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All Journal Al-Amwal : Journal of Islamic Economic Law Jurdimas (Jurnal Pengabdian Kepada Masyarakat) Royal Abdi: Jurnal Pengabdian dan Pemberdayaan Masyarakat Minhaj: Jurnal Ilmu Syariah Al-Mizan: Jurnal Hukum Islam dan Ekonomi Syariah Indonesian Community Journal Syarah: Jurnal Hukum Islam dan Ekonomi Journal of Research Applications in Community Services Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Jurnal Maisyatuna
Muhammad Zaenal Abidin
Universitas Nahdlatul Ulama Sunan Giri
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Public Health Social Sciences Other

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The Implementation and Volatility Analysis of Sharia Cryptocurrencies Syamsul Arifin; Abdullah Yaqin; Syamsuddin Syamsuddin; Muhammad Zaenal Abidin
Syarah: Jurnal Hukum Islam dan Ekonomi Vol. 14 No. 2 (2025): SYARAH : Jurnal Hukum Islam dan Ekonomi
Publisher : Fakultas Syariah Universitas Islam Negeri Sultanah Nahrasiyah Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47766/syarah.v14i2.6875

Abstract

This study analyzes the implementation of sharia-compliant cryptocurrencies and compares their volatility with Bitcoin and the Indonesia Stock Exchange Composite Index (IHSG). Using a mixed method approach with a sequential exploratory design, the research combines a literature review on sharia compliance and time-series analysis using the ARIMA model. The analysis focuses on two gold-backed cryptocurrencies, OneGram Coin (OGC) and GOLDX. Findings indicate that although OGC and GOLDX meet several key sharia criteria, such as asset backing, avoidance of maysir, gharar, and riba, supervision by a Sharia Supervisory Board, and the allocation of philanthropic funds (tabarru’), their volatility is higher than both Bitcoin and IHSG. This suggests that despite being designed for sharia compliance, these cryptocurrencies are currently less stable and less effective as a medium of exchange than their conventional counterparts. Additionally, the absence of government regulation and the lack of sharia-based profit-sharing models such as mudharabah or musyarakah remain significant shortcomings. The study recommends stronger collaboration between developers and regulators to improve regulatory frameworks and align sharia-based cryptocurrency systems with the principles of justice, stability, and sustainability as outlined in maqashid sharia.
Co-Authors Abdullah Yaqin Agus Sholahudin Shidiq Alfinatur Rohmah Anwar Saleh Hasibuan Burhanatut Dyana Dery Ariswanto Dewi Gita Ramadhanti Eko Arief Cahyono Ifa Khoiria Ningrum Indah Listyorini Ita Aristia Sa'ida Muhamad Zakariya Nurul Huda Ririn Fauziyah Siti Cholifah Siti Khoiriyah Suningsih, Suningsih Syamsuddin Syamsuddin Syamsul Arifin Zakariya, Muhammad