This study aims to examine and analyze the validity of agreements that use cryptocurrency as a means of payment, as well as the legality of asset ownership arising from transactions involving cryptocurrency-based payments in Indonesia. This research employs a normative legal research method using statutory and conceptual approaches. The results demonstrate that agreements utilizing cryptocurrency as a means of payment are null and void *ab initio* because they fail to satisfy the objective requirement of a lawful cause, as stipulated in Article 21 of Law Number 7 of 2011 on Currency, which mandates the use of the Indonesian Rupiah for all payment transactions conducted within the territory of the Republic of Indonesia. Furthermore, the legal status of assets transferred under agreements that use cryptocurrency as a means of payment is not recognized under the prevailing legal framework. Consequently, such assets do not receive legal protection, and in the event of a dispute, ownership rights over the object of the agreement shall revert to the original lawful owner.
Kemajuan pesat teknologi digital telah mendorong perkembangan ekosistem investasi mata uang kripto di Indonesia, sekaligus memicu maraknya penipuan investasi kripto yang belum ditangani secara memadai melalui instrumen hukum pidana positif. Artikel ini bertujuan menganalisis kekosongan norma dalam penanganan tindak pidana penipuan investasi kripto dari perspektif hukum pidana positif Indonesia dan hukum pidana Islam. Penelitian ini menggunakan metode penelitian hukum normatif dengan pendekatan perundang-undangan, konseptual, dan komparatif. Hasil penelitian menunjukkan bahwa KUHP, Undang-Undang Informasi dan Transaksi Elektronik (UU ITE), serta Undang-Undang Pengembangan dan Penguatan Sektor Keuangan (UU P2SK) masih memiliki kesenjangan normatif karena belum dirancang untuk mengakomodasi karakteristik khusus kejahatan kripto, seperti desentralisasi, anonimitas pelaku, sifat lintas batas, volatilitas tinggi, dan ketidakjelasan status hukum aset kripto. Dalam perspektif fiqh jinayah, penipuan investasi kripto dikualifikasikan sebagai at-tadlis yang termasuk dalam kategori jarimah ta’zir, dengan prinsip sadd ad-dzari’ah sebagai dasar pencegahan. Analisis maqashid syariah menunjukkan bahwa penipuan investasi kripto mengancam hifzh al-mal (perlindungan harta), sehingga nilai-nilai Islam dapat ditempatkan sebagai rechtsidee dalam mengisi kekosongan hukum. Sebagai ius constituendum, penelitian ini merekomendasikan pembentukan undang-undang khusus mengenai kejahatan aset digital yang mengatur penipuan kripto, sanksi ta’zir yang berorientasi pada restitusi bagi korban, mekanisme pembuktian berbasis forensik blockchain, serta penguatan kerja sama internasional.
The rapid development of blockchain technology has introduced new forms of digital assets, including Non-Fungible Tokens (NFTs) and metaverse virtual land, creating legal uncertainty regarding their status as inheritable property under Indonesian Islamic Family Law. This study examines the legal status of these digital assets as inheritance objects, analyzes their distribution based on fiqh al-mawārīth and Indonesian positive law, and proposes a legal framework to strengthen legal certainty in digital inheritance. This research employs a normative legal method using statutory, conceptual, and Islamic jurisprudential approaches. Legal materials were analyzed through descriptive and deductive legal reasoning. The findings demonstrate that NFTs and metaverse virtual land satisfy the Islamic legal characteristics of māl because they possess lawful ownership, measurable economic value, legal control, and transferability, thereby qualifying as al-tirkah (inheritance estate). Their distribution should follow the principles of fiqh al-mawārīth while accommodating the technical characteristics of blockchain-based assets, particularly digital wallets and private-key access. The study also identifies a regulatory gap in Indonesian positive law concerning digital asset inheritance. Unlike previous studies that primarily discuss digital assets from commercial or general legal perspectives, this research develops an integrated framework combining Islamic inheritance law, Indonesian positive law, and digital estate planning to strengthen legal certainty, protect heirs' rights, and contribute to the development of Islamic Family Law in the digital era.
The development of blockchain technology has given rise to the Decentralized Autonomous Organization (DAO), a new business organizational model that operates through smart contracts in a decentralized manner, without a conventional management structure. The existence of DAOs has not been accommodated in the Indonesian corporate legal system, creating a legal vacuum regarding legal subject status, accountability, legal standing, taxation, and dispute resolution. This study aims to analyze the characteristics of DAOs from a corporate law perspective and the urgency of convergence between corporate law and blockchain technology in its regulation in Indonesia. The study employs a normative juridical method with statutory, conceptual, and comparative approaches. The results indicate the need for regulations that recognize and regulate DAOs as digital business entities to achieve legal certainty, legal protection, and a sustainable digital investment climate.
