JURIDICAL IMPLICATIONS OF USING CRYPTOCURRENCY AS A PAYMENT TOOL

Authors

  • Itok Dwi Kurniawan Universitas Sebelas Maret

DOI:

https://doi.org/10.61397/ays.v1i2.18

Keywords:

Implications, cryptocurrencies, payment instruments

Abstract

This article aims to analyze the use of cryptocurrency as a substitute for conventional currency in Indonesia. The article is written using normative legal research methods with conceptual and legislative approaches. The results of this research indicate that cryptocurrency can be considered as a solution for a different level of payment system; however, the demand for this type of cryptocurrency is not proportionate to its supply. As a result, cryptocurrency is unlikely to become an everyday payment tool but may serve as a more specific means of payment or exchange at a certain level. Currently, cryptocurrency can only function as an investment tool that is bought and sold, making it challenging when directly compared to traditional currency for daily payment purposes. The opportunity for cryptocurrency to replace conventional currency in Indonesia is very small. This is due to the unstable (highly fluctuating) value of cryptocurrency and the absence of an authority determining its value.

Downloads

Download data is not yet available.

References

A. Muri, Y. (2016). Metode Penelitian Kuantitatif, Kualitatif & Penelitian Gabungan. Prenada Media.

Anas, A. T., & Budianto, A. A. (2023). ANALISIS BISNIS WARALABA DALAM PERSPEKTIF HUKUM EKONOMI ISLAM. ANAYASA : Journal of Legal Studies, 1(1), Article 1. https://doi.org/10.61397/ays.v1i1.2

Bollen, R. (2016). The Legal Status of Online Currencies – Are Bitcoins the Future? https://doi.org/10.2139/ssrn.2736021

Dniprov, O., Chyzhmar, Y., Formenko, A., Shablystyi, V., & Sydorov, O. (2019). Legal Status of Cryptocurrency as Electronic Money. Journal of Legal, Ethical and Regulatory Issues, 22, 1.

Gaol, C. P. L., Morales, U., & Lopez, V. (2022). Juridical Review Concerning the Legitimacy of Cryptocurrency in Islamic Law. At-Tasyrih: Jurnal Pendidikan Dan Hukum Islam, 8(2), Article 2. https://doi.org/10.55849/attasyrih.v8i2.148

Gikay, A. A. (2018). Regulating Decentralized Cryptocurrencies under Payment Services Law: Lessons from European Union Law. Case Western Reserve Journal of Law, Technology and the Internet, 9, 1.

Iswadi, I., Karnati, N., & Andry B, A. (2023). STUDI KASUS Desain Dan Metode Robert K.Yin. Penerbit Adab.

Juwana, H., Thomas, J., Rusli, M. H. M., & Puspitawati, D. (2019). Culture and International Law: Proceedings of the International Conference of the Centre for International Law Studies (CILS 2018), October 2-3, 2018, Malang, Indonesia. CRC Press.

Mandjee, T. (2014). Bitcoin, Its Legal Classification and Its Regulatory Framework. Journal of Business and Securities Law, 15, 1.

McKinney, R. E. J., Shao, L. P., Shao, D. H., & Rosenlieb, D. C. J. (2015). The Evolution of Financial Instruments and the Legal Protection against Counterfeiting: A Look at Coin, Paper, and Virtual Currencies. University of Illinois Journal of Law, Technology & Policy, 2015, 273.

Pîrvu, A. (2020). Juridical challenges regarding bitcoin. Studia Prawnicze: Rozprawy i Materiały, 26(1), 71–78.

Saleh, A. J., Alazzam, F. A. F., Rabbo Aldrou, K. K. A., & Zavalna, Z. (2020, September 1). LEGAL ASPECTS OF THE MANAGEMENT OF CRYPTOCURRENCY ASSETS IN THE NATIONAL SECURITY SYSTEM. | Journal of Security & Sustainability Issues | EBSCOhost. https://doi.org/10.9770/jssi.2020.10.1(17)

Shovkhalov, S., & Idrisov, H. (2021). Economic and Legal Analysis of Cryptocurrency: Scientific Views from Russia and the Muslim World. Laws, 10(2), Article 2. https://doi.org/10.3390/laws10020032

Trautman, L. J. (2018). Bitcoin, Virtual Currencies, and the Struggle of Law and Regulation to Keep Peace. Marquette Law Review, 102, 447.

Turpin, J. B. (2014). Bitcoin: The Economic Case for a Global, Virtual Currency Operating in an Unexplored Legal Framework. Indiana Journal of Global Legal Studies, 21, 335.

Downloads

Published

01/03/2024

How to Cite

Kurniawan, I. D. (2024). JURIDICAL IMPLICATIONS OF USING CRYPTOCURRENCY AS A PAYMENT TOOL. ANAYASA : Journal of Legal Studies, 1(2 Januari), 57–63. https://doi.org/10.61397/ays.v1i2.18