Currency In Indonesia Research Articles

Strategi Bank Indonesia Untuk Meretas Jaringan Money Changer Ilegal

The purpose of writing this article is to find out what Bank Indonesia strategies can be used to hack illegal money changer networks in order to secure the circulation of foreign currency in Indonesia. The research method used is descriptive qualitative with a literature review approach used to investigate and synthesize previously published findings regarding the research topic. There are 4 strategies that can be implemented to crack down on illegal money changers, namely strengthening regulations regarding official money changers, educating the public about the importance of using legal and registered money changer services, international cooperation and providing rewards to legal money changers. Through strengthening supervision, outreach to the public, international cooperation, and providing incentives for legal money changers, Bank Indonesia is trying to suppress illegal activities that have the potential to damage the country's financial stability. With coordinated and continuous efforts, it is hoped that the circulation of illegal foreign currency can be minimized so that the country's financial stability can be well maintained.

Pengaruh Alat Pembayaran Non Tunai Terhadap Permintaan Uang Kartal Di Indonesia

The aim of the research is to evaluate the effect of using non-cash payment instruments on the demand for currency in Indonesia. Time series data is used in the time period 2009 to 2023 with monthly observations. The analysis approach uses the Error Correction Model (ECM) to assess the correlation between variables in the short and long term. The estimation results confirm that the use of ATM/debit cards has a positive and significant impact on the need for currency, both in the short and long term. In contrast, credit card use shows a negative and significant impact on the need for currency in both time periods. Meanwhile, the use of e-money does not have an impact in the short term, but has a positive impact in the long term on the need for paper money in Indonesia. Therefore, this research suggests that Bank Indonesia should encourage more use of electronic payment tools to encourage people to reduce the use of currency, and promote the concept of a society that uses less cash (less cash society).

Optimization of Consumer Protection and Increase of Virtual Currency Trading in Indonesia: A Study on Financial Services Authority Regulation

This study aims to normatively analyze OJK Regulation Number 3 of 2024, focusing on consumer protection in the context of the increasing trade in virtual currency in Indonesia. This study uses a normative legal research method. The collected legal material is then qualitatively analyzed to describe the problem and answer the study objectives. The results show that OJK Regulation Number 3 of 2024 is crucial in optimizing consumer protection and increasing virtual currency trading in Indonesia. Through the general provisions in OJK Regulation Number 3 of 2024, which cover consumer protection and the sandbox mechanism, the regulation supports responsible testing and development of FinTech innovations. The practical implementation of OJK Regulation Number 3 of 2024, emphasizing personal data protection and transparency, adds a layer of consumer protection. Overall, OJK Regulation Number 3 of 2024 creates an environment conducive to safe and regulated virtual currency trading, enhancing investor and consumer confidence in the Indonesian FinTech ecosystem. Therefore, it is recommended that the government and OJK, FinTech innovators and virtual currency traders, as well as consumers and investors, take strategic steps to enhance consumer protection and optimize virtual currency trading in Indonesia. The Government and OJK need to ensure the effective implementation of OJK Regulation Number 3 of 2024 through widespread socialization, strict supervision, and firm law enforcement against violations. FinTech innovators and virtual currency traders should develop robust risk management systems, enhance operational transparency, and ensure compliance with personal data protection provisions. Consumers and investors are advised to improve their digital financial literacy, critically assess investment risks, and interact only with platforms and service providers that have been verified and comply with OJK regulations. The collaboration between regulators, the industry, and the community will create a safer, more transparent, and sustainable virtual currency trading ecosystem, supporting the growth of the FinTech sector in Indonesia while minimizing potential risks for consumers and investors.

