Mohamad Indra Nata Wijaya icebgc, Tengku Ezni Balqiah icebgc
Introduced in 2008, blockchain technology has experienced rapid development, in its development many digital assets have been created in the form of cryptocurrencies (cryptocurrency). For some people, crypto assets are the most modern solution and alternative for carrying out transactions on the blockchain. This study aims to determine how Behavioral Intention in Conducting Cryptocurrency Transactions. The model used is Structural Equation Modeling (SEM) with 228 data respondents spread throughout Indonesia. The results of this study indicate that the Facilitating Condition, Perceived Risk and Trust variables have a significant direct influence on the Behavioral Intention in Conducting Cryptocurrency Transaction variables while the Effort Expectancy, Hedonic Motivation, Performance Expectancy, Price Value, and Social Influence does not have a significant direct effect on the Behavioral Intention in Conducting Cryptocurrency Transaction variables and for the Performance Expectancy and Price Value variables it is not able to provide a stimulus to Effort Expectancy, Hedonic Motivation, Performance Expectancy, and Perceived Risk on the Behavioral Intention in Conducting Cryptocurrency Transaction variables. Keywords: Crypto Assets; Intentions; Investments; Platform X; Transactions
Komang Ayu Sekhar Sari Rambi icebgc, Ali Zainal Abidin icebgc
The emergence of cryptocurrencies or milled currencies is evidence of the rapid technology in the field of the economy. The number of users of this digital currency has impacted the Indonesian economy. This study examines the pandemic's impact on the bitcoin cryptocurrency's impact on the Indonesian economy. This research uses a skinned approach with (literature study), which analyses literature studies by collecting several journals related to research objectives. The discussion results show the impact of cryptocurrencies during the pandemic on the Indonesian economy. Bitcoin currency concluded that the price and interest increased during the cryptocurrency pandemic. The impact factor of Cryptocurrency affects the Indonesian economy; hence bitcoin in Indonesia will get affected if big countries' value drops. Keywords: Cryptocurrencies; Bitcoin; Pandemic
Cryptocurrencies are now the most popular investment instruments among millenials. Crypto offers great returns in a short period of time. Prior to COVID-19, Crypto experienced significant price fluctuations accompanied by an increase in the number of high transaction volumes. This situation was disrupted by the presence of the COVID-19 which made the world economy devastated, marked by the decline of stock prices in the world, especially in Indonesia. A paired test was conducted in this study to compare the state of Crypto before and during COVID-19 with the variables of Risk, Transaction Volume, Return, and Sharpe Performance. The results showed that there was a significant difference in the variables of Transaction Volume and Return. However, there was no significant difference in the Risk and Sharpe performance before and during COVID-19. This study shows that despite the COVID-19 pandemic, the enthusiasm of investors who transact crypto assets is not affected and they still get returns in accordance with the investments made. The high risk will be followed by a high standard deviation, so that the Sharpe Performance is small. Cryptocurrencies still have many gaps to research, such as regulation, so that many countries have not legalized Crypto transactions. If there is no regulation for Crypto, it is certain that an increase in cybercrime harms crypto investors and threatens global financial stability. Nevertheles, with or without COVID-19, investment transactions gain and lose based on confidence in the limited market. Therefore, the success of confidence fluctuations in crypto encourages the emergence of alternative coins created by investors to conduct an Initial Coin Offering (ICO).
Abstract. Cryptocurrency become new public attention in investing world. It’s characteristic which high Risk and high Return, makes cryptocurrency became investing asset by public. The purpose of this research is to find out people's preferences regarding cryptocurrencies as an investment tool and their relevance in the future. This research uses quantitative methods with data processing in the form of a Likert scale. The results showed that the aspect that dominates people's preferences in investing in cryptocurrencies is the aspect of income potential that describes the potential of cryptocurrencies as one of the sources of income and the indicator with the highest score is found in the Risk indicator which describes the public's understanding specifically of cryptocurrency Risk. The average value of the overall aspect indicates that the public agrees that cryptocurrencies remain relevant as a means of investment in the future.
