INTRODUCTION
The phenomenon of cryptocurrencies has attracted many
enthusiasts from various groups who want to use it as an investment, because it
is considered very safe and easy to use which is managed by a peer to peer
network, namely recipients and sellers. One of the attractions is in the form
of files on a computer network (Ben Mariem, Casas, & Donnet, 2018).
The progress of science and information technology that
continues to develop is the main support for a necessity, which today's world
system relies on technology in its implementation. Goldman Sach even speculated
about Cryptocurrency that could one day shift the dominance of conventional
currencies
The development Cryptocurrency is becoming a trend among
young people who are Minning Trade to get high profits in an easier way.
Through the policy of the Minister of Trade of the Republic of Indonesia Number
99 of 2019 concerning the General Policy for the Implementation of Crypto Asset
Futures Trading which in essence stipulates that "Crypto Assets (crypto
assets) are determined as Commodities that can be used as Futures Contract
Subjects traded on the Futures Exchange", as specified in Article 1 (Nitha & Westra, 2020).
The aggregate gross ICO yield, defined as the amount of
market cap in the first instance after the digital currency entered public
trading, increased exponentially in the second half of 2017, showing the same
pattern as the cumulative number of ICOs. This was apparently initiated by the
Tezos ICO, the largest ICO so far, raising $232 million. This dramatic increase
is illustrated in Amsden and Schweizer (2018) which show that the aggregate
market volume of alt-coins (i.e. all cryptocurrencies except Bitcoin) increased
from $2.4 billion to $373 billion in 2017 alone, exceeding the entire European
venture capital industry. Interestingly, the cumulative funds raised in ICOs,
as of October 2018, totaled $21.3 billion
Goldman Sach even speculated about Cryptocurrency that could one day shift the
dominance of conventional currencies. Goldman Sachs concluded that the factors
behind the rising positive trend of Bitcoin are that there is no satisfaction
from the public towards conventional currencies in various aspects. Goldman
Sachs concluded that the factors behind the rising positive trend of Bitcoin
are that there is no satisfaction from the public towards conventional
currencies in various aspects.
But in today's digital era, it requires people to be smart
in interacting with each other, because various digital innovations are
constantly evolving. With the advent of electronic money, one of them is
cryptocurrency that allows people to carry out financial transactions without
using cash anymore. The development of electronic money is due to the
development of information and communication technology and is very efficient
in using it
Market Cryptocurrency is a self-organized system which in
many cases is thought of as a network of market agents consisting of a number
of connected and dependent parts. Like Crypto individuals. Cryptocurrency is a
technology based on cryptography and algorithms, which can mathematically
compose various codes and passwords used to track virtual currencies
METHOD
This study uses library
research. The approach used is a normative-descriptive approach. From the
results of normative - descriptive research where normative theory is able to
explain what should be done and descriptive method is a method in researching
the status of human groups, an object, a condition, a system of thought or a
class of events in the present. to obtain data to draw conclusions related to
cryptocurrency exchange.
Secondary data is one of
the main ingredients in this study to obtain related data including books,
articles, journals, newspapers, as well as those related to this research. What
needs to be done in this research is to find a relationship between theory and
the results that occur in the field in the form of a literature review
RESULTS AND DISCUSSION
Cryptocurrency is one of the new financial assets that is developing in
the Millennial era. So that many people are plunged into the world
Cryptocurrency because they get instant profits just by monitoring the ups and
downs on the price movement chart, but don't forget that behind this
convenience there is a high risk of investing which causes large losses and
rapid loss of assets A trader
must create a personal account to enter the world Cryptocurrency service
provider company trading. Verification is done peer to peer (P2P) from the
company to the account owner, because Cryptocurrencies are decentralized
Decision making Trader is influenced by the analysis used in viewing
price movement charts, because charts reflect supply and demand. Cryptocurrency
exchange cannot be directly converted to Rupiah, because Rupiah is included in
Exotic Currency Pair. Cryptocurrency follows the USD Dollar price, then enters
the E-Wallet (Virtual Wallet) to store the profits and capital deposits
entered. After that, the USD Dollar is converted into the Rupiah currency price
at that time.
