Review of Virtual Currency Potential as a Payment Instrument in Legal Aspect in Indonesia
Journal Title: International Journal of Business and Management Invention - Year 2018, Vol 7, Issue 12
Abstract
Money serves as a means of trading activity transactions wherever located. The exchange between items can be done using money. In addition, we can use e-banking applications to facilitate transactions reaching trillions. The current trend of payment methods being warmly discussed by people is the bitcoin model. Bitcoin and Ripple is one type of digital currency transaction used in virtual currency / Cryptocurrency (VC). The use of Virtual Currency still has a high enough risk, because there is no clear rule in doing bitcoin transaction. Bitcoin has so far not been clearly regulated by Bank Indonesia, so Bank Indonesia advises against receiving bitcoin as the official payment instrument in Indonesia. The purpose of this study was to find out and examine how to assess bitcoin as a payment instrument in making transactions. In addition, this study also aims to find out the opportunities to develop using virtual currency in the payment system. Finally, this study aims to examine and analyze the legality that governs the payment system using Virtual Currency. This research uses descriptive qualitative method with literature study approach. The results of this study can be used as a recommendation or basis of policy makers of Bank Indonesia in making rules that do not harm all parties.
Authors and Affiliations
Rudi Santoso, Martinus Sony Erstiawan, Marya Mujayana
Keywords
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