 Abstrak. Cryptocurrency menjadi perhatian baru di mata publik dalam dunia investasi. Karakteristiknya yang bersifat high Risk, high Return membuat cryptocurrency dijadikan alat investasi oleh masyarakat. Tujuan penelitian skripsi ini adalah untuk mengetahui preferensi masyarakat mengenai cryptocurrency sebagai alat investasi serta relevansinya di masa mendatang. Penelitian ini menggunakan metode kuantitatif dengan pengolahan data berupa skala Likert. Hasil penelitian menunjukkan bahwa aspek yang mendominasi preferensi masyarakat dalam berinvestasi cryptocurrency adalah aspek potensi penghasilan yang mengambarkan potensi cryptocurrency sebagai salah satu sumber penghasilan dan indikator dengan skor tertinggi terdapat pada indikator Risk yang menggambarkan pemahaman masyarakat secara spesifik mengenai resiko cryptocurrency. Adapu nilai rata-rata aspek secara keseluruhan menunjukkan bahwa masyarakat menyetujui bila cryptocurrency tetap relevan sebagai alat investasi di masa mendatang.
This study aims to determine the effect ofWorld Oil Priceseffect on Return Cryptocurrency. The researcher uses a descriptive quantitative approach. Replication research is the repetition of the basic experiment. The analytical method used is multiple linear regression model. As for the results of this study, the variable World Oil Price (X) can explain the Return Cryptocurrency variable (Y) of 27.9%.variableWorld Oil Prices(X) significant effectagainst the Return Cryptocurrency variable (Y). Oil price fluctuations on the world market have an effect on Cryptocurrency Return. In this study, it is found that fluctuations in oil prices in the world market have a positive impact on Cryptocurrency Return. That is, the increase in oil prices encourages the rise of Cryptocurrencies. Researchers suggest to pay more attention to world oil prices first before other commodities, because the impact of world oil prices is very large on commodity prices worldwide. So, for example, a decline in world oil prices can affect Cryptocurrency Return.
Abstract. The business market in Indonesia, especially those engaged in painting, utilizes e-commerce as a communication activity in the current PPKM era. Various painting products are marketed online and packaged as attractively as possible to attract consumer interest. The level of intense competition and the Covid pandemic requires painting traders to create easy communication activities online. Experiences, motives, communication methods, and the meaning of using NFT in Pak Iin's painting shop are research questions that will be investigated. This research uses qualitative research methods. Thus, researchers try to discuss accurately in the various phenomena that exist. Observation and in-depth interviews were used as data collection techniques. In-depth interviews were conducted with informants from Pak Iin's painting shop on Jalan Braga who have used the NFT application to sell their paintings. Data reduction, presentation and verification are used as data analysis techniques - research data. The phenomenon that occurs as a painter in Pak Iin's painting shop is the only phenomenon studied by the researcher. Analyzed by using the theory of phenomenology according to Alfred Schutz as a hope to find data, evidence and information on phenomena more fully. Based on the results of the research that has been formulated on the findings of experience research, motives, ways of communication, and the right meaning in the sale of paintings by painters on Jalan Braga from the use of the NFT application, namely: 1) Experience is based on a work ethic on values such as Pak Iin received direct assistance from Ridwan Kamil, Pak Iin in using the NFT application, Pak Iin's painting sales sold at a high price, and Pak Iin was patient in marketing his painting products online with direct assistance from Ridwan Kamil. 2) The motive is divided into two parts, namely the primary motive and the secondary motif. The motives of work relations and the search for connections carried out by Ridwan Kamil and Pak Iin are included in the types of primary motives and biogenetic motives for the use of scientific disciplines, maximizing self-potential, and interest in NFT applications including secondary motives with sociogenetic motives. 3) The way of communication is done face-to-face or indirectly between Pak Iin and Ridwan Kamil in interacting with each other by sending or receiving messages indirectly with the internet media. 4) The meaning obtained is the concept of being patient at work and self-benefit for the environment around Pak Iin's painting shop.