The History of The Development of Rupiah Currency at The Bank Indonesia Museum

Currency as a medium of exchange not only has intrinsic value as an economic tool, but also serves as a mirror that reflects the history, culture, and identity of a nation. In the context of Indonesia, the Rupiah currency is not just a sheet of paper or coins but is a legacy that carries the long story of this nation's journey from time to time. Over time, the Rupiah currency has undergone a transformation that includes economic, political, social, and cultural aspects. The rupiah is divided into cents, and its coins and banknotes have various denominations. Bank Indonesia is the monetary authority responsible for the issuance and management of currency in Indonesia. The history of the Indonesian currency reflects the economic development and history of the country throughout time. The collection of artefacts at Museum Bank Indonesia includes a variety of historical objects that reflect economic and financial developments in Indonesia. These include ancient currency, traditional means of payment, banking-related historical documents, as well as other items that have historical value.

JURIDICAL IMPLICATIONS OF USING CRYPTOCURRENCY AS A PAYMENT TOOL

This article aims to analyze the use of cryptocurrency as a substitute for conventional currency in Indonesia. The article is written using normative legal research methods with conceptual and legislative approaches. The results of this research indicate that cryptocurrency can be considered as a solution for a different level of payment system; however, the demand for this type of cryptocurrency is not proportionate to its supply. As a result, cryptocurrency is unlikely to become an everyday payment tool but may serve as a more specific means of payment or exchange at a certain level. Currently, cryptocurrency can only function as an investment tool that is bought and sold, making it challenging when directly compared to traditional currency for daily payment purposes. The opportunity for cryptocurrency to replace conventional currency in Indonesia is very small. This is due to the unstable (highly fluctuating) value of cryptocurrency and the absence of an authority determining its value.

Investigating Intention to Use Central Bank Digital Currency in Indonesia

Central Bank Digital Currency (CBDC) is a digital currency issued by a government-controlled central bank of a particular country. Bank Indonesia as the central bank in Indonesia has been trying to develop a CBDC known as digital rupiah. Digital rupiah is expected to complement and perform same function as the fiat money in Indonesia. Research is needed to identify people’s views on the use of CBDCs. This study seeks to understand the factors that influence intention to use CBDC by adapting Technology Acceptance Model. Data were collected through questionnaires from 565 valid respondents. Partial Least Square-Structural Equation Modeling (PLS-SEM) was used to evaluate the proposed model. This study verifies that perceived usefulness, perceived ease of use, hard trust, and soft trust can influence intention to use CBDC in Indonesia, while personal innovativeness is known to influence perceived usefulness and perceived ease of use.

Factors Affecting Perception of Central Bank Digital Currency in Indonesia

The increasing use of private digital currency can affect the effectiveness of the monetary policy, putting the government under pressure to adopt the Central Bank Digital Currency (CBDC). This study aims to analyze the factors that influence economic actors in the use of CBDC. The results showed that the effectiveness and safety may increase the consumer satisfaction with using CBDC and the publicity influences changes in the behavior of economic actors in increasing the conversion of fiat money to CBDC.

Understanding the Legal and Religious Perspectives on Cryptocurrency Transactions: A Study of DSN - MUI Fatwa and Indonesian Currency Regulation

A growing economy creates cryptocurrency virtual money residing in cyberspace. Cryptocurrency Is an online payment tool that uses an open source peer-to-peer payment network. There are many problems faced by users, where Cryptocurrencies are said to include money or a commodity. This phenomenon really makes users feel uncomfortable, feel at a loss, therefore the government must immediately provide an evaluation of the use of Cryptocurrency as a means of obtaining transactions. more attention, especially from the government so that the community gets their rights and obligations in muamalah. This paper aims to discuss how to use Cryptocurrency transactions from the Perspective of the DSN-MUI Fatwa and Law No. 7 of 2011. This research is classified as normative research, using a statutory approach and a conceptual approach. The results of the discussion show that Cryptocurrency is linked in the DSN MUI fatwa No.28/DSN-MUI/III/2002 regarding al-sharf that in the provisions of the fatwa the conditions for exchanging Cryptocurrency digital money are prohibited because of the element of speculation. In Article 2 paragraph (1) of Law Number 7 of 2011 concerning Cryptocurrency, it does not meet the requirements as a type of currency in Indonesia. Judging from the six criteria of money, Cryptocurrency only meets the criteria of portability and visibility.

