No full-text available
To read the full-text of this research,
you can request a copy directly from the authors.
Cryptocurrency Investment in Indonesia
Abstract
Objective - Different countries have different policies towards cryptocurrencies. In Indonesia, cryptocurrency is prohibited as a means of payment or transaction. The prohibition is stated in Bank Indonesia Regulation (PBI) Number 18/40/PBI/2016 concerning the Implementation of Payment Transaction Processing. However, cryptocurrencies are recognized as long-term commodities or investment assets, so their supervision is carried out by the Commodity Futures Trading Supervisory Agency (bappepti) and regulated in Bappebti Regulation No. 7 of 2020 concerning the Determination of the List of Crypto Assets that Can be Traded on the Crypto Asset Physical Market. This study aims to analyze the differences in return and risk on the 5 cryptocurrencies with the largest market capitalization in Indonesia.
Methodology/Technique - This research uses quantitative methods with a descriptive approach, and secondary data is used. The population in this study consisted of 383 cryptocurrencies that were legal and registered with Bappepti from 2020 to 2022. The sample was determined using purposive sampling to determine the top 5 cryptocurrencies with the largest market capitalization during the observation period from January 2020 to September 2022. The data analysis technique used the Kruskal-Wallis test.
Findings - The results showed no significant differences in return and risk between Bitcoin, Ethereum, Tether, BNB, and USD coins. Empirically, this study proves that each cryptocurrency has the same risk and return.
Novelty - This research was conducted in Indonesia with regulations that may differ from other countries towards cryptocurrencies. As a long-term commodity investment asset, this study finds empirical evidence that each cryptocurrency has the same risk and return.
Type of Paper - Empirical
Keywords: Cryptocurrency; Investment; Return; Risk; Bappepti
ResearchGate has not been able to resolve any citations for this publication.
Purpose: This research aims to analyze the risk and return of investing in ethereum and LQ45 shares and to see the difference between LQ45 stock prices and ethereum prices before and after the announcement of the Covid-19 pandemic in Indonesia. Research Methodology: The research method uses the Kruskall-Wallis test and the Paired Sample t-test. Results: The results show the level of the return on ethereum and LQ45 shares did not have a significant difference, while the level of the risk between ethereum and LQ45 shares have a significant difference. For the price of Ethereum and LQ45 shares, there was a significant difference between before and after the Covid-19 pandemic was announced in Indonesia. The average price of ethereum and LQ45 shares decreased compared to before the announcement of the Covid-19 pandemic in Indonesia. Limitations: This research was conducted without including the risk-free rate in the calculation of stock risk. Contribution: This research is expected to be a reference for investors in viewed and analyzed investment opportunities based on risk and return during Covid-19.
Current technological developments have digital money or cryptocurrency which is currently being used as an investment by the world community. Seeing this, the government has now issued CoFTRA Regulation Number 5 of 2019 concerning Technical Provisions for the Implementation of the Physical Asset Market in the Futures Exchange to ensure legal protection for investors and legal certainty in the event of a dispute. This study aims to analyze protection The law against Cryptocurrency Investors is reviewed based on Bappebti Regulation Number 5 of 2019 and analyzes the legal efforts made in the event of a dispute in cryptocurrency investment. The research method in this study uses normative legal research methods with a statutory approach and a conceptual approach. The results of this study show that the Indonesian Government has accommodated the interests of crypto asset trading as well as a guideline and clarity for the public regarding the government's recognition of the presence of bitcoin and virtual currancy, namely through Bappebti Number 5 of 2019 and dispute disputes that occur between cryptocurrency investors and cryptocurrency marketplaces by way of non-litigation and arbitration through the Commodity Futures Trading Arbitration Board (BAKTI). Perkembangan teknologi saat ini telah terdapat uang digital atau cryptocurrency yang saat ini dijadikan sebagai investasi oleh masyrakat dunia. Melihat hal tersebut kini pemerintah telah mengeluarkan Peraturan Bappebti Nomor 5 Tahun 2019 Tentang tentang Ketentuan Tekhnis Penyelenggaraan Pasar Fisik Asset Kripto (Crypto Asset) di Bursa Berjangka untuk memastikan adanya perlindungan hukum bagi para investor dan kepastian hukum apabila terdapat sengketa. Studi ini bertujuan untuk menganalisa perlindungan Hukum terhadap Para Investor Cryptocurrency dikaji berdasarkan Peraturan Bappebti Nomor 5 Tahun 2019 serta menganalisa upaya Hukum yang dilakukan apabila terjadi sengketa dalam investasi cryptocurrency. Metode penelitian dalam studi ini menggunakan metode penelitian hukum normatif dengan pendekatan perundang-undangan dan pendekatan konseptual. Hasil studi ini menunjukkan bahwa Pemerintah Indonesia telah mengakomodir kepentingan perdagangan kripto aset serta sebagai suatu pedoman dan kejelasan bagi masyarakat terkait pengakuan pemerintah terhadap kehadiran bitcoin dan virtual currancy yaitu melalui Bappebti Nomor 5 Tahun 2019 dan perselisihan sengketa yang terjadi antara investor cryptocurrency dengan marketplace cryptocurrency dapat diselesaikan dengan jalan non-litigasi dan abitrase melalui Badan Arbitrase Perdagangan Berjangka Komoditi (BAKTI).
Cryptocurrency or virtual currency is a kind of investment that is common since 2010. Nowadays, there are more than 2.000 cryptocurrencies around the world. Research about cryptocurrency in Indonesia still focused on the legal or religious status of its investment. This descriptive-quantitative research aim is to describe the return and the risk of cryptocurrency investment. Therefore, we use the descriptive analysis and the GARCH (1,1) model to the return data of 15 cryptocurrencies with the largest market value. Most of these cryptocurrencies can yield a higher return when compared with the return of the foreign exchange and stock market return. Despite this benefit, they exhibit higher risks and volatility clustering or heteroscedasticity. Further research should be done to reveal more properties of their return and performance in portfolio.