The time required for withdrawing funds to a personal account takes
about 1x24 hours, the history of rupiah withdrawals will show the status of the
withdrawal which is still pending because it is still in process, if the funds
have been disbursed, the status will automatically change and the funds will go
directly to the privately-owned local bank. has been registered in a crypto
account with cash funds of 25,000 and to withdraw funds through an ATM,
approximately 6000 rupiah will be charged. The supply of bitcoins is indeed not
widely circulated, in contrast to rupiah currency, the circulation continues
and never stops because it is a legal means of payment and is used every day
for transactions and is used to buy goods and services
A. Analysis of Virtual Money Exchange
(Cryptocurrency) With Real Money (Rupiah) Sharia Economic Law Perspective
In al-Baqarah 282-283 which we can
learn from the main teachings in conducting a transaction, especially in
non-cash transactions or those carried out over time, it is required to record,
the need for witnesses, as well as guarantees carried out with full
responsibility. The practice that occurs in the real world on Cryptocurrency is
that there are no witnesses, guarantees and so on so that losses are only borne
by individuals, prices are unstable. So this is clearly not in accordance with
what has been mentioned in the letter al-Baqarah verses 282-283
Cryptocurrencies including usury Ba'i
there are two objects in Riba Ba'i that are often found in everyday life,
namely Riba Fadhl and Riba Nasi'ah. Riba Fadl usury that often occurs in the
proper measure. For example, replacing one hundred thousand bills with fifty
thousand notes. But what is returned is not in accordance with the initial
dose, aka reduced from the initial nominal, then this has taken place usury in
it. Riba is a muamalah activity which is prohibited in Islam, every Muslim must
understand it. Preferably in conducting transactions, it should be in
accordance with the Shari'a without any reduction from economic activities
carried out for personal gain. More harm than benefit contained in it. As a
Muslim, do not take usury for granted because Allah has explained it in the
Qur'an. Second: Riba Nasi'ah usury occurs in the process of buying and selling
with a certain tempo, transacting with two types of usury goods with suspension
or in payment. For example, two people exchange twenty-four carat gold. The
first party has submitted it while the second party has submitted it next month
The two objects above are related to
the exchange between two types of usury goods, this includes the type of usury
nasi'ah. In short, a trader who buys a coin at a low price at first can make a
lot of profit. When he sells a coin when the price of the coin goes up or holds
it and waits for the price to jump higher, he can also lose if the coin price
drops. Based on the AAOIFI international standard, a gharar is called that if
gharar is heavy, is in a business transaction, not a social one, and on the
object of sale, not on the complement. Gharar in terms of legal subjects
according to Ibn Hazm al-Zhairi the buyer does not know the goods or the form
of an item to be purchased and only explains in terms of advantages, not
disadvantages
Hadith narrated by Ibn Abbas and
followed by the people of Mecca, they allow buying and selling differently and
what is prohibited is only usury of nasi'ah.
مَا رَوَاهُ مَالِكٌ، عَنْ نَافِعٍ، عَنْ
أَبِي سَعِيدٍ الْخُدْرِيِّ أَنَّ رَسُولَ اللَّهِ - صَلَّى اللَّهُ عَلَيْهِ وَسَلَّمَ
- قَالَ: «لَا تَبِيعُوا الذَّهَبَ بِالذَّهَبِ إِلَّا مِثْلًا بِمِثْلٍ، وَلَا تُشِفُّوا
بَعْضَهَا عَلَى بَعْضٍ، وَلَا تَبِيعُوا الْفِضَّةَ بِالْفِضَّةِ إِلَّا مِثْلًا بِمِثْلٍ،
وَلَا تُشِفُّوا بَعْضَهَا عَلَى بَعْضٍ لَا ا ا ا ائِبًا اجِزٍ» ا ا الْبَابِ. ادَةَ
الصَّامِتِ ا ا الْبَاب
Meaning: what was narrated by Malik
from Nafi ari Abu Sa'id that the Messenger of Allah said: "Do not buy gold
with gold unless it is the same, and do not distinguish one from another. Do
not buy silver with silver unless they are equal, and do not overestimate one
another this is the most legitimate History (Abu Walid Muhammad bin Ahmad bin
Muhammad bin Ahmad Rusydi Al-Qurtuby 2004) Jumhur said that what was printed
was not the same as the law, in contrast to muawiyah, which allowed it if it
had become goods because there was an additional fee.
