Cryptocurrency for Commodity Futures Trade in Indonesia: Perspective of Islamic Law
By
Teddy Kusuma
Abstract
Cryptocurrency is a virtual money that does not have a physical form or concrete form in cyberspace. One of the few types of crypto money is bitcoin. The use of bitcoin as a means of payment in e-commerce lately has become increasingly widespread and unstoppable, even though the Government has banned the practice. In early 2019, the Government of Indonesia issued regulations regarding the legalization of bitcoin (crypto assets) in Commodity Futures Trading. The dual function of bitcoin as a commodity and exchange tool raises the pros and cons of scholars and economists. This study aims to obtain answers about bitcoin and cryptocurrencies, its usage in commodity futures trading according to the perspective of Islamic law and bitcoin’s chance as sharia commodity in Indonesia . The theory applied is theory of legitimate and vanity business transactions in Islam. This research is a literature study and is qualitative in nature. The data analysis technique used is descriptive analytical with normative juridical Islamic law approach. From this research, the results show that cryptocurrency can be traded in Islamic commodity exchanges, provided that the State issues or create their own cryptocurrencies whose price depends on gold or the country’s currency. Bitcoin cannot be used as a commodity in Sharia Derivative Contracts in Indonesia, because it contains a lot of speculation, maysir and is vulnerable to use for illegal activities. Bitcoin is haram lighairihi or haram because of external factors, so it should be avoided.
Contents
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