 Abstrak. Pasar bisnis di Indonesia khususnya yang bergerak di bidang lukisan, memanfaatkan e – commerce sebagai aktivitas komunikasi di masa PPKM saat ini. Berbagai produk lukisan dipasarkan secara online dan dikemas semenarik mungkin untuk menarik daya tarik minat konsumen. Tingkat persaingan yang ketat dan adanya pandemim Covid menuntut para pedagang lukisan harus menciptakan aktitivtas komunikasi yang memudahkan secara online. Pengalaman, motif, cara komunikasi, dan makna pemanfataan NFT di toko lukisan Pak Iin menjadi pertanyaan – pertanmyaan penelitian yang akan diteliti. Penelitian ini mneggunakan metode penelitian kualitatif. Dengan demikian, peneliti berusaha membahas secara akurat dalam berbagai fenomena – fenomena yang ada. Observasi dan wawancara mendalam digunakan sebagai teknik pengumpulan data. Wawancara mendalam dilakukan kepada informan dari toko lukisan Pak Iin di jalan Braga yang telah menggunakan aplikasi NFT sebagai penjualan lukisannya. Reduksi, penyajian dan verifikasi data digunakan sebagai teknik analisis data – data penelitian. Fenomena yang terjadi sebagai seniman pelukis di toko lukisan Pak Iin adalah fenomena satu – satunya peneliti yang diteliti. Dianalisis dengan menggunakan teori fenomenologi menurut Alfred Schutz sebagai harapan dapat menemukan data, bukti serta informasi fenomena secara lebih lengkap. Berdasarkan hasil penelitian yang telah dirumuskan pada hasil temuan penelitian pengalaman, motif, cara komunikasi, dan makna yang tepat pada penjualan lukisan yang dilakukan seniman pelukis di jalan Braga dari penggunaan aplikasi NFT yakni: 1) Pengalaman didasari oleh adanya etos kerja pada nilai – nilai seperti Pak Iin mendapatkan bantuan langsung dari Ridwan Kamil, Pak Iin pada pemanfaatan aplikasi NFT, penjualan lukisan yang dilakukan Pak Iin laku dengan harga drastis, dan Pak Iin sabar dalam memasarkan produk lukisannya secara online dengan adanya bantuan dari Ridwan Kamil langsung. 2) Motif dibagi menjadi dua bagian yaitu motif primer dan motif sekunder. Motif relasi kerja serta pencarian koneksi yang dilakukan Ridwan Kamil beserta Pak Iin termasuk kedalam jenis motif primer serta motif biogenetis pada pemanfaatan disiplin ilmu, pemaksimalan potensi diri, dan ketertarikan akan aplikasi NFT termasuk pada motif sekunder dengan motif sosiogenetis. 3) Cara komunikasi dilakukan secara tatap muka atau tidak langsung antara Pak Iin dengan Ridwan Kamil dalam berinteraksi satu sama lain dengan mengirim atau menerima pesan secara tidak langsung dengan adanya media internet. 4) Makna yang didapatkan adalah konsep sabar dalam bekerja dan kebermanfaatan diri bagi lingkungan sekkitar toko lukisan Pak Iin yang terjadi.
This study explains the Islamic economic perspective on cryptocurrency, in this case, in the light of maqashid shariah. This research was a literature study and qualitative in nature. The data analysis applied a descriptive-analytical technique with a normative juridical approach to Islamic law. The results of this study conclude that cryptocurrency has a much greater element of mafsadah than maslahah. It is an investment commodity rather than a currency with a very high level of risk and volatility that reflects the mafsadah. This is the attraction of a new investment model because it only follows the trend of global market developments that are far from the function and benefits of currency in the perspective of Islamic economics.
As a sophisticated platform, namely Blockchain, which has 3 (three) potentials to change the governance system which is still considered traditional, solve the problem of principal agents, and minimize the crime of document falsification. However, in the government sector, the documents used can be insecure and lead to document falsification. Blockchain is becoming increasingly significant in document services and beyond until questions arise about the authenticity and security of manuscripts and documents in the government sector. So, Go-Chain (Government Blockchain) it is necessary to authenticate documents using Blockchain to minimize document forgery. By utilizing the potential of Blockchain technology, this research aims to maximize government e-documents in a modern and secure manner. Propose a Blockchain-based document framework method that is applied with a literature review study—in addition to ensuring the speed of system execution by utilizing DAO (Decentralized Autonomous Organization) and Smart Contracts. The result is that modern and safe government e-documents in document verification can significantly maintain transparency and increase trust in public services.