Cryptocurrencies have become the center
of attention for investors and their recipients are getting wider , even
those who were previously anti-coin now have invested a lot and are predicted
to be able to replace the money used today. However, it is not easy to reach
this stage because of the very prominent difference between cryptocurrencies
and Rupiah where crypto is decentralized while paper money is centralized . It
means centralization (centralized) where the currency is controlled by the
authorities.other hand, Cryptocurrencies is decentralized every time a
transaction is recorded in a ledger managed by all crypto users around the
world so that it looks more transparent while in Islamic law money printed by
the government is only recognized for its existence because it is a form of
protection from fraud and fraud in the financial sector, in terms of Islamic
law Bitcoin does not comply with the criteria for money in terms of Islamic
economics, only from speculation that is very high in profit, causing harm to
individuals and the state and in essence it does not have clear sources and
balances but there is only moral guarantee (Fatarib & Sali, 2020).
The great scholar Al-Ghazali said,
"Those who carry out usury transactions on Dinars and Dirhams really have
disbelieved in favors and have committed injustice. Since the Dinar and Dirham
were created as a medium and not an end, this contradicts the original purpose
of money being created. Therefore, it is not permissible to sell Dirhams with
different nominal dirhams and it is not permissible to sell them futures (not cash),
this can prevent people from turning them into commodities and traders will not
do this to make a profit.”
Basically, the principle of exchange is
divided into two parts, namely, the exchange that is allowed and the exchange
that is not allowed. First: the exchange is allowed as long as the transaction
does not go beyond the limits that have been determined by syara'. Second: the
exchange that is not allowed which contains elements of usury, ghrarar, tadlis,
ghabn maisir (Prof. Dr. H. Fathurrahman Djamil, MA 2012).
As the meaning of a hadith narrated
from Hakim bin Hizam, he said: "I went to the Messenger of Allah and said:
A man came to me asking that I sell an item. which I don't have, I will buy it
for him in the market and then I sell it to that person. Rasulullah SAW
replied: "Do not sell something that you do not have". (HR Tirmidhi)
The Qur'an has regulated in Surah
Al-Baqarah verse 275 regarding buying and selling that it can be done if it is
in accordance with the Shari'ah. Allah forbids usury and justifies buying and
selling.
الَّذِينَ يَأْكُلُونَ الرِّبَا لَا يَقُومُونَ
إِلَّا كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّ ۚ ذَٰلِكَ
بِأَنَّهُمْ قَالُوا إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا ۗ وَأَحَلَّ اللَّهُ الْبَيْعَ
وَحَرَّمَ الرِّبَا ۚ فَمَنْ جَاءَهُ مَوْعِظَةٌ مِنْ رَبِّهِ فَانْتَهَىٰ فَلَهُ مَا
سَلَفَ وَأَمْرُهُ إِلَى اللَّهِ ۖ وَمَنْ عَادَ فَأُولَٰئِكَ أَصْحَابُ النَّارِ ۖ
هُمْ فِيهَا خَالِدُونَ
Meaning: "Those who eat usury can
not stand but like the establishment of a demon possessed by madness. That is
because they say that buying and selling is the same as usury. Whereas Allah
has justified buying and selling and forbade usury. Whoever gets a warning from
his Lord, then he stops then what he got first belongs to him and his business
(up to) to Allah. Whoever repeats it, then they are the inhabitants of Hell,
they will abide in it forever.”
Cryptocurrency is one of the new
technologies that was launched as a testament to the sophistication of today's
technology and requires an accurate understanding of how this virtual type
works to jump right in so you don't lose when you use it and feel the benefits . In
the Islamic world to date, there has been no specific fatwa related to
cryptocurrencies that serves as a guideline for agreeing on laws against
cryptocurrencies. Now crypto money only depends on its users whether it is used
for evil or for good
By basing on the purpose of
transactions justified by the Qur'an and Hadith as well as the Fatwa of the
National Sharia Council regarding the sale and purchase of foreign exchange,
there are several types of Foreign Exchange Transactions, namely; Spot
Transactions, Forward Transactions, Swap Transactions, Option Transactions
Judging from the Fatwa of DSN-MUI
Number: 28/DSN-MUI/III/2002 concerning the Sale and Purchase of Currency. It is
allowed to exchange real money for Crypto. Provided that the value is the same
and in cash, if the transaction is made against currency. During this latest
pandemic, cryptocurrencies have increased and increased until they have gained
abundant popularity. However, the price of bitcoin had also weakened in April
by touching the figure of 779 million from 930 million last March which was a
record high.
