Crypto Asset-Trade Resilience During The Covid-19 Pandemic In Indonesia

Abstract

Purpose of the study: This research aims to examine the resilience, existence, and security of crypto assets in Indonesia. In fact, bitcoin's presence results in pros and cons in society, so there is a need for a deeper study of crypto assets. Methodology: The research method used was normative-empirical law using a statutory approach and case studies. This research also employed literature study techniques to reveal theory, data, etc. Results: The results of this study indicated that the sustainability of crypto-asset trading in Indonesia has increased in demand even during the pandemic, and the public can perform trading activities safely because there are already several legal umbrellas related to crypto asset trading in Indonesia, which are regulated by Bappebti (Commodity Futures Trading Supervisory Agency). Applications of this study: This research is expected to provide literature related to crypto-asset regulation in Indonesia. On the other hand, the authors hope that this paper will be able to provide public awareness in conducting crypto-asset transactions in the form of bitcoin. Novelty/ Originality of this study: To obtain government protection in conducting crypto asset trading, customers need to choose crypto asset traders who have been registered and comply with the rules set by Bappebti. With the emergence of high risk in trading, the authors expect the costumers to be careful when choosing crypto asset traders.

Reconstructing Crypto Asset Regulation for Effective Prevention and Eradication of Money Laundering and Terrorist Financing

“…The PPSK Law only aims to achieve financial system stability and does not at all aim to create financial system integrity. [13] Reconstruction of the functions, duties, and authority for the regulation and supervision of crypto assets in the framework of effective prevention and eradication of TPPU and TPPT is urgently carried out by adding the goal of achieving financial system integrity to the PPSK Law, strengthening institutional cooperation mechanisms in exchanging information and handling cases of misuse of crypto assets between OJK and PPATK and related Ministries/Institutions.…”

How are NFT (Non-Fungible Token) transactions reviewed according to Islamic law?

“…NFT is a digital asset on a blockchain network that has an identification code and has unique and different metadata from one another (Sugiarto & Musa, 2022). Just like digital currencies such as bitcoin, Bitcoin is a form of digital currency and means of payment with electronic ownership and uses a technology called cryptocurrency, which has high-security standards with cryptographic systems and algorithms as security (Taniady et al, 2021).…”