This paper explains the differences in the implementation of financing governance policies at universities that have an impact on the quality of management. The research was conducted on two leading Islamic universities in Indonesia, UIN Syarif Hidayatullah Jakarta and UIN Maulana Malik Ibrahim Malang. This article is based on the hypothesis that the combination of higher education self-financing with stricter restrictions on the state budget has caused higher education institutions to conduct workload studies on internal resources. The management of public service bodies that prioritize the principles of efficiency and productivity is part of a combination hypothesis that requires universities to implement business practices to improve services for the provision of educational services. Through an empirical approach, it was found that there was an increase in compliance with the policies of financing laws and regulations but there were distortions in the policy of centralization and decentralization of financing that had an impact on resource performance.Keywords: Public Service Agency; Financing Management; Islamic State University AbstrakTulisan ini menjelaskan perbedaan implementasi kebijakan tata kelola pembiayaan pada universitas berdampak kepada mutu manajemen. Penelitian dilakukan kepada dua perguruan tinggi Islam terkemuka, UIN Syarif Hidayatullah Jakarta dan UIN Maulana Malik Ibrahim Malang. Artikel ini didasarkan pada hipotesis kombinasi dari pembiayaan mandiri pendidikan tinggi dengan batasan lebih ketat pada anggaran negara telah menyebabkan institusi pendidikan tinggi untuk melakukan studi beban kerja pada sumber daya internal. Pengelolaan badan layanan umum yang mengutamakan prinsip efisiensi dan produktivitas merupakan bagian dari hipotesis kombinasi yang menuntut perguruan tinggi untuk menerapkan praktik-praktik bisnis untuk meningkatkan layanan penyediaan jasa pendidikan. Melalui pendekatan empiris ditemukan peningkatan kepatuhan terhadap kebijakan peraturan perundang-undangan pembiayaan namun terjadi distorsi dalam kebijakan sentralisasi dan desentralisasi pembiayaan yang berdampak kepada kinerja sumber daya.Kata kunci: Badan Layanan Umum; Manajemen Pembiayaan; Universitas Islam Negeri
Perkembangan dunia modern terus berkembang pesat, salah satunya terhadap dunia fintech. Sehingga terus bermunculan ide baru untuk menciptakan sistem pembayaran yang lebih efektif dan lebih canggih dari sebelumnya. Dari situlah tercipta bitcoin sebagai salah satu bentuk dari sistem cryptocurrency. Semakin kesini, perkembangan dan peminat bitcoin sangat pesat karena keuntungan yang digarap sangat besar. Dalam rentang waktu yang singkat harga bitcoin terus menjulang tinggi. Kendati demikian, permasalah perbedaan pandangan dan pendapat tentang sah nya bitcoin masih terus diperdebatkan. Hal ini didasari peraturan undang-undang yang menyebutkan bahwa mata uang yang sah dan diterima di Indonesia adalah Rupiah. Dan sampai saat ini belumm ada perubahan ataupun penambahan. Oleh karenanya, peneliti bertujuan untuk memaparkan tentang “Bitcoin dan Keabsahannya Sebagai Mata Uang Virtual dari Perspektif Hukum Positif di Indonesia”. Apakah benar Indonesia telah memberikan legal formal terhadap bitcoin sebagai mata uang virtual yang dapat digunakan untuk alat pembayaran dan sebagai alat tukar ?. Banyak kemungkinan yang akan terus berubah sejalan dengan perubahan yang terus ada terutama dalam bidang ekonomi oleh karenanya, pada penelitian ini,peneliti akan menjelaskan tentang kedudukan keabsahan hukum bitcoin sebagai mata uang virtual di Indonesia saat ini.
Cryptocurrencies have been gaining attention in the financial world in recent years, with the model reportedly being able to digitally transfer, store and record information, and has the potential to transform traditional financial services. Financial digitization is very much needed in today's conditions, where all life uses digital systems to support life. Financial modification is certainly needed in realizing sustainable finance, especially in the field of Islamic finance globally. In this study to explore the potential of cryptocurrencies in the inclusion of sustainable Islamic finance. This research was conducted using a library research model, with data collection in the form of books, journals, websites and other objects that are considered relevant and then carried out an in-depth study through descriptive qualitative analysis methods. The results of the study indicate that cryptocurrency is a financial digitization that has the potential to support and ensure that the Islamic financial transaction process can be accessed by millions of consumers so that the goal of financial inclusion can be achieved and supports the development of the financial industry that has transaction efficiency values so that it can realize sustainable Islamic finance.
