create quality economic growth.