Al-Sharf Jurnal Ekonomi Islam Vol.
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The Existence of Crypto Currency as a Currency and Investment Asset inthe Perspective of Islamic Economic Naurun Nisa1*.
Samsahudi.
Wildan3 Fakultas Syariah Institut Agama Islam Qamarul Huda Bagu*1, 2, 3, 4 email: naurun.
nisa@gmail.
email: samsahudi1978@gmail.
email: ahmad31.
wildan@gmail.
Artikel Info Received:
November 12, 2025 Revised:
December 15, 2025 Abstract: This research aims to observe Cryptocurrency which has recently been in great demand because it has advantages such as being safe from high inflation, low transaction costs and its value quickly soaring, but so far crypto money does not have a real physical form so researchers want to see how the existence of Cryptocyrenccy as a currency and investment asset in the perspective of Sharia economics the method used is a qualitative method, namely by conducting research with direct observation that is interactive and presenting the results of the research according to the data obtained.
The author uses a descriptive qualitative approach, namely by collecting, compiling, and describing various documents, actual information data that aims to describe a situation being studied.
The existence of cryptocurrency both as a currency and as an investment asset when viewed from an Islamic economic perspective can be said to be gharar because the intrinsic elements have not been fulfilled both from physical form, value, having a definite amount of This is an open acces article under the CC-BY-SA lisence .
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Accepted:
January 17, 2026 Published:
February 17, 2026 Abstrak: peneletian ini bertujuan untuk mengamati mata uang Kripto yang belakngan banyak diminati karna memiliki kelebihan seperti, aman dari inflasi yang tinggi, rendah biaya transaksi dan nilainya cepat melambung tinggi, namun sejauh ini uang kripto belum memiliki wujud fisik yang riil sehingga peneliti ingin melihat bagaimanakah eksistensi Cryptocyrenccy sebagai mata uang dan asset investasi dalam sudut pandang ekonomi Syariah metode yang digunakan adalah metode dengan melakukan penelitian dengan pengamatan langsung yang bersifat interaktif dan memaparkan hasil penelitian sesuai data yang didapat.
Penulis mendeskripsikan berbagai dokumen, data informasi yang aktual yang bertujuan menggambarkan suatu keadaan yang di Eksitensi cryptocurrency baik sebagai mata uang maupun sebagai asset investesi jika ditinjau dari persepktif ekonomi Islam maka dapat dikatakan Al-Sharf Jurnal Ekonomi Islam Vol.
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value, ownership rights and can be handed masih bersifat gharar dikarenakan belem over to the buyer.
terpenuhinya unsur intrsik baik dari wujud fisik, nilai, mempunyai nilai jumlahnya secara pasti, hak milik dan bias diserahkan ke pembeli.
Keywords: Cryptocurrency.
Asset.
Existence.
Investment Kata kunci: Cryptocureency.
Investasi.
Eksistensi.
Asset Introduction Crypto Currency oroften referred to as an encrypted currency, some others call it Bitcoin but both refer to the same thing.
Cryptocurrencies are hereasan answerto theneedfor fast, easy andits presencecan beaccepted by bothparties who haveagreedtoconducta The emergence of Crypto money can be interpreted as a digital disruptionin the financial system, especially in the existing financial system.
(Rina Candra Noorsandi The presence of crypto currencies here is basedon the desire to be able to transact online easily, quickly without having the government to involve a third party, in this case financial institutions, so that matters related to third parties such as transfer fees can be eliminated.
In principle, third parties, int his case form of trust system for transaction actors who buy and sell, a trust system that has beenaround for a long time, often can make the transaction process not easy and fast if the financial institution has differences way it Based on this, an electronic payment system based proof is needed that processes financial on cryptographic allows two parties who want totransact to be able to make transactions directly without going througha third party.
The use of crypto currency or bitcoin asa medium of exchange has several advantages such as the following.
Cryptocurrencies offer the This is an open acces article under the CC-BY-SA lisence .
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possibility of Al-Sharf Jurnal Ekonomi Islam Vol.
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transaction fees for online trading, .
cryptocurrencies provide greater anonym it than credit money, and .
the possessescrypto and other digital currencies, allowing cryptocurrencies and other digital currencies notto experience severeinflation asis the case with traditional currencies currently.
The Concept of Money in Islamic Economics The definition of money can be broadly interpreted as something that can be accepted as a means of payment in a certain area oras a means of payment for debt oras a means of purchase goods can be us edin exchanging both good sand services with (Kasmir 2.
In its development, money has evolved, from certain area development money can be categorized into three types.
Commodity money, this money can beused asa medium of exchange that hasa commodity or can be traded if the goods are used not as money.
Bank notes.
This money is money printed by the Central Bank and is oftenused as a daily transaction tool Billboard, billboardmoney is money issued by commercial banks through the issuance of checks and other means of paying bills.
In Islamic economics, the concept of money is very clear and unequ ivocal that money is money.
Money is not capital, whatever functions as money, thenits function is only .
edium of a medium of exchange, is trade dwit had vantages both on the spot nor (Arif 2.
According to AL Ghazali and Ibn Khaldun, the definition of money iswhat humans useas a standardof measureof price value, medium of exchange transactions and medium of deposit (Hasan 2.
In general.
Islamic scholars and social scientists agree on thefunction of money as a mediumof exchange.
The list includes AL Ghazali.
Ibn Thaimiyah.