Financial supply chain (Supply Chain Finance/SCF) is a hot topic in supply chain management research (Supply Chain Management). SCF's goal is to diversify funding sources from companies with limited capital and be able to improve financial efficiency throughout the company's supply chain network. SCF has become a source of short-term funding for thousands of micro, small and medium enterprises (MSMEs). The current research on SCF still uses a conventional financial framework, and no SCF research uses an Islamic financial framework. This study aims to develop an SCF framework and system based on Islamic sharia principles in the form of a sharia crowdfunding platform using blockchain technology and smart contracts. The system design produced by this research uses smart contracts that are run using the Ethereum protocol to prevent fraud/embezzlement and improve the security system on the planned platform, according to blockchain characteristics, which are very difficult to take over.
Various financial products have emerged in the era of the digital economy, including cryptocurrencies. In Indonesia, the Commodity Futures Trading Regulatory Agency (CoFTRA) regulates the use of cryptocurrencies. Cryptocurrencies are designated as investment assets that can be included as commodities in trading on futures exchanges but are prohibited from being used as a means of payment. Crypto investors in Indonesia alone in 2021 have reached 6.5 million people with a transaction value of Rp 370 trillion as of May 2021. This number continues to increase from the previous year, making crypto investors bigger than stocks or mutual funds. This study then analyzes the factors influencing the Indonesian people's interest in investing in cryptocurrencies. Data collection techniques were collected through questionnaires distributed online to 97 respondents, while data processing used multiple regression analysis. The findings of this study indicate that yield and flexibility have a positive and significant effect on interest in investing in cryptocurrencies. Meanwhile, the prohibition of cryptocurrencies has a negative impact on interest in investing in cryptocurrencies.
Naufal Dwinanda Narra Putra, Robiyanto Robiyanto, Hans Hananto Andreas
This study was conducted to analyze the performance of the portfolio formed with different asset classes. The instrument used is the consumption sector index with 5 cryptocurrencies. Does the formed portfolio have a better performance than the portfolio that is only formed from the consumption sector index. The type of data in this study uses secondary data in the form of a daily frequency time series with a research period from January 2019 to January 2021. The data in this study used quantitative data. Portfolio performance measurement in this study was measured using the ratio of Sharpe, Treynor, Jensen, Sortino, and Omega. Based on the results of the study, it shows that the performance of the consumption sector index portfolio that is hedged with cryptocurrency produces a higher rate of return in the period during the pandemic than in the period before the pandemic. However, there is 1 crypto that produces negative values in each ratio and research period, namely Tether. Overall, the results of this study can be concluded that adding cryptocurrency to the formation of a portfolio will get a better portfolio performance<em>.</em>
Sugeng Hartanto, Berlina Yudha Pratiwi, Arisona Ahmad
Penelitian ini ditujukan untuk mengetahui permasalahan yang akibatkan oleh keberadaan cryptocurrency dan bagaimana cara mengatasinya. Penggunaan berbagai literatur dari jurnal sebelumnya ditambahkan sebagai kajian kritis terhadap permasalahan yang ada. Penggunaan regulasi merupakan salah satu bentuk pemecahan masalah yang muncul. Perkembangan cryptocurrency semakin cepat, dan kehadirannya diakui secara global. Hasil dari penelitian ini adalah terdapat beberapa peraturan yang mengatur tentang transaksi cryptocurrency namun masih perlu adanya pengaturan teknologi yang lebih menekankan pada keamanan penggunaannya. Keseimbangan antara regulasi dan norma dalam transaksi cryptocurrency juga sangat diperlukan untuk mendukung perkembangan cryptocurrency. Jika salah satu konteks ini hilang, pengguna cryptocurrency akan merasa tidak nyaman, pengguna akan cenderung menghindari transaksi cryptocurrency dan cryptocurrency secara bertahap akan dilupakan.
 
One of the most visible information technologies in today's digital age is transaction and investment technology, where users or the public are facilitated in transactions by no longer using cash. Users also feel safer because they do not need to carry cash. Moreover, the current digital era makes it easy for users or the public to invest anywhere and anytime without disrupting other businesses. Blockchain technology can be used as an alternative to non-payment transactions or commonly known as cashless transactions. Blockchain technology can also be used as an investment in electronic money. The methodology used to provide an overview and evaluate the benefits of blockchain as an alternative to digital payment and investment activities in the cryptocurrency industry uses a SWOT approach. Based on the SWOT approach that has been taken, it can be concluded that with internationally recognized safeguards of confidentiality and the ease of conducting investment transactions and activities without payment, the Weaknesses and threats can be controlled for more investors to enter the world of electronic money.