Rahmat, Agus Surono, Agung Iriantoro, Maslihati Nur Hidayati
The digital transformation of land administration in Indonesia has accelerated the adoption of electronic land certificates as an instrument for improving administrative efficiency, data security, and legal certainty. This study examines the legal status of electronic land certificates within Indonesia’s national land law system and identifies the principal legal, institutional, governance, and technological challenges affecting their implementation. Employing a qualitative descriptive design with a normative juridical approach, the study analyzes the Basic Agrarian Law, the Electronic Information and Transactions Law, regulations issued by the Ministry of Agrarian Affairs and Spatial Planning/National Land Agency (ATR/BPN), and relevant legal and scholarly literature. The findings demonstrate that electronic land certificates have a valid legal foundation and offer significant advantages, including faster administrative procedures, enhanced document authentication through certified electronic signatures, improved protection of land records, and reduced risks of physical loss and document forgery. Nevertheless, their implementation remains constrained by regulatory inconsistencies, institutional capacity gaps, unequal digital infrastructure, cybersecurity risks, data protection concerns, and potential disputes arising from electronic system failures. The study further identifies permissioned blockchain as a potential complementary mechanism for strengthening data integrity, traceability, and transactional transparency, provided that its adoption is supported by appropriate legal and institutional safeguards. This study contributes an integrated legal–institutional–technological framework for understanding electronic land administration and argues that regulatory harmonization, strengthened digital governance, institutional capacity development, and resilient cybersecurity infrastructure are essential to ensuring legal certainty and sustainable protection of land rights in Indonesia.
This study aims to analyze the comparative performance of Cryptocurrency Bitcoin, Stocks, and Gold as investment instruments using performance measurement variables including the Sharpe, Treynor, Jensen, and Sortino ratios. This research employs a descriptive quantitative approach. The population consists of monthly closing prices of Bitcoin, IDX30 stocks, and Gold. The sampling technique used is saturated sampling, resulting in 60 data points for each investment instrument—Bitcoin, IDX30 stocks, and Gold—during the period from January 1, 2020 to December 31, 2024.The analytical method applied is comparative analysis using secondary data. The data were initially calculated using Microsoft Excel and subsequently processed statistically using SPSS through the Kruskal–Wallis test. The results indicate significant differences among Bitcoin, IDX30 stocks, and Gold when investment performance is assessed using the Sharpe, Treynor, Jensen, and Sortino indices.Based on the Kruskal–Wallis test, Gold demonstrates the best performance according to the Sharpe and Jensen indices, IDX30 stocks perform best according to the Treynor index, and Bitcoin shows the best performance according to the Sortino index. However, based on the highest overall average return value, Cryptocurrency Bitcoin outperforms the other instruments. Therefore, it can be concluded that the best alternative investment is Cryptocurrency Bitcoin. Penelitian ini bertujuan untuk menganalisis perbandingan kinerja Cryptocurrency Bitcoin, Saham, dan Emas sebagai instrumen investasi menggunakan variabel pengukuran kinerja Sharpe, Treynor, jensen, dan Sortino. Jenis penelitian merupakan kuantitatif Deskriptif. Populasi yang digunakan merupakan harga penutupan bulanan dari Bitcoin, IDX30, dan Emas. Teknik pemilihan sampel adalah sampel jenuh yang berjumlah 60 data untuk masing-masing instrumen investasi Bitcoin, Saham IDX30, dan Emas selama periode 1 januari 2020 – 31 Desember 2024. Metode analisis yang digunakan adalah metode komperatif dan menggunakan data sekunder. Data dihitung terlebih dahulu dengan menggunakan program Microsoft Excel kemudian diolah secara statistik menggunakan aplikasi SPSS yaitu Uji Kruskall-Wallis. Hasil penelitian menunjukkan bahwa terdapat perbedaan yang signifikan antara Bitcoin, Saham IDX30, dan Emas jika kinerja investasi dilihat dari Indeks Sharpe, Treynor, Jensen, dan Sortino. Berdasarkan uji Kruskal-Wallis, investasi terbaik menurut indeks Sharpe dan Jensen , adalah Emas, sedangkan menurut Indeks Teynor Saham IDX30, dan menurut Indeks Sortino adalah Cryptocurrency Bitcoin. Sedangkan dengan nilai jumlah rata-rata terbaik adalah Cryptocurrency Bitcoin. Sehingga dapat disimpulkan bahwa alternatif investasi terbaik adalah Cryptocurrency Bitcoin.
