Indonesian Cyber Law Review
Vol. 1 No. 2 (2024): Indonesian Cyber Law Review

Cryptocurrency Regulation in Indonesia: Regulation Review and Potential Risks from A Cyber Law Perspective

Fahira, Siti Hapsah (Unknown)
Daimah, Daimah (Unknown)
Mu'amar, Irkham (Unknown)



Article Info

Publish Date
19 Nov 2024

Abstract

Cryptocurrency has grown rapidly in Indonesia and attracted the attention of various parties, both from economic and legal aspects. However, cryptocurrency regulation in Indonesia is still in its early stages with dual regulations between Bank Indonesia which prohibits its use as a means of payment, and Bappebti which recognizes cryptocurrency as a tradable commodity. This background creates legal uncertainty and cyber risks that need to be addressed seriously. This study aims to analyze the legal framework governing cryptocurrency in Indonesia, as well as identify potential risks arising from a cyber law perspective. This study uses a juridical-normative approach with a descriptive-analytical method, focusing on literature studies related to cryptocurrency regulations, laws and regulations, and industry reports. The results of the study show that cryptocurrency regulations in Indonesia are still limited to aspects of commodity trading without fully considering the threatening cyber risks, such as fraud and money laundering. In addition, comparisons with countries such as Japan and Singapore show that Indonesia needs to strengthen the existing legal framework to reduce the risk of cybercrime. More comprehensive regulatory reforms are needed to address existing legal loopholes, protect consumers, and create a safe cryptocurrency ecosystem.

Copyrights © 2024






Journal Info

Abbrev

sci

Publisher

Subject

Law, Crime, Criminology & Criminal Justice

Description

The Indonesian Cyber Law Review focuses on issues related to cyber law and society in Muslim and non-Muslim countries from various perspectives, covering both theoretical and practical studies. Its aim is to communicate original research and current issues within the subject. The Review publishes ...