Non-Fungible Token (NFT) adalah salah satu aset digital dalam jaringan blockchain yang terdapat kode identifikasi dan mendata unik serta beda satu sama lain (one of kind). Menurut informasi yang didapatkan masih ada target audience yang dituju belum mengetahui tentang simbol “Minangkabau” sebagai budaya Minangkabau ini, dan juga masih ada yang belum mengetahui tentang Non-Fungible Token (NFT) karena belum ada media visual informasi yang efektif dan efisien. Selain itu dilihat dari segi potensi atau peluang yang ada Desain Karakter 2 Dimensi “Kerbau” sebagai simbol Minangkabau dalam penerapan NFT ini mendukung mulai dari trend dan Fenomena NFT yang sudah terjadi belakangan ini, tinggal bagaimana memanfaatkan peluang dari NFT itu sendiri untuk dijadikan sebagai media yang informatif yang efektif dan efisien. Tujuan perancangan ini adalah berupa rancangan Desain Karakter 2 Dimensi “Kerbau” sebagai simbol budaya Minangkabau dalam penerapan NFT dan juga media pendukung lainnya untuk memberikan informasi secara langsung dengan tampilan yang komunikatif, efektif, efisien, juga disampaikan dengan menggunakan Bahasa yang verbal dan visual kepada publik. Metode pengumpulan data pada perancangan ini adalah Observasi, dokumentasi, dan studi dokumentasi. Sedangkan metode perancangan yang akan digunakan yaitu adalah metode ADDIE dengan metode analisis data yaitu 5W+1H (What, When, Who, dan How). Media Utama pada perancangan ini yaitu Desain Karakter 2 Dimensi “Kerbau” sebagai simbol budaya Minangkabau dalam penerapan NFT. Media pendukung yang digunakan adalah X-banner, Baju Kaos, Digital Printing, Mug, Totebag, dan Sticker.
Latar Belakang : Perkembangan teknologi menyebabkan banyak inovasi yang tercipta seperti cryptocurrency pada awalnya dibuat untuk menggantikan uang konvensional pada akhirnya banyak negara yang sekarang lebih memilih menjadikannya sebagai aset digital termasuk Indonesia menjadikanya sebagai instrumen investasi.
 Tujuan : Penelitan ini bertujuan untuk menganalisis bagaimana pengaruh persepsi manfaat, persepsi kemudahan penggunaan, pengetahuan konsumen dan promosi terhadap penggunaan cryptocurrency sebagai instrumen investasi pada konsumen PT Indodax Nasional Indonesia. Pengaruh antara variabel independen dan dependen di penelitian ini diuji secara parsial dan secara simultan.
 Metode : Bentuk penelitian yang digunakan dalam penelitian ini yaitu penelitian kuantitatif dengan eksplanatory research.
 Hasil : Hasil penelitian menunjukkan variabel persepsi manfaat (X1), persepsi kemudahan penggunaan (X2), pengetahuan konsumen (X3) berpengaruh secara signifikan terhadap penggunaan cryptocurrency sebagai instrumen investasi.
 Kesimpulan : Melalui nilai adjusted R square juga diketahui bahwa variabel persepsi manfaat, persepsi kemudahan penggunaan, pengetahuan konsumen dan promosi berkontribusi sebesar 55,7%, terhadap variabel penggunaan cryptocurrency sebagai instrumen investasi sedangkan sisanya sebesar 44,3%, dipengaruhi oleh variabel lainnya yang tidak dibahas dalam penelitian ini.
Riau Archipelago is one of the provinces established in the regional autonomy era. The province is enforced to well manage its local own-resources in realizing regional autonomy. This study is aimed at analyzing the degrees of independence, dependence, and fiscal decentralization of the province. Through the ratio analysis, it is expected that this study can give some references to the Provincial Government taken as the subject of the study, i.e. related to decision making aimed at increasing its regional independence as well as decreasing the dependency towards the Central Government. This study uses the Report on Local Government Finances of the Province of Riau Archipelago for the financial year of 2014-2020 as the research data. This study uses quantitative descriptive analysis method based on the local government finance ratios including regional financial independence ratio, regional financial dependence ratio, and regional fiscal decentralization ratio. This study shows that from regional independence aspect, the financial performance of the province is in medium fiscal capacity (55.84%) with participative relational pattern. Based on the degree of regional dependence aspect, it is in very high category (64.17%) while due to regional fiscal decentralization degree, its regional financial performance is in good category with an average of 35.69%.
