Cryptocurrency assets as a physical collateral in Indonesia

Authors

  • Yohana Puspitasari Wardoyo Faculty of Law, University of Muhammadiyah Malang, Indonesia
  • Dwi Ratna Indri Hapsari Faculty of Law, University of Muhammadiyah Malang, Indonesia

DOI:

https://doi.org/10.22219/ljih.v31i1.24190

Keywords:

Cryptocurrency assets, physical collateral, Indonesia

Abstract

Cryptocurrency investment is currently expanding quickly on a global scale as well as in Indonesia. On the one hand, cryptocurrency can be used as a medium of exchange or a form of money, which represents the original purpose of cryptocurrency. On the other hand, it can also be used as a commodity or as digital assets, also known as crypto assets. Cryptocurrency is illegal to use as money in Indonesia, but it is legal to exchange it as an asset. This study explores the legal protections for holders of collateral against the loss of crypto assets as well as how crypto assets are governed by material guarantees in Indonesia. A conceptual and statutory approach, technical analysis, and a normative legal research methodology were applied in the study. The legal material was analyzed by using the content analysis approach, which involved examining the content and legality of the material gleaned from various laws and regulations by looking at the relevant legal precedents. The discussion results discover that crypto assets fall under the definition of "intangible movable objects" as defined in article 503 BW. In addition, crypto assets had material rights in the form of material guarantees in the form of a pledge and fiduciary guarantees, allowing the parties to carry out their agreements in good faith even in the event that the collateral object is lost. These disputes could be settled through either non-litigation or litigation.

Downloads

Download data is not yet available.

References

Aditya, Z. F., & Al-Fatih, S. (2020). Indonesian constitutional rights: expressing and purposing opinions on the internet. International Journal of Human Rights, 0(0), 1–25. https://doi.org/10.1080/13642987.2020.1826450

Afzal, A. (2019). Cryptocurrencies, Blockchain and Regulation: A Review. The Lahore Journal of Economics, 24(1), 103–130. https://doi.org/10.35536/lje.2019.v24.i1.a5

Ansari, T., & Negara, S. (2023). Normative Legal Research in Indonesia: Its Originis and Approaches. Audito Comparative Law Journal (ACLJ), 4(1), 1–9. https://doi.org/10.22219/ACLJ.V4I1.24855

Çipi, A., Fernandes, A. C. R. D., Ferreira, F. A. F., Ferreira, N. C. M. Q. F., & Meidutė-Kavaliauskienė, I. (2023). Detecting and developing new business opportunities in society 5.0 contexts: A sociotechnical approach. Technology in Society, 73, 102243. https://doi.org/10.1016/J.TECHSOC.2023.102243

Dang, T. T. (2019). Current Situation of Cryptocurrency in Vietnam. Journal of Business Economics and Environmental Studies, 9(4), 29–34. https://doi.org/10.13106/jbees.2019.vol9.no4.29

David, W. (2021, December). Paying with Bitcoin: These are the major companies that accept crypto as payment. Retrieved April 15, 2023, from Euronews.Next website: https://www.euronews.com/next/2021/12/04/paying-with-cryptocurrencies-these-are-the-major-companies-that-accept-cryptos-as-payment

Dirdjosisworo, S. (2008). Pengantar Ilmu Hukum. Jakarta: PT Raja Grafindo Persada.

Dwi Kurniawan, I., Sasono, S., Septiningsih, I., Santoso, B., & Rustamaji, M. (2021). Transformasi Penggunaan Cryptocurrency Melalui Bitcoin Dalam Transaksi Komersial Dihubungkan Dengan Diskursus Perlindungan Hukum (Legal Protection) Konsumen Di Indonesia. Jurnal Hukum Mimbar Justitia, 7(1), 65–86. https://doi.org/10.35194/jhmj.v7i1.1886

Gagas, Y. P. (2022). Alasan kripto makin populer di kalangan generasi milenial. Retrieved April 15, 2023, from Liputan6.com website: https://www.liputan6.com/crypto/read/4887621/alasan-kripto-makin-populer-di-kalangan-generasi-milenial

Gohwong, S. (2018). The State of the Art of Cryptocurrencies. Asian Administration and Management Review, 1(2), 1–16. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3269052

Hadjon, P. M. (2002). Introduction to Indonesian Administrative Law. Yogyakarta: Gadja Mada University Press.