Digital Currency in Indonesia (Prospects and Challenges in Inclusive Financial Reviews)

Who controls global finance? Digitalization is a necessity that will disrupt every area of human life. Money is like 'blood' in the economy. If the currency is disrupted then all areas of human life are also disrupted. Private versions of cryptocurrencies have disrupted the global financial system controlled by Central Banks. Central Bank Digital Currency (CBDC) is the currency version of the Central Bank. Using primary data and reference studies on Digital Currency. Several empirical challenges and opportunities in adopting digital currencies such as increasing the effectiveness, efficiency, and accessibility of individuals to financial service facilities. The right, reliable and trusted Digital Currency model can increase the utility of transactions for individuals and the economy as a whole. Some of the main challenges of digital infrastructure, security systems, Integration, Innovation of new services, disintermediation, transparency and efficiency. The ability to overcome these challenges can increase financial sector.

Dampak Sistem Pembayaran Non-Tunai Terhadap Permintaan Uang Kartal di Indonesia

The stability of the demand for money is important to maintain the value of therupiah. This stability is seen in terms of the amount of currency and the ability ofmoney to fulfill all transactions in a short time. The use of non-cash money canhelp speed up the processing of financial transactions, but on the one hand it canhave an impact on changes in the demand for currency, which in turn affects thestability of the money supply. For this reason, it is necessary to conduct researchon the impact of using non-cash money on the demand for currency in Indonesia.This study analyzes the impact of non-cash payments using cards (APMK) on thedemand for currency in Indonesia for the 2014-2017 period. The analytical toolsused in this study are Vector Autoregression (VAR) to determine causality,Impulse Response Function (IRF) and Variance Decomposition (VD). The resultsshowed that the increase in the use of card-based non-cash money had an impacton reducing the demand for money in Indonesia in the 2014-2017 period. Thenon-cash money shock has an impact on the shock of changes in the demand forcurrency.

Perlindungan Hukum Bagi Investor Pada Transaksi Aset Mata Uang Digital Cryptocurrency Di Indonesia

Cryptocurrency or crypto currency is a digital currency that uses an encryption system and there are various forms of this digital currency spread all over the world. In Indonesia, people are starting to use Cryptocurrencies and not a few have become investors through this digital currency. The first problem How is the existence of cryptocurrency as a digital currency in Indonesia? Second, how is the legal power of cryptocurrency in Indonesia. This research method uses normative legal research methods. The result of the first discussion is that the existence of Cryptocurrency or cryptocurrencies only applies to the trading sector and is only recognized by Bappepti. The result of the second discussion is that cryptocurrency digital currency cannot be used as a legal currency because it does not meet the elements as a legal currency in Indonesia.

The Validity of Bitcoins According to the Islamic Law

The presence of bitcoin invites many uncertainties, such as concerning its legality and the statement that bitcoin is not an official currency in Indonesia. Objective: This research aims to analyze the bitcoins in the perspective of the Islamic Law. Method: This research uses the literature review method. The literary materials obtained are in the form of scientific papers, online media, books, etc. that concerns the analyzed object. Findings: The circulation of bitcoin in Indonesia as a medium of exchange cannot be regarded as a currency, as it does not fulfill the terms and conditions for something to be called money. The bitcoin’s function does not commensurate with the function of money in the concept of the Islamic economy, as it tends to be a traded commodity rather than a facility of transactional exchange. In the perspective of Islamic law, the speculative use of bitcoins may bring one to the risk of violating the law on gharar (uncertainty, hazard); dharar (a transaction that may bring loss to a party); and qimar (game of chance). No authority guarantees bitcoins, and this causes harm. In conclusion, bitcoins produce more harm than good. Thus, its usage is prohibited by Islamic law. Function: This research provides an explanation of the legality of bitcoins, that may aid the Indonesian society to decide whether or not they can use bitcoins according to the law and th sharia. Novelty: There has not been any researches that study the same topic as that discussed in this article.