Keywords: Bitcoin, virtual currency, rupiah, investor, stock market.
DOI: http://dx.doi.org/10.12695/jmt.2020.19.2.2
p> Abstract
In Indonesia, bitcoin is a form of digital currency ( e-money ) and means of payment transactions that have been used by some communities. It is necessary to get attention, especially from Bank Indonesia. Other than that, the supervision that was once fully done by the central bank of Bank Indonesia, is now taken over by OJK (Otoritas Jasa Keuangan). Thus, Bank Indonesia only has the authority to regulate and control the circulation of currency only. Since some of the tasks and authorities of Bank Indonesia were taken over by OJK (Otoritas Jasa Keuangan), many things have not been covered, such as the new phenomenon in the field of finance in terms of capital, investment, currency circulation, and others. In addition there is no legal umbrella against bitcoin , which is increasingly widespread transaction using bitcoin done in e-commerce transactions. So in terms of security also need to be questioned, therefore there needs to be regulation and supervision specifically against bitcoin , and society will not feel harmed. When viewed in the perspective of Islamic law, that relating to the issuance of money as a means of transactions in a country, is a matter protected by general rules in Islamic law. Therefore, the issuance of money and the determination of the amount is matters relating to the benefit of the people. Another aspect to consider in the use of bitcoin is whether from the side of madharat is greater or benefits taken if used as currency and tool transactions, even as a commodity though. So the focus in this research is the use of bitcoin as currency and transaction tool by using approach and study of Islamic law.</p
Have you ever wondered what banking as a platform means, what BaaS, ICO and MVP stand for, and what a Colored Coin is?
Then this booklet is the right guide for you: It explains more than 130 Fintech terms, acronyms, and abbreviations in plain English.
Analisis Cryptocurrency Sebagai Alat Alternatif Dalam Berinvestasi Di Indonesia Pada Mata Uang Digital Bitcoin
- M H Hasani
Hasani, M. H. (2022). Analisis Cryptocurrency Sebagai Alat Alternatif Dalam Berinvestasi Di Indonesia Pada Mata
Uang
Digital
Bitcoin.
Jurnal
Ilmiah
Ekonomi
Bisnis,
8(2),
329-344.
Aplikasi Analisis Multivariate Dengan Pogram IBM SPSS (Edisi Semb). Badan Penerbit Universitas Diponegoro
- I Ghozali
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Pogram IBM SPSS (Edisi Semb). Badan Penerbit Universitas
Diponegoro.
Investments (Global Edi)
- Z Bodie
- A Kane
- J Marcus
Bodie, Z., Kane, A., & Marcus J., A. (2014). Investments (Global Edi). McGraw Hill Higher Education,.
Cegah Penipuan, Edukasi Cryptocurrency Perlu Ditingkatkan
- A Gideon
Analisis Perbandingan Return dan Risk Investasi antara Emas dan Bitcoin Periode Juli
- A P Meiyura
- Azib
Meiyura, A. P., & Azib. (2020). Analisis Perbandingan Return dan Risk Investasi antara Emas dan Bitcoin Periode Juli
2016 -Juni 2019. Prosiding Manajemen, 6(1), 299-303.
Analisis Risk and Return Investasi Pada Instrumen Cryptocureency Di Indonesia Tahun
- S Riyadi
- N Nurdin
- A D Aulia
Riyadi, S., Nurdin, N., & Aulia, A. D. (2022). Analisis Risk and Return Investasi Pada Instrumen Cryptocureency Di
Indonesia Tahun 2019-2021. JURNAL MANAJEMEN Dan ORGANISASI REVIEW (MANOR), 4(2), 155-167.
Statistik Parametrik untuk Penelitian Kuantitatif: Dilengkapi dengan Perbandingan Perhitungan Manual &SPSS
- S Siregar
Siregar, S. (2020). Statistik Parametrik untuk Penelitian Kuantitatif: Dilengkapi dengan Perbandingan Perhitungan
Manual &SPSS. In PT Bumi Aksara. Kencana.
Investasi: Analisis Dan Relevansinya Dengan Ekonomi Islam
- A N Hidayati
Hidayati, A. N. (2017). Investasi: Analisis Dan Relevansinya Dengan Ekonomi Islam. Jurnal Ekonomi Islam, 8(2),
227-242.
Https://www.bappebti.go.id/
Https://databoks.katadata.co.id/datapublish/2019/11/28/10-orang-indonesia-punya-mata-uang-kripto.
Return and Risk Analysis on
- S Ichsani
- N S Mahendra
Ichsani, S., & Mahendra, N. S. (2022). Return and Risk Analysis on Cryptocurrency Assets. Kontigensi : Jurnal Ilmiah
Manajemen, 10(1), 149-160. https://doi.org/10.56457/jimk.v10i1.265
Analisis Perilaku Milenial Terhadap Keputusan Investasi Cryptocurrency
- T Ramadani
Ramadani, T. (2022). Analisis Perilaku Milenial Terhadap Keputusan Investasi Cryptocurrency. Universitas Islam
Negeri Prof. KH. Saifudin Zuhri.
Pasar modal manajemen portofolio & investasi
- E Tandelilin
Tandelilin, E. (2017). Pasar modal manajemen portofolio & investasi. Yogyakarta: PT Kanisius.
Analisis Investasi dan Manajemen Portofolio
- E Tandelilin
Tandelilin, E. (2014). Analisis Investasi dan Manajemen Portofolio.