Abdul Adlim, Babun Suharto, Wildan Khisbullah Suhma, Kholida Ulfi Mubaroka
The rapid development of crypto assets has challenged the classical concept of mal (property) in Islamic jurisprudence because digital assets do not possess tangible physical characteristics traditionally associated with lawful ownership. This study aims to reconstruct the paradigm of mal within contemporary fiqh by examining the legal status of crypto assets through the framework of maqasid al-shari'ah, particularly hifz al-mal, while evaluating the role of smart contracts in reducing contractual uncertainty (gharar). This study employed a qualitative normative legal approach based on literature analysis of classical fiqh, usul al-fiqh, contemporary Islamic legal scholarship, institutional fatwas, and financial regulations. The findings demonstrate that the concept of mal has evolved from a material-based understanding toward a value-oriented paradigm that emphasizes recognized benefit, scarcity, and lawful ownership. Under these criteria, crypto assets may be recognized as mal when supported by legitimate ownership, transparent governance, and productive economic purposes. Smart contracts contribute to minimizing contractual and operational gharar through automated execution and transaction transparency, although they cannot eliminate risks arising from market volatility. This study proposes a reconstructed paradigm of mal that provides a more contextual analytical framework for assessing the legality of digital assets within contemporary Islamic law.
Muhammad Habibi, Mirza Agung Rahmatullah, S Huda, Achmad Alif Nurbani
Perkembangan ekonomi digital telah melahirkan berbagai bentuk aset digital, seperti cryptocurrency dan Non-Fungible Token (NFT), yang memiliki nilai ekonomi tinggi dan berpotensi dimanfaatkan dalam hubungan keperdataan. Penelitian ini bertujuan untuk menganalisis kedudukan hukum cryptocurrency dan NFT dalam perspektif hukum perdata Indonesia sebagai objek hak kebendaan serta mengkaji pengaturan dan perlindungan hukum terhadap penggunaannya sebagai objek jaminan utang. Penelitian menggunakan metode hukum normatif dengan pendekatan perundang-undangan, konseptual, dan perbandingan. Data yang digunakan berupa bahan hukum primer, sekunder, dan tersier yang dianalisis secara kualitatif melalui metode yuridis normatif. Hasil penelitian menunjukkan bahwa cryptocurrency dan NFT secara konseptual memenuhi unsur sebagai benda bergerak tidak berwujud karena memiliki nilai ekonomi, dapat dimiliki, dikuasai, dialihkan, dan menjadi objek hubungan hukum. Kedua aset digital tersebut juga memenuhi persyaratan dasar sebagai objek jaminan utang. Akan tetapi, sistem hukum kebendaan dan hukum jaminan di Indonesia belum memberikan pengakuan dan pengaturan yang tegas mengenai kedudukan cryptocurrency dan NFT sebagai objek jaminan kebendaan. Ketiadaan regulasi khusus menimbulkan ketidakpastian hukum terkait mekanisme pengikatan, pendaftaran, penilaian, penguasaan, dan eksekusi aset digital. Oleh karena itu, diperlukan pembaruan hukum yang mampu mengakomodasi perkembangan teknologi digital guna memberikan kepastian hukum, perlindungan hukum, dan kemanfaatan bagi para pihak.
Ignatia Bintang Filia Dei Susilo, Vidya Purnamasari, Sulistya Rini Pratiwi, Yelly Zamaya · 5 authors
The rapid development of smart-contract-based blockchain ecosystems has transformed the perception of digital assets. However, the extent to which these assets are influenced by macroeconomic conditions in emerging markets remains poorly understood. This study aims to examine the long-term and short-term relationships between three major smart-contract platforms: Ethereum (ETH), Build and Build (BNB) Chain, and Solana (SOL), and several Indonesian macroeconomic indicators: money supply (M2), consumer price index (CPI), the rupiah-to-US dollar exchange rate (IDR/USD), and the policy interest rate (BI Rate). The study draws on monthly data spanning April 2023 to September 2025. The findings reveal that each platform exhibits a distinct degree of sensitivity to Indonesian macroeconomic conditions. Overall, the three platforms demonstrate a strong long-run relationship with the selected macroeconomic variables. The rising money supply (M2) tends to have a positive effect on all three platforms, while the influence of the exchange rate varies across ecosystems. Furthermore, this study traces how shocks in macroeconomic variables are transmitted to cryptocurrency prices and identifies distinct volatility patterns across the three platforms. Its findings contribute to understanding the relationship between crypto assets and macroeconomic conditions. It also offers practical insights for portfolio diversification strategies and for developing regulatory frameworks in Indonesia's growing digital asset market.