Based on the Fatwa Syabaqah Islamiyah
Number 251170 In currency transactions, there must be a handover (taqabudh) and
the same quantity if the type is the same. And it is required to be taqabudh, although
the quantity may not be the same, if different types. And taqabudhcan be done
haqiqi (there is money, there is bitcoin held), it can also be status (hukmi) (Fatwa
of Syabaqah Islamiyah no. 251170)
Another thing that becomes a challenge
that needs to be faced to invest in cryptocurrencies is the absence of a clear
division and it is not certain that crypto- to-currency as a currency or only
as a commodity, there is an act of fraud that can divert people's trust in
something Almost
all cryptocurrencies are not controlled by a central bank which makes the value
of cryptocurrencies not dependent on inflation or other economies involving
banks.
B. Analysis Cryptocurrency Based on Laws
and Regulations
Cryptocurrency cannot be a medium of
exchange in Indonesia because Bank Indonesia requires payments using rupiah in
cash or non-cash. As per Bank Indonesia Regulation No. 17/3/PBI/2015 Concerning
the Obligation to Use Rupiah in the Territory of the Unitary State of the
Republic of Indonesia, in Article 2 number (1) says; Each party is required to
use Rupiah in transactions conducted within the Territory of the Unitary State
of the Republic of Indonesia
Normally, Bank Indonesia has regulated
virtual currencies and the like, but there are still many people who practice
this practice. Cryptocurrency can become a medium of exchange for anyone who
recognizes it. However, it is very vulnerable to carry out illegal cross-border
transactions and funds transferred between each other can be misused because
the presence of cryptocurrency is a new innovation that is present in the
financial world today that brings benefits but in the early stages of mafsadah
so far it has been proven by the activities of outside parties that are not
continuous. of system weaknesses. The purpose of the publication is also
unknown and can damage the security of the country, although it is possible for
the community to provide broad use, on the other hand, the public also does not
understand the transactions offered by cryptocurrencies, so the government must
build an economic system that is more secure and protects it strictly
CONCLUSION
Cryptocurrency exchange with
Rupiah in Indonesia has indeed been widely practiced, specifically
cryptocurrency can be used as an exchange and investment, but Cryptocurrency
itself is not an official currency and does not yet have a clear legal umbrella
such as regulations for the use of Rupiah in accordance with Bank Indonesia
Regulations. No. 17/3/PBI/2015 so that if cryptocurrency is determined as a
currency it will be against the rules above. The exchange of the two different
types of money becomes an attraction for people who are tempted to join because
it is considered easier and achieves big profits without having to work hard.
The practice of exchanging cryptocurrencies with Rupiah in Indonesia, a trader
simply sells crypto on a personal account when the price goes up and mines if the
price drops, if you want to withdraw just wait a few minutes the funds have
entered the account that has been registered in a personal account and the
funds later it can be withdrawn at an ATM, but before that the Trader has
registered to get a personal account from a company that provides trading
services then the account holder can immediately make a deposit after obtaining
approval from the company. A very easy way without connecting with third
parties or other institutions when making transactions and it is enough between
the two parties concerned during the transaction process exchange
Cryptocurrency is allowed with operational supervision under BAPPEBTI approval
if it is used as a futures asset. However, OJK and MUI do not allow crypto as a
commodity and similarly BI does not allow crypto as a legal transaction tool to
be used in Indonesia because it is considered cryptocurrency does not meet the
requirements as a medium of exchange such as rupiah. Cryptocurrencies have no
clarity on their prices and can change at any time.
Cryptocurrency in the
perspective of Islamic economics, an object or object that is not allowed
(haram). In practice, the exchange contains elements of gharar and maisir,
because one party does not know whether the item is or not and only relies on
mutual trust. The element maisir or gambling contained in practice is that
traders only expect profits which are uncertain and speculative. The form is
not real so it is very vulnerable to fraud. If cryptocurrency is used as a
medium of exchange, no one guarantees its authenticity and value and it could
be worth it someday and lose because cryptocurrency is only stored on a
computer so it is very vulnerable to being hacked by hackers who want to steal
it. It can be concluded cryptocurrency, whether used as a medium of exchange or
investment, is haram.
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