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.
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