Cryptocurrency adalah sebagai aset yang dibuat untuk beroperasi sebagai cara pertukaran yang dilakukan secara digital. Nilainya akan mengalami kenaikan karena berlakunya hukum demand dan supply, di mana jumlah uang digital ini terbatas sedang peminatnya terus bertambah. Pada tahun 2021 di Indonesia mengalami perkembangan investor cryptocurrency yang signifikan, dimana pada akhir tahun tercatat jumlah investor telah mecapai 11,2 juta. Perkembangan tersebut dipicu akibat adanya anggapan perbedaan return yang dihasilkan lebih tinggi dibandingkan instrumen investasi lainnya. Penelitian ini bertujuan untuk mengukur perbedaan return, risk dan kinerja diantara cryptocurrency, IHSG dan Emas, dimana kinerja diukur menggunakan metode Index Sharpe, Index Treynor dan Index Jensen. Populasi yang digunakan pada penelitian adalah sebanyak 5 populasi yaitu; Bitcoin (BTC), Ethereum (ETH), Ripplecoin (XRP), IHSG dan Emas. Metode penelitian yang digunakan pada penelitian ini adalah analisis perbandingan menggunakan pengujian parametrik One-way ANOVA dan pengujian non-parametrik Kruskall-Wallis. Hasil penelitian menunjukan terdapat perbedaan yang signifikan pada variabel risk, Index Sharpe, dan Index Jensen. Sementara pada return dan Index Treynor tidak terdapat perbedaan yang signifikan. Bagi para investor hal yang perlu diperhatikan adalah tidak adanya perbedaan return yang signifikan pada ketiga instrumen penelitian, sementara pada risk cryptocurrency memiliki tingkatan yang paling tinggi. Penelitian yang akan datang diharapkan dapat menambahkan jenis cryptocurrency lainnya dengan periode penelitian yang lebih panjang.
The purpose of this research is to analyze the exchange of virtual cryptocurrency money with real rupiah money from the perspective of sharia economic law. Currently there is a lot of money in virtual form, one of which is bitcoin. The emergence of this type of virtual money is proof of one of the latest technological advances. Bitcoin has been widely used by several countries and even makes it a transaction tool. Cryptocurrency is becoming a booming trend as a new investment opportunity. Not even a few believe that crypto becomes an attraction because it is considered to have different characteristics in solving expenses without using a third party. Some of the provisions in the exchange contract between the same and different currencies, namely exchanging money with similar types such as rupiah with Rupiah and must be done in cash, if different currencies such as Rupiah and Dollar must also be in cash, if the exchange occurs between money and commodities, the most important thing is agreement between the seller and the buyer. Cryptocurrency (Bitcoin) is legal to use for people who accept and acknowledge it, but MUI and OJK do not allow it as a commodity and similarly BI does not allow it as a legal transaction tool to be used in Indonesia because it is considered not to meet the requirements as a currency like Rupiah. and in the perspective of sharia economic law that cryptocurrency (Bitcoin) is an object or object that is not allowed (haram).
<em><span>Some countries consider cryptocurrencies as an avenue for money laundering and other illegal activities, especially Muslim countries, many of which prohibit the use of cryptocurrencies and even prohibit them. This study aims to identify the specific risks of cryptocurrency investment and to understand the sharia-compliant concept to open opportunities for the Islamic economy in the future. The data collection technique used is literature study by collecting data from previous studies in the form of documenting articles, journals or books as well as publication data from other parties. The data analysis techniques used were data reduction, data presentation, and drawing conclusions. The results show that although cryptocurrencies promise some strengths, in terms of investment there is a risk. Some cryptocurrencies have indeed been developed to address the issue of cryptocurrency non-compliance with Sharia law. Like OneGram, one of the cryptocurrencies that can be classified according to sharia. The alternative concept of sharia cryptocurrency has the potential to build Islamic economic products and have a positive effect on the global economy, especially in the context of welcoming a modern Islamic economic order that is conducive to all circles and the realization of a better future for the Islamic economic community</span></em>
Achmad Wicaksono, Cynthia Eka Violita, Edita Rachma Kamila
This study was conducted to find out: (1) whether bitcoin is a profitable investment instrument; (2) how to make bitcoin a profitable investment instrument. This article was compiled using the “Library Research” approach where the data obtained will be analyzed in depth descriptively. The results of the study show that: (1) Bitcoin is a profitable investment instrument due to the limited supply of Bitcoin, which makes this instrument behave like Gold; (2) In order to become a profitable investment instrument, individuals can carry out mining activities to get Bitcoin prizes from miner applications and individuals can also carry out spot trading activities by taking advantage of the Bitcoin price difference when buying and selling so as to earn a profit.
