Cryptocurrency Position in Islamic Financial System: A Case Study of Bitcoin

Febriandika, Nur Rizqi; Sukmana, Raditya

doi:10.5220/0007539401590163

Cited by 3 publications

(3 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…While Mensi et al (2020) and Rehman et al (2020), in their research through the Approach wavelet Coherence (WTC), Cross-Wavelet Transformation (XWT), and Autoregressive Fractionally Integrated Moving Average -FIGARCH (ARFIMA-FIGARCH), conducted tests on co-movement and correlation between Bitcoin and Sharia Stocks. At the same time, some countries such as Malaysia, Indonesia, the USA are still conducting studies on sharia aspects and the legality of Bitcoin in economic activity (Evans, 2015;Polas et al, 2020;Rizqi Febriandika & Sukmana, 2018;Sotiropoulou & Guégan, 2017). However, there is still little understanding of the potential interaction between Bitcoin and Gold on the Islamic Capital Market in the future because Gold has been a favorite hedging instrument for Sharia issuers for decades (R. Robiyanto, 2018), so its stability can create a spillover effect on Sharia stocks (Mensi et al, 2017).…”

Section: Sourcementioning

confidence: 99%

Bitcoin Vs Gold: Which One is the Most Powerful in Boosting the Shariah Equity Index? Global Evidence

Ahmad Tibrizi Soni,

Arief,

Titis

et al. 2023

Studies in Business and Economics

View full text Add to dashboard Cite

The study explores the most powerful between Bitcoin and Gold in boosting the Shariah Equity Index in Malaysia, the United Arab Emirates, China, Indonesia, The United States of America (USA), Japan, Oman, and Saudi Arabia in the short and long term. The study uses analysis of the first and second stages of the Granger Causality Test and Vector Error Correction Model (VECM), then Impulse Response Function (IRF) and Variance Decomposition (VDC) over the period 2013 to 2021. The finding proves that only Gold can affect the Islamic Equity Index in the short term, then Bitcoin and Gold proved to contribute equally to the Islamic Equity Index in the long term. However, Bitcoin has the potential to provide positively correlated shocks and dominate the value of Islamic equity indices in the long term. The results demonstrate that government intervention is decisive in maintaining the stability of the Shariah Equity Index from future Bitcoin threats. The study’s finding has practical implications for Islamic capital market Investors, Managers, and Authorities.

show abstract

Section: Sourcementioning

confidence: 99%

Bitcoin Vs Gold: Which One is the Most Powerful in Boosting the Shariah Equity Index? Global Evidence

Ahmad Tibrizi Soni,

Arief,

Titis

et al. 2023

Studies in Business and Economics

View full text Add to dashboard Cite

show abstract

“…Cryptocurrency is a method of forming virtual coins and providing secure ownership and transactions using a cryptographic system (Harwick, 2016). This cryptographic technology is the main component of cryptocurrency technology (Febriandika & Sukmana, 2019).…”

Section: Introductionmentioning

confidence: 99%

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

Febriandika

Fadli²,

Mi’raj³

2022

burrev

View full text Add to dashboard Cite

In the current digitalization era, many people are motivated to increase economic income in many ways, one of which is using digital technology NFT (Non-Fungible Token). The use of technology contained in NFT has a positive impact on people who have expertise in digital art; this is used to significantly increase economic income. This study discusses the history of NFT, the mechanism of buying and selling NFT, the characteristics of NFT and the view of Islamic law on buying and selling NFT transactions. The purpose of this study is to find out what is meant by NFT, the history of NFT, characteristics of NFT, how the mechanism of NFT sales is, and to find out how Islamic law views NFT buying and selling transactions. This research is a type of qualitative research; the author uses a descriptive-analytical approach which is classified as a qualitative research type by searching through library data or library research. The results of this study found that the history of NFT began in the BC era (Before Cryptokittes) 2012-2016, Cryptokitties and Cyptopunks (2017-2021), and the Decentraland Era (Metaverse) (2021-present). The law of buying and selling NFT is not found in the Koran or Hadith specifically but can be studied based on the pillars and conditions of buying and selling that have been regulated in Islamic law. According to Islamic law, transactions in the sale and purchase of NFT are included in the permissible sale and purchase; the transaction of buying and selling NFT is considered valid as a form of buying and selling in Islam because of the terms and pillars of the sale and purchase have been fulfilled.