Zico Junius Fernando, Mas Putra Zenno Januarsyah, Firdaus Arifin, Vidyadhara Prawiratama Nugraha · 5 authors
Metaverse has transformed virtual assets into economically valuable objects that challenge conventional concepts of property under Indonesian private law. Although virtual assets such as cryptoassets, non-fungible tokens (NFTs), and metaverse property are widely traded, their legal status remains uncertain, creating ambiguity regarding ownership, transfer, and legal protection. This study examines the normative basis for recognizing virtual assets as objects of property rights within Indonesia's civil law system. Using a normative juridical method with a comparative approach, the study analyzes Indonesian private law alongside developments in England and Wales, Singapore, Japan, and the European Union. The findings demonstrate that virtual assets satisfy the defining characteristics of intangible property, including identifiability, exclusive control, transferability, and economic value, making them capable of recognition as objects of proprietary rights. The study further argues that blockchain-based transfers and smart contracts can operate as legally valid mechanisms for transferring ownership when supported by appropriate legal recognition. To strengthen legal certainty, Indonesia should recognize virtual assets as a distinct category of intangible property, adapt property law to digital transactions, strengthen proprietary remedies, and modernize dispute resolution and cross-border enforcement. These reforms would provide a coherent legal framework for protecting virtual assets and support the development of Indonesia's digital economy.
Zulkifli Usman, Adipradana R Taha, Husnandi S Wange
This study analyzes the problems of regional health governance in the era of decentralization characterized by regulatory disharmony between Central and local governments. Research gap this study lies in the lack of studies that examine health governance issues from the perspective of normative construction and authority-sharing design, because most of the previous research focused on aspects of policy implementation or empirical case studies. The purpose of this study is to formulate the direction of reforming the regional health governance law that is able to overcome the fragmentation of authority and financing within the framework of decentralization. This study uses a purely normative juridical method with a legislative and conceptual approach through an analysis of Law Number 23 of 2014, Law Number 1 of 2022, and Law Number 17 of 2023. The results showed that the main problem of regional health management lies not in regional capacity alone, but in the design of laws that are fragmented and uncoordinated, causing uncertainty about the authority, financing, and responsibility of the state. This study provides a normative contribution by developing the concept of coordinated decentralization, which is a decentralized model that places regional autonomy within an integrated, standardized national policy framework, and accompanied by a clear coordination and accountability mechanism. This concept was formulated as a response to the condition of institutional fragmentation trap, a situation of fragmentation of authority and financing that mutually weaken the performance of health services. These findings are important as a basis for updating administrative law and health law to ensure the fulfillment of the right to health in a fair and sustainable manner.
The rapid development of blockchain has given rise to smart contracts that challenge traditional legal doctrine, even though the technology is crucial to supporting SDGs (Sustainable Development Goals) 9 and 16. Purpose: This study aims to analyze smart contract governance in Indonesia, Malaysia, and Thailand to support the achievement of the SDGs in the region. Method: A normative-comparative legal method is used with a socio-legal approach. This study examines the synchronization of regulations and the socio-institutional impacts. Results: The validity of smart contracts in the three countries is interpretative due to the lack of specific regulations. The self-executing and immutable nature triggers doctrinal tensions related to agreements and consumer protection, which are increased by the digital literacy gap. Conclusion: Smart contract governance in Southeast Asia requires an adaptive regulatory strategy that balances innovation and legal certainty. Suggestion: Authorities are expected to develop co-regulation-based regulations, strengthen digital institutions, and initiate regional legal standardization across ASEAN (Association of Southeast Nations). Contributions: The contribution is in the development of a blueprint for regional digital law harmonization that integrates aspects of dogmatic law with legal sociology. This study offers a model for ASEAN legal standardization that bridges technological innovation with social justice and provides indicators of institutional readiness replicated by developing countries in embracing an inclusive and sustainable digital economy.
