IRepublika held a focus group discussion (FGD) with the topic of digital currency or virtual currency at Double Tree Hotel, Cikini, Jakarta, Thursday (25/1). The conclusion raised in the discussion is that digital money like bitcoin is not the currency in general. However, any digital innovations should still be forwarded and supported.
The jurisprudence expert of muamalah, Ustaz Oni Sahroni, explains in the context of digital money, there is no underlying and unpublished authority. Underlying is the asset used as the basis of the transaction. Based on that description, Ustaz Oni summed up two things.
First, virtual money is not a currency. For, if looking at the definition, the currency must be accepted by the public and recognized authority. "Digital money is accepted in some circles so it is not a currency, so the sharf (payment) requirement does not apply there because it is not a currency," Ustaz Oni said.ndonesiaFor that, he said, there needs to be a common perception to maintain the economic benefits of Indonesia, associated with the use of bitcoin. "For example, if there is a bitcoin worth up to trillions and then buy Indonesian rupiah can be collapsed," said Kiai Cholil.
As a result, according to Kiai Cholil, a firm declaration is needed to protect the state and society at large. "With this obscurity, we need to declare to protect the public regarding the virtual currency called bitcoin," he said.
The bitcoin digital currency has drawn people's attention lately. The polemic arises because there are pros and cons regarding the use of the currency. A number of parties can get the convenience of transacting with such a medium of exchange, even trying to invest. Regulators, namely Bank Indonesia (BI), immediately issued a ban, considering the use of bitcoin because of high risk.
Head of Financial System Stability Department of Fiscal Policy Office of the Ministry of Finance, Deni Ridwan said, bitcoin is one form of virtual currency or cryptocurrency using blockchain technology. There are currently 1,490 digital currencies worldwide.
S
transact each will submit private key and public key through application to bitcoin network. After that, a warning appears in the system informing the miners or miner that there is a transaction.
Miners then verify and create a separate block containing thousands of transactions. The block is encrypted so it has a high level of security. After that, the block will go into the system and the miners will try to match.
"So, there is a system like one solving an algorithmic puzzle," says Deni.
The miner will then validate the transaction. The miners who can quickly solve the algorithm will get the coin.
"If the first coin was only able to buy pizza, now can to buy the latest output car," said Deni.
He admitted, until now proved the system was strong and difficult to hack. According to Deni, in terms of payment system transactions it offers a brilliant technological breakthrough. "So in summary like that," said Deni.
BI has ensured the digital currency is not a valid payment instrument. The prohibition stipulated in the Bank Indonesia Regulation shall come into force this year. However, it is not known when the launch of the beleid.
transact each will submit private key and public key through application to bitcoin network. After that, a warning appears in the system informing the miners or miner that there is a transaction.
Miners then verify and create a separate block containing thousands of transactions. The block is encrypted so it has a high level of security. After that, the block will go into the system and the miners will try to match.
"So, there is a system like one solving an algorithmic puzzle," says Deni.
The miner will then validate the transaction. The miners who can quickly solve the algorithm will get the coin.
"If the first coin was only able to buy pizza, now can to buy the latest output car," said Deni.
He admitted, until now proved the system was strong and difficult to hack. According to Deni, in terms of payment system transactions it offers a brilliant technological breakthrough. "So in summary like that," said Deni.
BI has ensured the digital currency is not a valid payment instrument. The prohibition stipulated in the Bank Indonesia Regulation shall come into force this year. However, it is not known when the launch of the beleid.Secondly, there is an element of uncertainty (gharar). Personally, Ustaz Oni sees bitcoin as no underlying, an antarkupon sale that does not represent underlying, and uncontrolled and unclear prices.
Based on the international standard of The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a product is so called if gharar is heavy, exists in non-social business transactions, and on selling objects rather than complementary. "Seeing this, it is all met in bitcoin," he says.IndonesiaBitcoin Indonesia's Attitude
Oscar Darmawan, Chairman of the Blockchain Indonesia Association, responded to the government's stance of strongly endorsing what the government had said that transactions in Indonesia should use rupiah. Bitcoin never moves in the payment system.
"Our company is named Bitcoin Indonesia and we are not a payment company or make payments.We are more on the marketplace or a meeting place of people who sell or buy digital assets.The government move is right and we support," said Oscar.
Regarding the government's message to be careful in digital money transactions, Oscar assesses that the realm of government with the aim of all financial institutions in Indonesia using rupiah. Create him, that's okay too, no problem.
However, the matter of buying and selling is everyone's right. If the government's intention is to make financial institutions have no digital asset-based products. If the government is not ready and want transactions in rupiah, please. Bitcoin does not move in that area.
As for underlying, Oscar says it's just like gold. Underlying gold goods itself. Bitcoin was underlying the stuff itself.
Bitcoin is a good thing, but it's digital. So when you're talking commodities, this crypto is a digital asset for clear thinking. Oscar explains, so the comparison is not with the currency because it will be confused underlying where, who the publisher, and so forth.
Comparative precisely with digital assets, commodity comparisons, all questions will be answered. Just like the question why its value goes up and down? That's the question of why the value of gold goes up and down? Because, gold is based on supply and demand.Chairman of the Da'wah Commission of Majelis Ulama Indonesia (MUI) KH Center Muhammad Cholil Nafis also assessed digital money, including bitcoin, close to gharar practitioners or closely with uncertainty. Mainly because the function of the digital currency has evolved from the beginning just a medium of exchange into an investment commodity.
Kiai Cholil rate, bitcoin as a medium of exchange can be allowed. He reasoned, the owner of bitcoin can not be blamed because the medium of exchange is accepted and no party is harmed.
However, in line with Bank Indonesia (BI) observations, the majority of people are now buying bitcoins to gain profit from price fluctuations. Therefore, Kiai Cholil considers bitcoin more used for gambling and speculation.According to Oscar, as world demand rises, gold prices rise. As gold supplies rise, the price of gold falls. Equally as well as digital assets, it is like that. If the issue is up and down, all commodities around the world also rise and fall based on supply and demand.
Just like gold and other commodities, that's all speculation. Therefore, in order to protect the price so as not to go up and down quickly, in the US made bitcoin future products to protect people from the rapid rise of bitcoin prices.
Bond futures are futures contracts. Contracts to protect the ups and downs of prices quickly. If the problem is the rise and fall of prices quickly, it is made formally a futures contract for bitcoin. So the value up and down is not fast.
If the problem bitcoin can be used to buy drugs or terrorism or other negative things, it has been made mandatory report. Everything in the bitcoin industry is obliged to report to the government so no bad guys wear bitcoin.Oscar reminded that technology is still growing and do not talk about bitcoin alone. Bitcoin is just one digital asset. If you want, it speaks of blockchain technology as a whole.
"Because the bitcoin is only a small component, Bitcoin breeds blockchain, but in 2009 bitcoin is born, it is only in the birth blockchain that the blockchain idea exists because there is bitcoin, and then the blockchain gi
