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Pena Justisia:
Vol. 23, No.01, June 2024
[PENA JUSTISIA: MEDIA KOMUNIKASI DAN KAJIAN HUKUM]
Fitrah Wahyuddin, et. al.: Technology and the Evolution of Civil Law: Implications of
Cryptocurrency Transaction Regulation
Technology and the Evolution of Civil Law: Implications of
Cryptocurrency Transaction Regulation
Fitrah Wahyudin1, Sudirman2, Wahyudi Umar3
Fitrahwahyudidin07@gmail.com1, sudirman@umkendari.ac.id2,
wahyudi.umar@umkendari.ac.id3
12Magister of Law, Universitas Muhammadiyah Kendari
3Faculty of Law, Universitas Muhammadiyah Kendari
Article Info
Abstract
Received: 2023-03-03
Revised: 2023-01-29
Accepted: 2024-03-10
Keywords:
Teknologi; Regulasi;
Mata Uang Kripto
This research investigates the regulatory implications of
cryptocurrency transactions in the context of the evolution of civil
law that includes consumer protection, prevention of illegal
activities, and maintenance of financial market integrity. The
background of the research refers to the economic paradigm shift
towards digital assets such as cryptocurrencies, which has
changed the global financial transaction landscape. This research
method involves a combined approach between civil law analysis,
literature study on blockchain technology, and review of the
latest regulations related to cryptocurrencies in Indonesia. The
results show that the evolution of technology in the form of
cryptocurrencies has presented new challenges to conventional
civil law. The unclear legal status of cryptocurrencies, security
risks, and potential illegal use are major concerns. The regulatory
implications on cryptocurrency transactions in Indonesia
illustrate the government's efforts to accommodate innovation
while protecting the public interest. Some recommendations
include a more collaborative approach between government, the
industry sector, and legal institutions to develop a regulatory
framework that fits the characteristics of these technologies.
1.
Introduction
Cryptocurrencies, such as Bitcoin and Ethereum, have been a global concern since
their emergence in the early 2010s.
1
The underlying blockchain technology has changed
the way we view financial transactions and digital assets. In Indonesia, interest in
cryptocurrencies is also increasing, with wider adoption in various sectors.
2
However, the
legal complexities surrounding cryptocurrencies are becoming an increasingly pressing
issue.
The rapid growth of cryptocurrencies has fueled demands for better legal
1
Nader Naifar et al., “How Media Coverage News and Global Uncertainties Drive Forecast of
Cryptocurrencies Returns?,” Heliyon 9, no. 6 (2023): e16502, doi:10.1016/j.heliyon.2023.e16502.
2
Afrizal Afrizal, Marliyah Marliyah, and Fuadi Fuadi, "Analysis of Cryptocurrencies (Currency, Law,
Economics and Sharia Perspectives)," e-Mabis: Journal of Management and Business Economics 22, no. 2 (2021):
13 –41, doi:10.29103/e-mabis.v22i2.689.
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Vol. 23, No.01, June 2024
[PENA JUSTISIA: MEDIA KOMUNIKASI DAN KAJIAN HUKUM]
Fitrah Wahyuddin, et. al.: Technology and the Evolution of Civil Law: Implications of
Cryptocurrency Transaction Regulation
understanding and an appropriate regulatory framework. Cryptocurrencies have
different characteristics to traditional assets, including cross-border capabilities without
intermediaries, anonymity, and the potential for illegal use.
3
Therefore, the need for
effective regulation is essential to protect consumers, prevent money laundering, and
maintain financial stability.
When it comes to cryptocurrency regulation, many countries have taken diverse
approaches. Some countries such as Japan and the United States have adopted more
inclusive regulations to facilitate industry growth
4
, while others such as China have taken
strict measures to ban some aspects of cryptocurrency transactions.
5
The payment system
authority in Indonesia, Bank Indonesia, has made a clear statement that the use of
cryptocurrencies as a form of payment is not legally recognized.
6
Although many studies have been conducted on cryptocurrency regulation in various
jurisdictions, there is a research gap in the Indonesian context. As a developing country with
unique economic and legal dynamics, a deeper understanding of how cryptocurrency
technology interacts with the evolution of civil law in Indonesia is needed. Previous research
has tended to focus on technological and economic aspects,
7
while comprehensive legal
studies have been limited.
The novelty of this research lies in an interdisciplinary approach that combines civil
law analysis and cryptocurrency technology in the context of Indonesian regulation. This
research will fill a literature void by investigating how technological evolution affects civil
law and identifying regulatory implications for cryptocurrency transactions in Indonesia.