Analisis Terhadap Cryptocurrency (Perspektif Mata Uang, Hukum, Ekonomi Dan Syariah)

The purpose of this study is to analyze cryptocurrencies based on the characteristics of money, legal perspective, economic perspective and sharia perspective. In this study, the methodology used is descriptive with a qualitative approach. The results show that in this case cryptocurrency can be accepted as money (from the perspective of money characteristics), cryptocurrency does not meet the criteria as a currency (currency perspective), cryptocurrency does not fully fulfill the function of currency (economic perspective), cryptocurrency is not a legal currency in Indonesia. (legal perspective) and the existence of two scholars' opinions (accept and prohibit) regarding cryptocurrency (sharia perspective)

Urgency of Cryptocurrency Regulation in Indonesia: The Preventive Action for Ransomware Crime

Disruption is a double-edged sword since, in addition to facilitating digitization, it also serves as a target for cybercriminals to conduct their schemes. Cryptocurrency is a type of virtual currency that uses cryptography technology to enable digital transactions in cyberspace. Ransomware is one type of crypto crime that has increased in 2020 occurrences. More over, ransomware is a way for cybercriminals to make money by threatening victims with access limitations, data deletion, and data dissemination in exchange for a ransom payment. Furthermore, the government hasn't provided recognition and protection for its inhabitants, the creation of a legal vacuum (rechtsvacuum) in Indonesia surrounding cryptocurrency regulation is seen to be damaging to digital users. In light of these issues, the goal of this research is to assist the Indonesian authorities in comprehending the fundamental issues surrounding crypto crimes such as ransomware. Then, to assess the prospects of cryptocurrency as a virtual currency in Indonesia, the research technique employed is a normative juridical research method with a conceptual approach and law. This paper demonstrates that the crime of ransomware will hinder cyber law enforcement in Indonesia, resulting in a detrimental impact on economic development and vulnerability to cyberattacks that harm national security. As a result, if cryptocurrency stays in a legal void or ‘gray area’, governments must be aware and prioritize preventive actions against ransomware attacks and their consequences. This preventative step could take the form of regulating cryptocurrency in Indonesia as virtual money and block ransomware activity.

Forecasting Currency in East Java: Classical Time Series vs. Machine Learning

Most research about the inflow and outflow currency in Indonesia showed that these data contained both linear and nonlinear patterns with calendar variation effect. The goal of this research is to propose a hybrid model by combining ARIMAX and Deep Neural Network (DNN), known as hybrid ARIMAX-DNN, for improving the forecast accuracy in the currency prediction in East Java, Indonesia. ARIMAX is class of classical time series models that could accurately handle linear pattern and calendar variation effect. Whereas, DNN is known as a machine learning method that powerful to tackle a nonlinear pattern. Data about 32 denominations of inflow and outflow currency in East Java are used as case studies. The best model was selected based on the smallest value of RMSE and sMAPE at the testing dataset. The results showed that the hybrid ARIMAX-DNN model improved the forecast accuracy and outperformed the individual models, both ARIMAX and DNN, at 26 denominations of inflow and outflow currency. Hence, it can be concluded that hybrid classical time series and machine learning methods tend to yield more accurate forecasts than individual models, both classical time series and machine learning methods.

Forecasting Bank Indonesia Currency Inflow and Outflow Using ARIMA, Time Series Regression (TSR), ARIMAX, and NN Approaches in Lampung

There are various types of data, one of which is the time-series data. This data type is capable of predicting future data with a similar speed as the forecasting method of analysis. This method is applied by Bank Indonesia (BI) in determining currency inflows and outflows in society. Moreover, Inflows and outflows of currency are monthly time-series data which are assumed to be influenced by time. In this study, several forecasting methods were used to predict this flow of currency including ARIMA, Time Series Regression (TSR), ARIMAX, and NN. Furthermore, RMSE accuracy was used in selecting the best method for predicting the currency flow. The results showed that the ARIMAX method was the best for forecasting because this method had the smallest RMSE.