show abstract

“…Di awal tahun 2019, pemerintah Indonesia lewat Badan Pengawas Perdagangan Berjangka Komoditi (selanjutnya disebut BAPPEBTI) telah menerbitkan peraturan mengenai dilegalkannya cryptocurenncy (kripto aset) dalam Bursa Perdagangan Berjangka Komoditi. Legalisasi aset kripto di Indonesia diwujudkan dalam Pasal 1 Angka 7 Peraturan BAPPEPBTI Nomor 5 Tahun 2019 tentang Ketentuan Teknis Penyelenggaraan Pasar Fisik Aset Kripto (Kripto Asset) Di Bursa Berjangka (selanjutnya disebut Peraturan BAPPEBTI No.5/2019), yang pada intinya menjelaskan bahwa cryptocurrency merupakan suatu komoditi berupa digital asset dengan menggunakan kode kriptografi, dan juga terhubung dengan jaringan (peer to peer) dan buku besar yang terdistribusi, untuk mengatur adanya suatu penciptaan unit yang baru, memproses setiap transaksi serta menjaga keamanan bertransaksi tanpa adanya gangguan campur tangan pihak ketiga (Rizqi Febriandika and Sukmana 2019).…”

unclassified

Telaah Yuridis Perlindungan Konsumen Dalam Kegiatan Investasi Aset Kripto Di Indonesia

Yuspin¹

2023

DiH: Jurnal Ilmu Hukum

View full text Add to dashboard Cite

The development of financial technology continues to produce various innovations, especially in digital asset investment products, one of which is investment using crypto assets. Specifically, this research tries to examine issues related to consumer protection according to Law No.8/1999 in relation to investment activities using crypto assets. The research method uses normative juridical research methods based on juridical aspects such as norms, regulations, and legal theories related to crypto asset investment obtained from scientific papers, books, online media and others related to the object of study under study, namely consumer protection against investment activities using crypto assets. This research tries to explore the urgency behind the need for amendments as well as urging the government to make new, more comprehensive regulations regarding consumer protection in crypto asset investment, given the growth of investors which continues to increase from year to year. Problems also arise because the current Law No.8/1999 existed long before the digital transaction model emerged as it is now so that aspects of legal novelty are needed to ensure legal certainty for the community as a whole in every economic transaction activity, both conventional and digital. Keywords:; consumer protection; crypto assets; investment Abstrak Perkembangan teknologi finansial terus menghasilkan berbagai inovasi khususnya pada produk investasi aset digital yaitu investasi menggunakan aset kripto. Penelitian ini bertujuan untuk mengkaji permasalahan berkaitan dengan perlindungan konsumen menurut UU No.8/1999 dalam hubungannya dengan kegiatan investasi menggunakan aset kripto. Metode penelitian menggunakan metode penelitian yuridis normatif yang berlandaskan pada aspek yuridis seperti norma-norma, peraturan-peraturan, dan teori hukum yang berhubungan dengan investasi aset kripto yang diperoleh dari karya ilmiah, buku, media online dan lain sebagainya berkaitan dengan objek kajian yang diteliti yakni perlindungan konsumen terhadap kegiatan investasi menggunakan aset kripto. Penelitian ini mencoba mengupas urgensi apa saja yang melatarbelakangi perlunya dilakukan amandemen sekaligus mendesak agar pemerintah membuat peraturan baru yang lebih komperhensif mengenai perlindungan konsumen pada investasi aset kripto, mengingat pertumbuhan investor yang terus meningkat dari tahun ke tahun. Problematika pun muncul karena UU No.8/1999 yang berlaku saat ini telah ada jauh sebelum model transaksi digital muncul seperti sekarang sehingga diperlukan aspek kebaharuan hukum demi menjamin kepastian hukum bagi masyarakat secara menyeluruh dalam setiap kegiatan transaksi ekonomi baik yang bersifat konvensional maupun digital. Hasil penelitian ini menunjukkan bahwa UU No.8/1999 dirasa belum dapat menjadi payung hukum bagi perlindungan konsumen pengguna aset kripto di Indonesia. Sedangkan Peraturan BAPPEBTI No.5/2019 hanya mengatur mengenai transaksi yang dilakukan oleh pelaku usaha yang berbadan hukum, sedangkan transaksi yang dilakukan oleh antarpribadi atau pihak ketiga belum terlindungi. Kata kunci: aset kripto; investasi; perlindungan konsumen

show abstract

Cryptocurrency Position in Islamic Financial System: A Case Study of Bitcoin

Cited by 3 publications

References 0 publications

Bitcoin Vs Gold: Which One is the Most Powerful in Boosting the Shariah Equity Index? Global Evidence

Bitcoin Vs Gold: Which One is the Most Powerful in Boosting the Shariah Equity Index? Global Evidence

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

Telaah Yuridis Perlindungan Konsumen Dalam Kegiatan Investasi Aset Kripto Di Indonesia

Contact Info

Product

Resources

About