By blending legal and technological perspectives, the study aims to provide in-depth
insight into the challenges and opportunities faced by cryptocurrency regulation in the
country.
2.
Research Method
This study uses a qualitative approach to normative legal research and relies on secondary
data.
8
Information gathered from previous works includes books, articles, and research
3
Deepak Kumar Sharma et al., Cryptocurrency Mechanisms for Blockchains: Models, Characteristics, Challenges,
and Applications, Handbook of Research on Blockchain Technology, 2020, doi:10.1016/B978-0-12-819816-2.00013-7.
4
Imad Antoine Ibrahim and Jon Truby, “Governance in the Era of Blockchain Technology in Qatar: A
Roadmap and a Manual for Trade Finance,” Journal of Banking Regulation 23, no. 4 (2022): 419–38,
doi:10.1057/s41261-021-00165-1.
5
Lestari Ningsih, "Resolute! China Officially Bans All Cryptocurrency Transactions | Republika Online,"
Ekonomi.Republika.Co.Id, 2021, https://ekonomi.republika.co.id/berita/r02abt2317000/tegas-china-resmi-
larang-semua-transaksi-mata-uang-kripto.
6
Kadek Dyah Pramitha Widyarani, Ida Ayu Putu Widiati, and Ni Made Puspasutari Ujianti, "Juridical Study
of the Use of Crypto Coins as a Payment Instrument in Indonesia," Journal of Legal Preferences 3, no. 2 (2022):
300–305, doi:10.55637/jph.3.2.4934.300-305.
7
Tamanna Choithani et al., “A Comprehensive Study of Artificial Intelligence and Cybersecurity on Bitcoin,
Crypto Currency and Banking System,” Annals of Data Science 2, no. September (2022): 1–33,
doi:10.1007/s40745-022-00433-5.
8
Ming-Hsi Sung and Wahyudi Umar, “A New Industry and Tax Base on Taxing Esports in Indonesia,” Jurnal
Media Hukum 27, no. 2 (2020), doi:10.18196/jmh.20200148.
3
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Vol. 23, No.01, June 2024
[PENA JUSTISIA: MEDIA KOMUNIKASI DAN KAJIAN HUKUM]
Fitrah Wahyuddin, et. al.: Technology and the Evolution of Civil Law: Implications of
Cryptocurrency Transaction Regulation
findings relevant to the current subject matter. The analysis method used involves a
thorough examination and description of the data.
9
3.
Results and Discussion
1)
The Evolution of Cryptocurrency Technology and Its Implications for Civil Law in
Indonesia
The evolution of cryptocurrency technology has brought significant changes in the
paradigm of civil law in Indonesia. At first, cryptocurrencies were seen as an alternative
medium of exchange that had no clear legal basis. However, with the development of
underlying blockchain technology, cryptocurrencies are beginning to change the way we
understand the concepts of ownership, exchange, and contracts in the realm of civil law.
10
The anonymity brought by cryptocurrencies is one aspect that is changing the way we
view responsibility in transactions.
11
In conventional transactions, the identities of the
parties involved can usually be clearly identified. However, with cryptocurrencies,
transactions can be carried out anonymously, presenting new challenges when it comes to
determining legal liability. This implication can be felt in cases of fraud or illegal transactions
where the identity of the perpetrator is difficult to trace.
The concept of smart contracts also carries significant implications in civil law.
12
Smart
contracts allow automatic execution of contract terms when certain conditions are met. This
raises the question of how traditional contract interpretations adapt to contracts executed
automatically by computer code. Understanding of civil law must change to accommodate
these dynamics, including recognition of the legality of smart contracts and ways of
resolving disputes involving such contracts.
Decentralization, which is a key feature of blockchain technology, has also changed the
ownership paradigm.
13
In the conventional civil system, ownership tends to be centralized
and can be easily identified. However, with cryptocurrencies and digital assets that can be
stored in individual digital wallets, the question of how ownership is recognized and
protects individual rights comes to the fore. This implication also impacts inheritance rights
and bankruptcy handling in the context of cryptocurrencies.
The mismatch between conventional civil law paradigms and the dynamics of
9
Ahmad Rustan, Ju-lan Hsieh, and Wahyudi Umar, "Maladministration of Mining Business Licenses: A Case
Study" Mining Business License Production Operations of PT . Miscellaneous," Varia Justicia 17, no. 3 (2021):
246–57.
10
Kelvin F.K. Low and Eliza Mik, “Pause the Blockchain Legal Revolution,” International and Comparative Law
Quarterly 69, no. 1 (2020): 135–75, doi:10.1017/S0020589319000502.
