Analysis of Virtual Currency Trading Cryptocurrency as a Transaction Tool in Indonesia

Abstract

This study aims to analyze the business of trading virtual currency cryptocurrency, particularly Bitcoin, as a means of transaction in Indonesia. The research method employed is a normative juridical approach, examining provisions related to the use of Bitcoin as a transactional tool in Indonesia. The findings of this research reveal several significant outcomes. Firstly, the business of trading virtual currency cryptocurrency, especially Bitcoin, as a means of transaction in Indonesia, still faces significant challenges. Despite the high public interest in cryptocurrencies, clear and definitive regulations regarding the use of virtual cryptographic currency as a payment instrument are still lacking. Secondly, the role of Bank Indonesia as the financial regulator has not yet recognized Bitcoin as a valid payment instrument in Indonesia. This results in legal uncertainties concerning the use of Bitcoin as a transactional tool in the country. The research findings indicate that the use of Bitcoin as a means of transaction in Indonesia lacks adequate legal certainty. Therefore, the business of trading virtual currency cryptocurrency as a transactional tool in Indonesia requires clear and definitive regulations. Appropriate regulations will provide legal certainty, protect all involved parties, and ensure fair and sustainable state revenue related to the use of Bitcoin as a means of transaction in Indonesia. The implications of this research emphasize the need for clear and definitive regulations in the business of trading virtual currency cryptocurrency as a means of transaction in Indonesia. Bank Indonesia and other relevant authorities need to collaborate in developing an effective regulatory framework. With proper regulations, cryptocurrencies can be integrated securely, reliably, and widely accepted as transactional instruments in Indonesia.