Harahap, K., Anggraini, T., & Asmuni, A. (2022). Cryptocurrency Dalam Persfektif Syariah: Sebagai Mata Uang Atau Aset Komoditas. Niagawan, 11(1), 43. https://doi.org/10.24114/niaga.v11i1.32355

Hidayah, N. P., Anggraeny, I., & Hapsari, D. R. I. (2020). Credit Dispute Resolution with Mortgage Right Warranties on Conventional Banking. Advance in Economics, Business and Management Research, 121(Inclar 2019), 24–28. https://doi.org/10.2991/aebmr.k.200226.005

Imanda, N. (2020). Aset Kripto Sebagai Objek Lembaga Jaminan Gadai Dalam Praktik Peer-To-Peer Lending. Universitas Airlangga.

Isdian, W., Fahmil, A., Fitria, U., Ratna, D., Hapsari, I., & Kusuma, I. (2021). Problems of the Execution of Fiduciary Guarantee Goods Which Unregistered by Finance Institutions. Atlantis Press Press, 590(42), 98–102. https://doi.org/10.2991/assehr.k.211102.175

Jaya Wardana, D., Jaya Wardana, D., & Bachtiar, H. (2022). Public Participation in the Law-Making in the Digitalization Era. Indonesia Law Reform Journal, 2(3), 289–298. https://doi.org/10.22219/ILREJ.V2I3.23764

Khan, M., Haleem, A., & Javaid, M. (2023). Changes and improvements in Industry 5.0: A strategic approach to overcome the challenges of Industry 4.0. Green Technologies and Sustainability, 1(2), 100020. https://doi.org/10.1016/J.GRETS.2023.100020

Krisnawangsa, H. C., Hasiholan, C. T. A., Adhyaksa, M. D. A., & Maspaitella, L. F. (2021). Urgensi Pengaturan Undang-Undang Pasar Fisik Aset Kripto (Crypto Asset). Dialogia Iuridica: Jurnal Hukum Bisnis Dan Investasi, 13(1), 1–15. https://doi.org/10.28932/di.v13i1.3718

Ku-Mahamud, K. R., Bakar, N. A. A., & Omar, M. (2018). Blockchain, cryptocurrency and Fintech market growth in Malaysia. Journal of Advanced Research in Dynamical and Control Systems, 10(14), 2074–2082. Retrieved from https://repo.uum.edu.my/id/eprint/27869/

Kusuma, T. (2019). Cryptocurrency Dalam Perdagangan Berjangka Komoditi di Indonesia Perspektif Hukum Islam. ICOLEESS: International Conference on Language, Education, Economic and Social Science, 1(1), 275–293. Retrieved from https://www.proceedings.iaipd-nganjuk.ac.id/index.php/icoleess/article/view/40

Laksono, H. T., & Nugraha, M. F. (2021). Cryptocurrency Fever: Should Southeast Asian Countries Cooperate on Facing Cryptocurrency Market? Airlangga Conference on International Relations (ACIR 2018) - Politics, Economy, and Security in Changing Indo-Pacific Region, (Acir 2018), 324–330. https://doi.org/10.5220/0010276603240330

Liu, F., Li, Y., Li, B., Li, J., & Xie, H. (2021). Bitcoin transaction strategy construction based on deep reinforcement learning. Applied Soft Computing, 113, 107952. https://doi.org/10.1016/J.ASOC.2021.107952

Lubis, M. M., & Simanjuntak, K. (2022). Analisis Hukum Penempatan Investasi yang Mengalami Kegagalan Pada Perusahaan Asuransi PT . Asabri ( Persero ). Binamulia Hukum, 11(1), 33–41. https://doi.org/10.37893/jbh.v11i1.672

Mahadi. (2007). Falsafah Hukum: Suatu Pengantar. Bandung: Alumni.

Mayasari, S. (2022). Indodax Catatkan Kenaikan Jumlah Investor Kripto Hingga 85% di Kuartal I-2022. Retrieved April 15, 2023, from Kontan.co.id website: https://investasi.kontan.co.id/news/indodax-catatkan-kenaikan-jumlah-investor-kripto-hingga-85-di-kuartal-i-2022

Moertiono, R. J. (2021). Perjanjian Kredit Pemilikan Rumah dalam Perspektif Teori Perlindungan Hukum. All Fields of Science J-LAS, 1(3), 252–262. https://doi.org/10.58939/afosj-las.v1i3.109

Muhammad Syahrum, ST., M. (2022). Pengantar Metode Penelitian Hukum, Kajian Penelitian Normatif, Empiris, Penulisan Proposal, Laporan Skripsi dan Tesis (Cetakan Pe; I. Marhani, Ed.). Riau: DOTPLUS Publisher.