11
Rina Candra Noorsanti, Heribertus Yulianton, and Kristophorus Hadiono, "Blockchain - Cryptocurrency
Technology," in Proceedings SENDI_U 2018, 2018, 978–79.
12
Pietro Ortolani, “The Impact of Blockchain Technologies and Smart Contracts on Dispute Resolution:
Arbitration and Court Litigation at the Crossroads,” Uniform Law Review 24, no. 2 (2019): 430–48,
doi:10.1093/ulr/unz017.
13
Aneesh Zutshi, Antonio Grilo, and Tahereh Nodehi, “The Value Proposition of Blockchain Technologies
and Its Impact on Digital Platforms,” Computers and Industrial Engineering 155, no. May 2021 (2021): 107,
doi:10.1016/j.cie.2021.107187.
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Pena Justisia:
Vol. 23, No.01, June 2024
[PENA JUSTISIA: MEDIA KOMUNIKASI DAN KAJIAN HUKUM]
Fitrah Wahyuddin, et. al.: Technology and the Evolution of Civil Law: Implications of
Cryptocurrency Transaction Regulation
cryptocurrency technology raises questions about how the law can accommodate these
innovations. Improper regulation can hinder industry growth and pose risks to consumers.
Therefore, adaptive measures are needed to bring civil law closer to technological
developments.
In the Indonesian context, an inclusive and adaptive approach to technological change
is crucial. As a developing country with a rapidly growing cryptocurrency industry, there
needs to be a regulatory framework that facilitates innovation while protecting consumers
and preventing abuse. The Indonesian government has taken several steps in
accommodating cryptocurrencies as legal tender, but the challenges of legal interpretation
and the development of appropriate regulations still need to be overcome.
It is important to note that the evolution of technology and law will not stop at this
point. Change is continuous, and regulations must be able to adapt quickly. This may require
a collaborative approach between governments, industry sectors, and the legal community
to develop a regulatory framework that fits the unique characteristics of cryptocurrencies
and the underlying technology.
2)
Regulatory Framework for Cryptocurrency Transactions in Indonesia
In response to this phenomenon, the government has established fundamental
regulations for managing money as stated in Law Number 7 of 2011 concerning Currency.
In addition, other commonly referred laws include Law Number 23 of 1999 concerning Bank
Indonesia, and Law Number 11 of 2008 concerning Electronic Information and Transactions,
which was implemented later. However, along with the development of this
cryptocurrency, the government has introduced several new policies with a more technical
focus, such as Bank Indonesia Regulation Number 18/40/PBI/2016 concerning the
Implementation of Payment Transaction Processing. This ensures that the legality of this
crypto is upheld, and that various technical aspects of financial transaction processing are
properly considered.
14
The legal status of cryptocurrencies in Indonesia is not classified as "money" or
"currency". As a result, different types of cryptocurrencies are not legally allowed to be used
as a means of transaction. In order to maintain public trust in banking, Bank Indonesia as
the Central Bank, has issued a regulation (Bank Indonesia Regulation Number
18/40/PBI/2016) that recognizes cryptocurrency as a virtual currency and regulates its
implementation for payment transaction processing.
Responding to advances in financial technology in the era of industrial revolution 4.0,
Bank Indonesia has prioritized the application of prudential principles, adequate risk
management, and access expansion while taking into account the national interest and
14
Muhammad Rusydi Anta, "Legal and Economic Dynamics in Social Reality in Indonesia (A Critical Study
of Law-Economic Policy in Indonesia)," Journal of Rechts Vinding: Media Pembinaan Hukum Nasional 6, no. 3
(2017): 309, doi:10.33331/rechtsvinding.v6i3.193.
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Fitrah Wahyuddin, et. al.: Technology and the Evolution of Civil Law: Implications of
Cryptocurrency Transaction Regulation
consumer protection.
15
This regulation explains the legal status of cryptocurrencies, which
meet the minimum requirements of electronic systems authorized in Indonesia based on
Law Number 11 of 2008. However, Bank Indonesia Regulation No. 18/40/PBI/2016 only
prohibits virtual currencies from operating payment systems, as stated in Article 34.
Nonetheless, the interpretation of cryptocurrencies caused problems between Bank
Indonesia and the Ministry of Trade. Bank Indonesia considers it an illegal medium of
exchange that could endanger national financial stability, while the Ministry of Trade sees it
as a new opportunity for economic growth. The Ministry of Commerce has changed the
definition of cryptocurrencies to "commodities" in their policy for the execution of crypto
asset futures trading.