Although the legal status of digital assets has received attention in various previous studies, research that specifically discusses the authority and responsibility of notaries in preparing inheritance certificates related to digital assets within the framework of Western inheritance law in Indonesia remains limited. This study aims to analyze the legal position of digital assets, particularly cryptocurrency and Non-Fungible Tokens (NFTs), as objects of inheritance under inheritance law in Indonesia, and to examine the authority and limits of notarial responsibility in preparing inheritance certificates related to digital assets. This study used a normative legal research method with statutory, conceptual, and analytical approaches. Primary, secondary, and tertiary legal materials were collected through library research and analyzed qualitatively, supported by interviews with notarial practitioners. The results show that digital assets with economic value can be classified as intangible movable objects based on Articles 499, 503, and 504 of the Indonesian Civil Code, and therefore may form part of an estate. However, notarial authority is limited to formal aspects, namely the verification of identity, documents, and statements of the appearers, and does not include guaranteeing access to or the transfer of digital assets, which depend on private keys and digital platform policies. Notarial responsibility is limited to formal truth, not material truth regarding the existence, ownership, or accessibility of digital assets. The conclusion of this study emphasizes the importance of comprehensive regulations and standard operating procedures for notaries in handling the inheritance of digital assets. These findings contribute to the development of notarial law in addressing technological challenges and broaden the understanding of the adaptation of inheritance law to digital assets. The implications of this study include theoretical contributions to the literature on notarial law and inheritance law, as well as practical recommendations for the Indonesian Notary Association and policymakers to formulate clear guidelines on the inheritance of digital assets.
I Nyoman Teja Kusuma, Ika Devy Pramudiana, Nihayatus Sholichah
The enactment of Law Number 1 of 2022 concerning Financial Relations between the Central and Regional Governments (HKPD Law) introduced a pivotal shift in Indonesia’s fiscal decentralization through the Motor Vehicle Tax (PKB) "opsen" (option) mechanism. This study analyzes the impact of HKPD Law implementation on local revenue (PAD) strengthening in Probolinggo City and Regency. Utilizing a qualitative comparative case study approach, the research evaluates administrative readiness and policy impacts derived from Ministry of Finance Regulation (PMK) Number 3 of 2024. The findings reveal an asymmetrical transition, where fiscal effectiveness is highly contingent on digital infrastructure maturity and geographical constraints. Probolinggo City demonstrates successful host-to-host system integration, ensuring daily liquidity and bureaucratic efficiency. Conversely, Probolinggo Regency faces "geospatial gaps," characterized by transaction data delays and high collection costs in remote areas. This study identifies a lack of target alignment between provincial and local governments and emphasizes the necessity of "budget tagging" for road infrastructure to enhance the social contract with taxpayers. This research contributes to fiscal decentralization theory by proposing a "geographic coefficient" model for operational cost distribution in developing regions.
Fariq Wastu Nuzlul Qurani, R. Eriska Ginalita Dwi Putri
Perkembangan teknologi Blockchain telah menghasilkan inovasi baru berupa Non-Fungible Token (NFT), yang memungkinkan karya digital diperdagangkan sebagai aset digital yang unik dalam ekosistem berbasis Blockchain. Kehadiran NFT membuka peluang ekonomi baru bagi para kreator digital untuk memonetisasi karya mereka secara lebih luas. Akan tetapi, praktik minting dan perdagangan NFT juga memunculkan masalah hukum, terutama terkait pelanggaran hak cipta pada karya digital yang dimanfaatkan tanpa persetujuan dari penciptanya. Studi ini bertujuan untuk mengkaji jenis perlindungan hukum yang bersifat represif bagi para pencipta digital dari duplikasi karya dalam ekosistem NFT serta pertanggungjawaban hukum bagi pelanggaran hak cipta. Metode yuridis normatif digunakan dengan pendekatan perundang-undangan, konseptual dan kasus. Penelitian ini menunjukkan, bahwa pelanggaran hak cipta dalam ekosistem NFT biasanya terjadi melalui penggunaan dan pengubahan karya digital menjadi NFT tanpa persetujuan dari pencipta aslinya. Perlindungan hukum represif terhadap pelanggaran ini dapat diambil melalui jalur perdata yaitu tuntutan ganti rugi dan penghapusan NFT yang melanggar hak cipta, serta melalui jalur pidana berdasarkan UUHC Nomor 28 Tahun 2014. Dengan demikian, penegakan hukum masih menghadapi tantangan karena sifat desentralisasi teknologi Blockchain dan kurangnya regulasi khusus terkait NFT di Indonesia.