To Assess the Association between Exchange Rate, Commodity Prices and Cryptocurrency in Indonesia

The paper aimed to assess the association among exchange rate, commodity prices and crypto currency in Indonesia. This study is quantitative in which the data has been gathered from the Investing.com from 2016 to 2020. The variables which were considered in the study include exchange rate, gold prices, cotton prices, oil prices, Bitcoin and Ethereum. In terms of the analysis, the vector autoregression and granger causality test has been adopted.The results of this study identified that there is no effect of exchange rate, oil price, cotton price and gold price on Bitcoin. On the other hand, there is only significant effect of gold prices on Ethereum. The results of this study are restricted to Indonesian context and the data has been considered from 2016 to 2019 due to the lack of data on crypto currency.

Legal Status of Cryptocurrency in Indonesia and Legal Analysis of the Business Activities in Terms of Cryptocurrency

Indonesia’s recent development in legal policy toward cryptocurrency is pertinent to ask whether this new investment market has any more risk to throw over Indonesia than how to protect the existing variable parties by overall structural formation. This tendency has prevented the government to implement the machinery of more fundamental keynote of policy. Against this backdrops, this research first analyzes the existing laws and regulations to examine the current legal status of virtual currency in Indonesia with the method of conceptual analysis. Despite the Government’s skeptical stance about economic soundness that cryptocurrency market leads, however, how to protect the various parties in the existing market is a different issue which still needs an urgent attention from policy makers, legal practitioners, judiciary and academic researchers. Therefore, this paper further studies the relevant laws and regulations governing the actual operation of cryptocurrency exchange in Indonesia to discuss the more practical aspects by interviewing an Indonesian cryptocurrency exchange and professional lawyers at Dentons HPRP. Subsequently, the most worrisome legal risks in the industry are diagnosed by interviewing a global cryptocurrency exchanges. This study concludes that BAPPEBTI Regulation No. 5 of 2019 cannot be the good answer to minimize the risk and will only harm bona fide market participants without a good-standing authority.

Paper Money Recognizer Using Feature Descriptor

<p>People are still using paper money for daily transaction; this, however, will expose some difficulty for visually impaired people. Though they can still read the nominal value of the paper money by the other people or feel the tactile feature, they cannot depend upon others all the time and the tactile feature does not work well if the paper money is worn out. Some alternatives have been proposed and conducted. One of them is using money value recognition application. The application will recognize nominal value of paper money comparing the image of the paper with database. This process is using a feature extraction algorithm called ORB feature descriptor. It has been used for six (6) different types of currencies that are 5 most traded currencies and Indonesia currency and also for different types of nominals (bills).</p>

KEDUDUKAN HUKUM BITCOIN SEBAGAI MATA UANG VIRTUAL DI INDONESIA BERDASARKAN UNDANG-UNDANG NOMOR 7 TAHUN 2011 TENTANG MATA UANG

Nowadays people rely on many things in order to do daily activity. As time goes by, global economy has changed and has had significant growth. The form of money has also changed, from only being available in the physical form, such as coins and banknotes, now we have the digital form of money, otherwise known as virtual currency. This paper discusses about the legal status of Bitcoin as virtual currency in Indonesia according to Law Number 7 of 2011 regarding Currency Law. The author examines the problem by using normative legal research methods with descriptive approach. The data was collected from secondary and primary data and is used as supportive research data. The collected data is analysed using qualitative method. The result of this research is the legal status of Bitcoin as virtual currency in Indonesia according to Law Number 7 of 2011 regarding Currency Law has not been regulated yet. Therefore, the government of Indonesia needs to make a specific regulation to regulate Bitcoin in Indonesia.