16
However, these differences in interpretation make it difficult to create
consistent and fair policies and affect people's perceptions of the legality and use of
cryptocurrencies.
17
Regulating crypto assets poses significant challenges for regulators due to rapid
innovation and technological advancements. Responses from regulators have so far been
sporadic, inconsistent, and often poorly coordinated. In addition, the lack of a universally
accepted definition of crypto assets and the global, borderless nature of the digital world
makes it difficult to establish consistent regulations.
18
In some countries, the use of crypto
assets is prohibited, while in others it is widely accepted, and in some it is only allowed with
certain restrictions.
19
A comparative analysis with other countries reveals diverse approaches to regulating
cryptocurrency transactions. In the United States, for example, regulations vary more at the
state and federal levels. Some states have passed laws regulating the operations of
cryptocurrency companies, while federal agencies such as the SEC (Securities and Exchange
Commission) are focusing more on investor protection in crypto token offerings.
20
In
addition, Japan has adopted an inclusive approach by recognizing cryptocurrencies as legal
tender and regulating operating licenses for crypto companies.
21
15
M Najibur Rohman, "Normative Juridical Review of Crypto Currency Regulation in Indonesia," Journal of
Supremacy 11, no. 2 (2021): 1–10, https://ejournal.unisbablitar.ac.id/index.php/supremasi.
16
Wandra Wardiansha Purnama, "Cryptocurrency Regulation in Indonesia: Regulators' Views and Legal
Implications for the Community's Economy," Journal of Serambi Hukum 15, no. 02 (2022): 96–101.
17
Hafiz Addinanto, "Determinants of Cryptocurrency Use in Indonesia," Energies 6, no. 1 (2018): 1–8,
http://journals.sagepub.com/doi/10.1177/1120700020921110%0Ahttps://doi.org/10.1016/j.reuma.2018.06.
001%0Ahttps://doi.org/10.1016/j.arth.2018.03.044%0Ahttps://reader.elsevier.com/reader/sd/pii/S106345
8420300078?token=C039B8B13922A2079230DC9AF11A333E295FCD8.
18
Thomson Reuters, “Cryptocurrency Regulations by Country,” Regulatory Intelligence. Crypto on the Rise.,
2022, https://www.thomsonreuters.com/en-us/posts/wp-content/uploads/sites/20/2022/04/Cryptos-
Report-Compendium-2022.pdf.
19
Purnama, "Cryptocurrency Regulation in Indonesia: Regulators' Views and Legal Implications for Society's
Economy."
20
Frank Emmert, “Cryptocurrencies: The Impossible Domestic Law Regime?,” American Journal of
Comparative Law 70, no. 1 S (2022): 185–219, doi:10.1093/ajcl/avac022.
21
Freeman Law, “Japan - Cryptocurrency Laws and Regulation,” Freeman Law, 2022, https://freemanlaw-
com.translate.goog/cryptocurrency/japan/?_x_tr_sl=en&_x_tr_tl=id&_x_tr_hl=id&_x_tr_pto=tc&_x_tr_hist
=true.
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Fitrah Wahyuddin, et. al.: Technology and the Evolution of Civil Law: Implications of
Cryptocurrency Transaction Regulation
In this comparison, Indonesia can learn from these approaches to identify policy
elements that can be adopted in the regulation of cryptocurrency transactions. In taking this
step, it is necessary to consider Indonesia's unique social, economic, and legal context. The
effectiveness of cryptocurrency regulation in Indonesia is still a subject of debate. Despite
legal recognition, uncertainty still exists in terms of legal liability in transactions and
consumer protection. Many businessmen and investors are still hesitant to participate in the
cryptocurrency market due to this lack of clarity.
In addition, aspects of reporting and supervision also need to be further evaluated.
Current regulations require cryptocurrency service providers to report transactions to
relevant authorities. However, the effectiveness of this reporting and how authorities
monitor and deal with violations is still a concern. A balanced approach between regulation
that provides freedom for innovation and adequate protection for consumers and financial
security is needed.
3)
Challenges and Opportunities in Cryptocurrency Transaction Regulation in
Indonesia
Challenges in Cryptocurrency Transaction Regulation in Indonesia
1. Legal Uncertainty
One of the main challenges in regulating cryptocurrency transactions in Indonesia is
legal uncertainty.
22
Rapid technological developments often outstrip the ability of the law to
keep up with these changes. This creates uncertainty in terms of legal recognition, liability
in transactions, and consumer protection. Businessmen and investors tend to be hesitant to
engage in cryptocurrency transactions due to the lack of legal clarity.