Mzoughi, H., Benkraiem, R., & Guesmi, K. (2022). The bitcoin market reaction to the launch of central bank digital currencies. Research in International Business and Finance, 63, 101800. https://doi.org/10.1016/J.RIBAF.2022.101800

Prasad, E. (2018). Central Banking in a Digital Age: Stock-Taking and Preliminary Thoughts. In Huchins Center on Fiscsl & Monetary Policy. Retrieved from http://iepecdg.com.br/wp-content/uploads/2018/04/es_20180416_digitalcurrencies.pdf

Putri Hidayah, N., & . K. (2022). The Urgency of Strengthening Creditor Legal Protection in Fiduciary Guarantee Agreements. KnE Social Sciences, 2022(1), 492–504. https://doi.org/10.18502/kss.v7i15.12123

Putri, R. S., & Hidayat, A. A. N. (2023). Bappebti : Jumlah Pemilik Aset Kripto di Indonesia Naik tapi Transaksinya Merosot. Retrieved April 15, 2023, from tempo.co website: https://bisnis.tempo.co/read/1675666/bappebti-jumlah-pemilik-aset-kripto-di-indonesia-naik-tapi-transaksinya-merosot

Rahman, I., Sudarmanto, H. L., & Widayati, S. C. (2020). Kajian Yuridis Jaminan Kebendaan pada Digital Aset sebagai Objek Jaminan. Jurnal Transparansi Hukum, 03(02). https://doi.org/10.30737/transparansi.v3i2.2712

Ramadhan, M. S., Murty, T., Nugraha, A., & Arifin, M. Z. (2021). Legitimasi Cryptocurrency (Mata Uang Digital) Sebagai Aset Korporasi. Rechtidee, 16(2), 246–266. https://doi.org/10.21107/ri.v16i2.11862

Riley, J. (2021). The Current Status of Cryptocurrency around the World. China & WTO Review, 1, 135–152. https://doi.org/10.14330/cwr.2021.7.1.06

Rizvi, S. A. R., & Ali, M. (2022). Do Islamic Cryptocurrencies Provide Diversification Opportunities To Indonesian Islamic Investors? Journal of Islamic Monetary Economics and Finance, 8(3), 441–454. https://doi.org/10.21098/jimf.v8i3.1563

Shirakawa, J. B. R., & Korwatanasakul, U. (2019). Cryptocurrency Regulations: Institutions and Financial Openness. In Journal of Asia-Pacific Studies (No. 1). Retrieved from https://think-asia.org/handle/11540/10929

Sudiyatna, Y. (2022). Perlindungan Hukum bagi Investor pada Transaksi Aset Kripto dalam Bursa Berjangka Komoditi. Jatiswara, 37(2), 212. https://doi.org/10.20473/jd.v3i1.17638

Syahrul Sajidin. (2021). LEGALITAS PENGGUNAAN CRYPTOCURRENCY SEBAGAI ALAT PEMBAYARAN DI INDONESIA. Arena Hukum, 14(2), 245–267. https://doi.org/10.21776/ub.arenahukum.2021.01402.3

Wibowo, S. L. (2022). Penjaminan Utang dengan Crypto Asset.

Wildan, A., Milah, M. S., & Taufik, M. (2022). Problematika Hukum Aset Digital Era Disrupsi 5.0 di Indonesia Melalui Pendekatan Legislasi. Jurnal MAHUPAS: Mahasiswa Hukum Unpas, 1(2), 67–88. Retrieved from https://journal.unpas.ac.id/index.php/mahupas/article/view/5720

Downloads

Published

2023-04-10

How to Cite

Wardoyo, Y. P., & Hapsari, D. R. I. (2023). Cryptocurrency assets as a physical collateral in Indonesia. Legality : Jurnal Ilmiah Hukum, 31(1), 59–71. https://doi.org/10.22219/ljih.v31i1.24190

Issue

Section

Journal's Articles