The development of blockchain technology has given birth to new digital assets, namely Non-Fungible Token (NFT). Its popularity has grown rapidly, transforming it from a mere digital collectible into a high-value investment instrument. This phenomenon opens up opportunities for NFTs to be utilized in various financial sectors, including as collateral. Its significant economic potential drives the need to examine its legal position within the existing financial system. Despite its economic value, the legal status of NFTs as fiduciary collateral in Indonesia remains unclear. The current Law Number 42 of 1999 concerning Fiduciary Collateral is designed for conventionally recognized tangible and intangible movable objects. The absence of specific regulations governing digital assets such as NFTs creates a legal vacuum, creating uncertainty for parties seeking to utilize them. This research is a legal research (doctrinal research) with a legal approach (statues approach), conceptual approach (conceptual approach), and analytical approach (analytical approach). The results of this study explain that first, the existence of Non-Fungible Token The development of NFTs as digital assets in Indonesia began with the development of the digital economy and increased public interest in using investment instruments. Second, the lack of specific regulations for NFTs as fiduciary collateral creates a significant legal vacuum, and the current Fiduciary Guarantee Law is not designed to accommodate the unique characteristics of digital assets, such as value volatility and technical identification. Third, accurately identifying NFTs during the execution process is a fundamental challenge. Unlike physical assets, NFTs can only be recognized through a series of cryptographic data such as token IDs and complex contract addresses. Current regulations fail to accommodate their unique characteristics related to classification, valuation, and registration and execution mechanisms. This situation creates significant legal uncertainty, thus creating high risks for the parties involved. The recommendation for this issue is the need for the government to immediately revise fiduciary guarantee regulations or establish specific regulations for digital assets. In the meantime, the government can create regulations in the form of Government Regulation in Lieu of Law (Perppu) or Supreme Court Rules (Perma) so that the legitimacy of digital asset objects such as NFTs is legally recognized as a class of movable and intangible assets in fiduciary guarantees.
The development of information and communication technology has given rise to various new forms of wealth known as digital assets. These assets include cryptocurrency, monetized social media accounts, digital wallets, websites, internet domains, NFTs (Non-Fungible Tokens), and various other forms of virtual wealth that possess economic value. The presence of digital assets raises new legal issues, particularly in the field of Islamic inheritance. Islamic inheritance law, which has traditionally been oriented toward tangible property, needs to respond to these developments. This study aims to analyze the status of digital assets as inheritance objects from the perspective of Islamic law and to identify various challenges that arise in its implementation. The method used is normative legal research with a conceptual approach and a statute approach. The results indicate that digital assets can be categorized as wealth (māl) that holds economic value and can be inherited as long as their ownership is legitimate according to Sharia. However, several challenges exist, including regulatory limitations, difficulties in asset identification, access to digital accounts, and the absence of a standardized mechanism for digital inheritance distribution. Therefore, the development of Islamic legal ijtihad and the formulation of adaptive regulations are necessary to ensure legal certainty for the heirs.
Cryptocurrency has become a significant innovation in the digital financial system, sparking various perspectives on its compatibility with sharia. This study aims to analyze the legality of cryptocurrency from a sharia perspective, including its transaction mechanisms and investment implications. The primary focus is on examining the elements of gharar (uncertainty) and maysir (gambling), which could potentially render it impermissible under sharia. The research employs a normative analysis approach to explore contemporary scholars' views and their relevance to maqasid sharia, which emphasize the protection of wealth and societal welfare. The findings indicate that, despite cryptocurrency's benefits, such as transaction efficiency and accessibility, its high speculative risks and value uncertainty pose major obstacles to its acceptance under sharia. Therefore, clear and comprehensive regulations are needed to accommodate cryptocurrency use in sharia-compliant financial institutions without violating Islamic principles. This study provides a significant contribution to clarifying the position of cryptocurrency within the Islamic financial system and encourages the development of sharia-based regulations for digital transactions.
