The Perspective of Islamic Law on Cryptocurrency for Commodity Future Exchange in Indonesia

Abstract

The Perspective of Islamic Law on Cryptocurrency for Commodity Future Exchange in Indonesia Teddy Kusuma, Veithzal Rivai Zainal, Iwan Kurniawan Subagja, Salim Basalamah, Suharto Abstract Crypto currency is virtual money that is in cyberspace and has no concrete forms. Some types of Crypto currency include ripple, ethereum, litecoin, monero, zcash, and bitcoin. The use of bitcoin as a means of payment in online trading transactions in the era of disruption 4.0 became widespread and unstoppable, even though the Government has banned the practice. This study aims to get an overview of the bitcoin Crypto currency, implementation of online goods and services transactions, and the validity of its use in commodity futures trading according to the perspective of Islamic law. This research is a literature study and is qualitative. The data analysis technique used is descriptive-analytical with a normative juridical Islamic law approach. The results show that the implementation of online buying and selling transactions using bitcoin in Indonesia is following Islamic law because the terms, conditions, and procedures for using bitcoin are not much different from online transactions using e-money in general. Bitcoin cannot be used as a commodity in Sharia Derivative Contracts, because it still contains speculative elements (maysir) that are chancy. Full Text: PDF DOI: 10.15640/jisc.v8n1a1