2. Consumer Protection
Cryptocurrencies that can be traded anonymously increase the risk to consumers.
23
Perpetrators of fraud and other illegal practices can see opportunities to take actions that
harm consumers. The lack of consumer protection in regulations is currently an issue that
needs to be addressed. Efforts are needed to develop mechanisms that protect consumers
from these risks, including in terms of safe exchange and protection of consumer rights.
3. Security and Money Laundering
Transaction security and money laundering risks are crucial issues in cryptocurrency
transactions. The anonymity that cryptocurrencies have can be exploited by ill-intentioned
parties to commit money laundering or other illegal activities.
24
The regulatory framework
must ensure that transactions are supervised and conducted with strict security procedures
22
Zayyan Hadhari Bik, "Risk Management, Challenges and Uncertainty of Cryptocurrency Investment
Regulation in the View of Islamic Economics," Journal of Citizenship 6, no. 3 (2022): 6466–78.
23
Unggul Dwi Pamungkas and Amrie Firmansyah, "How to Regulate Cryptocurrency Ownership by
Companies Based on Financial Accounting Standards?," Scientific Journal of Unitary Accounting 9, no. 3 (2021):
489–510, doi:10.37641/jiakes.v9i3.895.
24
Muh Afdal Yanuar, "Risk and Posibility of Crypto Asset Misuse in Money Laundering Crimes," National
Law Magazine 52, no. 2 (2022): 104–16.
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Fitrah Wahyuddin, et. al.: Technology and the Evolution of Civil Law: Implications of
Cryptocurrency Transaction Regulation
to prevent these risks.
Opportunities in Cryptocurrency Transaction Regulation in Indonesia
1. Fintech Industry Growth
Despite the challenges, responsive regulation can create great opportunities for the
growth of the fintech industry in Indonesia. By providing legal clarity and properly
regulating consumer protection, businesses and investors will feel more confident to engage
in the cryptocurrency ecosystem. This can encourage the growth of innovative fintech
companies and contribute to the national economy.
2. Financial Inclusion
Cryptocurrencies have the potential to increase financial inclusion in Indonesia,
especially in areas that are difficult to reach by traditional financial services.
25
These
technologies can enable access to financial services for previously underserved
communities, giving them more control over their assets and expanding economic
opportunities.
3. Technology Excellence
Indonesia has the potential to become a center for the development of innovative
cryptocurrency technology. By adopting smart regulations and supporting innovation,
Indonesia can encourage the development of blockchain and cryptocurrency applications
that can provide solutions to existing social and economic problems in the country.
4. Foreign Investment
With clear and supportive regulations, Indonesia can attract foreign investment in the
cryptocurrency industry. The huge market potential and conducive regulatory environment
can be attractive factors for international investors to participate in the growth of this
industry in Indonesia.
The challenges and opportunities in the regulation of cryptocurrency transactions not
only affect the financial sector, but also impact economic growth and technology more
broadly. By addressing existing challenges and seizing emerging opportunities, Indonesia
can create an environment that supports innovation, industry growth, and broader financial
inclusion. In the era of digitalization and a technology-based economy, smart and adaptive
regulation is key to ensuring Indonesia remains competitive in the global scenario.
4.
Conclusion
Based on the results of the discussion above, it can be concluded that the evolution of
cryptocurrency technology has brought significant changes in the paradigm of civil law in
Indonesia. Regulations related to cryptocurrencies in Indonesia are still a subject of debate.
Many businessmen and investors hesitate to participate in cryptocurrency due to unclear
legal responsibilities in transactions and consumer protection. Therefore, adaptive and
innovative regulations are needed to face future challenges. In developing regulations in
25
Vinay Kandpal et al., “Expanding Financial Inclusion Through Fintech and E-Governance,” in Circular
Economy and Sustainability (Springer, Cham, 2023), 103–29, doi:10.1007/978-3-031-22723-3_6.
8
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Vol. 23, No.01, June 2024
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Fitrah Wahyuddin, et. al.: Technology and the Evolution of Civil Law: Implications of
Cryptocurrency Transaction Regulation
accordance with technological developments and community needs, Indonesia can take
essential steps with an integrated approach between civil law and technology.
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Vol. 23, No.01, June 2024
[PENA JUSTISIA: MEDIA KOMUNIKASI DAN KAJIAN HUKUM]
Fitrah Wahyuddin, et. al.: Technology and the Evolution of Civil Law: Implications of
Cryptocurrency Transaction Regulation
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