Azkia (IAI Darussalam Martapura), Annisa Nur Aulia Purnama (IAI Darussalam Martapura), Muhammad Sauqi (IAI Darussalam Martapura)
Penelitian ini bertujuan untuk mengkaji konsep kepemilikan aset digital melalui perspektif m?l (harta) dalam fikih kontemporer. Perkembangan teknologi digital telah melahirkan berbagai bentuk aset baru, seperti cryptocurrency, token digital, non-fungible token (NFT), serta aset berbasis blockchain lainnya yang memiliki nilai ekonomi dan diperdagangkan dalam sistem ekonomi modern. Fenomena ini menimbulkan pertanyaan mengenai status hukum dan kedudukan aset digital dalam perspektif hukum Islam. Penelitian ini menggunakan pendekatan kualitatif dengan metode studi kepustakaan (library research), melalui penelaahan terhadap literatur fikih klasik dan kontemporer, buku ekonomi Islam, serta artikel ilmiah yang relevan dengan perkembangan aset digital. Analisis dilakukan secara deskriptif-analitis untuk mengkaji kesesuaian karakteristik aset digital dengan konsep m?l dalam fikih Islam. Hasil penelitian menunjukkan bahwa aset digital pada dasarnya dapat dikategorikan sebagai m?l, karena memenuhi kriteria utama harta dalam hukum Islam, yaitu memiliki nilai ekonomi, dapat dimiliki secara sah, serta memberikan manfaat bagi pemiliknya. Namun demikian, status hukum beberapa jenis aset digital masih menjadi perdebatan di kalangan ulama, terutama yang memiliki tingkat volatilitas tinggi dan mengandung unsur spekulatif. Dengan demikian, fikih kontemporer memiliki peran penting dalam memberikan landasan ijtihad terhadap fenomena ekonomi digital agar tetap selaras dengan prinsip-prinsip syariah. Penelitian ini diharapkan dapat memberikan kontribusi akademik dalam pengembangan kajian fikih muamalah, khususnya terkait kepemilikan aset digital dalam konteks ekonomi modern.
The development of blockchain technology and smart contracts has presented a new paradigm in contract practice, including in mineral commodity sales and purchase transactions, which are highly complex and potentially subject to significant disputes. This study aims to analyze the legal status of smart contracts in the Indonesian legal system, identify the challenges to their application in the mining sector, and formulate a legal framework that adapts to technological developments. The method used is a normative juridical approach, employing statutory, conceptual, and comparative analyses of the Civil Code, the Electronic Information and Transactions Law, and mining regulations. The results of the study indicate that smart contracts do not fully meet the requirements of contract law, particularly regarding consent and the parties' understanding of the code. Furthermore, there are conflicts with contractual principles such as good faith and flexibility in the face of force majeure. The implications for the concepts of default and legal liability have also shifted due to the automated nature of smart contracts. Nevertheless, this technology has the potential to increase transaction efficiency and transparency. This study recommends a hybrid contract model that combines legal codes and texts, and also calls for regulatory harmonization to accommodate the use of smart contracts in the mining sector.
Putri Anggia, Aisyah Ajeng Putri Riyanto, Muhammad Fathi
The rapid growth of cryptocurrencies is reshaping the global financial landscape, challenging traditional systems of taxation and regulation. This article examines the complex interplay between cryptocurrency anonymity, legal frameworks, and the pursuit of international tax justice. Using normative legal research with a descriptive approach, this article examined the challenges posed by cryptocurrency adoption in taxation policies. The findings revealed that while blockchain technology enhances transparency and decentralisation, the anonymity features of digital assets create risks of tax evasion and illicit financial flows. Addressing these issues requires integrated efforts among international regulatory frameworks, such as the OECD's CARF and FATF's Travel Rule alongside domestic reforms like Indonesia's HPP Law and the EU's DAC8. Inclusive governance that empowers developing countries and the constitutional grounding of tax justice principles are essential to strike a balance between individual privacy and collective fiscal responsibility. This multi-layered approach is critical to ensuring cryptocurrencies serve as instruments of innovation rather than tools for inequality. Future research should focus on empirical assessments of compliance costs, enforcement effectiveness across borders, and the development of privacy-preserving technologies, such as zero-knowledge proofs, to enable proportional and fair regulation globally.