Abstract 
 Often the rapid development of the world economy and also Islam is the majority of Indonesian people, as Muslims must understand technology Cryptocurrencies and activities related to these technologies, as well as understanding the law in Islamic Sharia are sourced from Hadith and verses of the Koran. Cryptocurrency is virtual money, digital money, or electronic money that exists in cyberspace and does not have a concrete form of object. This cryptocurrency has many kinds, including Litecoin, Monero, Ether, Ripple, Ethereum, Qtum, Dash, Zcash, and Bitcoin. Bitcoin security is protected by Blockchain technology. However, Bitcoin does not have an underlying asset (underlaying asset) and there is no responsible authority agency, its ownership is anonymous, its value fluctuations are very extreme, and is dominated by the opinion publication factor of the marketing system. That is why the use of Bitcoin in investment and business transactions raises pros and cons among economists and scholars. This study aims to get an overview of Bitcoin technology, especially about Blockchain and the legitimacy of its use in investment and business transactions according to Islamic law. The applied theory used is the business taxonomy of haram lidzatihi and haram lighairihi from the number of scholars reconstructed by Adiwarman Abdul Karim. This research is a literature study. The data sources for this research were taken from the Koran, the hadith of the Prophet, classical and contemporary books, as well as from online media sources. From this study, it was found that Bitcoin technology with Blockchain can indeed be recognized as an excellent revolutionary technology, but its use as an investment instrument contains elements of maysir (betting) and as an instrument of business transactions contains elements of gharar. Its legal position is haram lighairihi.
 Keywords: Cryptocurrency, Bitcoin, Blockchain technology, Islamic Sharia
 
 Abstrak
 Seriring pesatnya perkembangan ekonomi dunia dan juga agama Islam merupakan mayoritas masyarakat Indonesia, selaku umat Islam harus memahami teknologi Cryptocurrency dan kegiatan-kegiatan yang berhubungan dengan teknologi tersebut, serta memahami hukumnya dalam Syariat Islam bersumber dari Hadist dan ayat - ayat Al-Quran. Cryptocurrency adalah uang virtual, uang digital, atau uang elektronik yang berada di dunia maya dan tidak memiliki bentuk benda yang konkret. Cryptocurrency ini memiliki banyak macam, antara lain Litecoin, Monero, Ether, Ripple, Ethereun, Qtum, Dash, Zcash, dan Bitcoin. Keamanan Bitcoin dilindungi oleh teknologi Blockchain. Namun, Bitcoin tidak memiliki asset yang mendasari (underlaying asset) dan tidak ada lembaga otoritas yang bertanggung jawab, kepemilikannya anonim, fluktuasi nilai yang sangat ekstrem, dan lebih didominasi oleh faktor publikasi opini sistem pemasaran. Itulah sebabnya penggunaan Bitcoin dalam investasi dan transaksi bisnis menimbulkan pro dan kontra di kalangan pakar ekonomi dan ulama. Penelitian ini bertujuan untuk mendapat gambaran seputar teknologi Bitcoin, terutama tentang Blockchain serta keabsahan penggunaannya dalam investasi dan transaksi bisnis menurut syariat Islam. Teori terapan yang digunakan adalah taksonomi bisnis haram lidzatihi dan haram lighairihi dari jumhur ulama yang direkonstruksi oleh Adiwarman Abdul Karim. Penelitian ini bersifat studi pustaka. Sumber data penelitian ini diambil dari Alquran, hadis Rasullah, kitab-kitab klasik dan kontemporer, serta dari sumber media online. Dari penelitian ini didapatkan hasil bahwa teknologi Bitcoin dengan Blockchain memang bisa diakui sebagai teknologi revolusioner yang sangat baik, tetapi penggunaannya sebagai instrumen investasi mengandung unsur maysir (pertaruhan) dan sebagai instrumen transaksi bisnis mengandung unsur gharar. Kedudukan hukumnya adalah haram lighairihi.
 Kata kunci: Cryptocurrency, Bitcoin, teknologi Blockchain, syariat Islam