Pesatnya perkembangan teknologi finansial telah melahirkan aset digital baru berupa Cryptocurrency dan Non-Fungible Token (NFT) yang memiliki nilai ekonomi signifikan. Namun, regulasi di Indonesia saat ini lebih menitikberatkan pada aspek perdagangan (komoditas) melalui aturan Bappebti, sementara pengaturannya sebagai objek hukum dalam ranah keperdataan, khususnya hukum kewarisan, masih belum spesifik. Penelitian ini bertujuan untuk menganalisis kedudukan hukum aset digital sebagai objek waris menurut Kitab Undang-Undang Hukum Perdata (KUHPerdata) dan mekanisme pemindahannya kepada ahli waris. Metode penelitian yang digunakan adalah yuridis normatif dengan pendekatan perundang-undangan (statute approach) dan pendekatan konseptual (conceptual approach). Data yang digunakan adalah data sekunder yang terdiri dari bahan hukum primer, sekunder, dan tersier. Meskipun bersifat imateriel, Cryptocurrency dan NFT memenuhi kualifikasi sebagai "Benda" (Zaak) bergerak yang tidak berwujud sebagaimana diatur dalam Pasal 499 dan Pasal 503 KUHPerdata, karena memiliki nilai ekonomi dan dapat dimiliki secara hukum. Oleh karena itu, aset digital secara yuridis sah untuk dikategorikan sebagai bagian dari harta warisan (boedel waris). Dalam pewarisan aset digital terletak pada sifat anonimitas dan desentralisasi teknologi blockchain. Tanpa penyerahan private key atau akses dompet digital dari pewaris kepada ahli waris, aset tersebut terancam menjadi "aset beku" yang tidak dapat dieksekusi meskipun secara hukum hak kepemilikannya telah berpindah demi hukum (Le Mort Saisit Le Vif). Diperlukan pembaharuan hukum atau pedoman teknis mengenai tata cara pembuktian kepemilikan dan prosedur eksekusi aset digital dalam penetapan waris agar memberikan kepastian hukum dan perlindungan hak bagi ahli waris.
The protection of sensitive information in the financial sector requires a security architecture capable of preserving confidentiality, integrity, availability, auditability, and regulatory accountability across multiple institutions. Conventional centralized security models remain vulnerable to single points of failure, unauthorized access, data manipulation, and limited transparency in inter-organizational data sharing. Blockchain offers tamper-resistant records, decentralized trust, and verifiable audit trails; however, its direct implementation in financial systems is constrained by scalability limitations, smart contract vulnerabilities, privacy leakage, and conflicts between immutable ledgers and data protection principles. This study aims to develop a blockchain-based data security system for protecting sensitive financial information by integrating permissioned blockchain and Zero-Knowledge Proofs. The proposed method adopts a consortium-oriented permissioned blockchain architecture, represented by Hyperledger Fabric, to ensure controlled participation, certificate-based identity management, endorsement policies, and auditable transaction validation. Smart contracts are designed as policy-enforcement components for consent management, access authorization, data commitment, revocation, and audit logging. Zero-Knowledge Proofs are incorporated to verify customer attributes, eligibility, and access rights without disclosing raw personal or financial data. Sensitive information is stored off-chain in encrypted form, while the blockchain records only cryptographic commitments, hashes, consent states, and audit events. The expected result is a security model that improves data integrity, controlled access, privacy-preserving verification, and compliance-oriented accountability while reducing unnecessary exposure of sensitive data on-chain. The implication of this research is the provision of a technically coherent framework for financial institutions seeking to adopt blockchain securely in regulated environments, especially where data confidentiality, auditability, and privacy compliance must be achieved simultaneously.
ndonesia's digital economy ecosystem shows an increase in the adoption of blockchain and smart contracts. However, the Civil Code, the Electronic Information and Transactions Law, and the Personal Data Protection Law do not explicitly anticipate contracts executed by code, creating a legal vacuum in terms of definition, validity, technical standards, and governance of accountability. This study aims to (1) analyze the position and validity of smart contracts in Indonesia's civil law system; and (2) analyze legal liability and personal data protection in an immutable and decentralized ecosystem. The method employed is normative legal research, utilizing a legislative, conceptual, and comparative approach, with reference to European Union practices. The results show that the recognition of electronic information or documents and electronic signatures provides a legal basis; however, the absence of clear definitions and minimum clauses weakens contractual certainty, especially in cross-border transactions. Blockchain records have high evidential value as long as reliability parameters accompany them. In the realm of personal data, the tension between data subject rights and immutability can be bridged through privacy by design/default, data minimization at the on-chain layer (off-chain identity), crypto-erasure options, and zero-knowledge proofs, with role mapping of controllers and processors based on functions and data protection impact assessment obligations. Recommendations include legal recognition of smart contracts along with mandatory clauses (choice of law/forum, ADR/ODR levels, escrow/circuit breaker), pre-deployment code audits, change management, and hybrid on-chain/off-chain dispute architecture, as well as the adoption of elements of EU practice (built-in legal/jurisdictional rules and minimum technical safeguards).