Ibn Qayyim Al Jauziyyah.
Ibn Khaldun.
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The differencesin the concept of money can beseen in more detail in the following Islamic Concept Conventional Concept .
Money is not synonymous with .
Money is public goods .
Capital is private goods .
Money is often identified with capital .
Money .
is private goods .
Money is Flow Concept .
Money .
isflow concept for Fisher .
Capital is stock comcept .
Money .
isstock concept Cambridge School Tabel 1.
1: Differences in the concept of money in Islam and Conventional In Islam this concepthas been known for a long time, namelywhen the Prophet said that "human beingshaveacommon rightinthreethings: water, grass and fire" .
arratedby Ahmad.
Abu Daud and Ibn Maja.
Thus.
Union sinterms of public goods are not newin Islamic economics.
Definition Crypto Currency Crypto Currencyis a system that uses cryptography to securely transmit data ina distributed digital token exchange process.
Cryptocurrency has two sidesof use, the first isasa currency ormeansof payment and the secondisas an asset.
Crypto assets are digital assets that utilize technologies such as cryptographic technology and distributed ledgers or blockchain.
Based on Law number 7 of 2011 concerning currency and Bank Indonesia Regulation number 17/3/PBI/2015 concerning the obligation touse Rupiah.
Currency is money issued by the Indonesian Republic State, here in after referred to as the so that Cryptocurrency can not be use dataa transaction tool in Indonesia.
While related to Crypto Assets has been regulated in This is an open acces article under the CC-BY-SA lisence .
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Minister of Trade of the Republic of Indonesia number 99 of 2018 concerning the general policy of the Implementation of Crypto Asset Trade so that it can beIt is concluded that crypto trading as an asset is allowed to be traded on the Indonesian stock exchange (Tambun dan Putuhena n.
History of the emergence of Crypto History The The emergence Cryptocurrency Bitcoin never been with the emergence of a scientific article entitled "Bitcoin: A Peer-to-peer Electronic Cash" written by a person using the name Satoshi Nakamoto.
The article was sent on a Cryptographic Email .
ailing lis.
Still in the same year, someonebought a domain witha bitcoin.
org name and aftera year bitcoin pert mastarted to appear (Harris n.
Cryptocurrency was first present in Indonesia in 2013 through exchanges that existed at that time through trading.
Several for eignt our is tswho entered Indonesia also began to exchange thecurrency until its peakin 2017 Cryptocurrency became viral among the Indonesian people with It takes various form ssuch as vouchers, air drop store wards for visits to certain websites.
The existence of Cryptocurrency money is seen in Indonesia as its value continues to grow.
Cryptocurrency is becoming a global phenomenon currently in a number of major countries such as the United States.
China and Japan they are starting to make massive innovations in the currency (Akbar dan Huda n.
The System of Crypto Each electronic coin is definedas a set of digital signature actions.
Eachowner of the coin transfersto thenext owner byaffixing a digitalsignature totheh of the previous transactionand the publickey of the next owner to the end of the coin.
The payment recipient (Poye.
canverify the signature to establish the chain of owner shipas per the following scheme (Nakamoto n.
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Tabel 1.
2: digital block signature Cryptocurrencies have recently been proposed and are gaining popularity as currencies due to their inflation-resistant nature, the absence of third-party transaction controls, allowing for free use, reduced transaction costs, and stable value.
However, since cryptocurrencies currently lack a definitive form, researchers are interested in examining how cryptocurrencies can function as currencies and investment assets from a Sharia economic perspective.
Research Methode Method In this study, the author uses a qualitativea pproach, namely by conducting research with direct that isinteractive theresults of the research according to the data obtained .
The author uses a qualitative descriptive approach, namely by collecting, compiling, and describing various documents, actual information data that aims to describe a situation that is (Moleong 2.
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The author conducts the analysis after all the necessary data has been In the technique of analyzing data, the author uses the descriptive method of analysis, which is a data technique where the author first presents the data obtained from the results of observations systematically and then analyzes in accordance with the formulation of the problem and the purpose of the research, to be subsequently presented in the form of a scientific report.
The data collection method is a way for researchers to obtain data that is currently needed in research.
For this reason, to obtain data and data collection, the author uses data collection instruments, namely: Observation and Documentation.
Results and Discussion Interest in Crypto money in Indonesia is starting to increase, the latest data issued by the OJK noted that as of September 2025 the number of Crypto investors has increased to 18.
66 million investors.
This increaseis evenmore pronounced after the OJK officially took over the supervision ofCrypto assets from BappetiinMay Country Indonesia Total (Estimation 18,1 juta investor aktif Data Growth YoY (FebAeAgs 22% 15% India 107 juta Crypto user Investor Verifikation KYC User (Owner Crypt.
Amerika Serikat 55 juta User Crypto Owner aset Regulator / Related Institution OJK (Otoritas Jasa Keuanga.
RBI (Reserve Bank of Indi.
SEC & CFTC Note & Source Data by OJK, per Agustus 2025.
Katadata Estimasi Forbes Advisor India .
Forbes India Survei Au2025 State of Crypto Holders ReportAy (NCA).
Table 3.
: comparison of Crypto user growth data Cryptocurrency or Bitcoin uses peer to peer technology tooperate, without a central authority or central bank, the management of transactions and bitcoin issuers is This is an open acces article under the CC-BY-SA lisence .
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done collectively by the network.
Thispeer to peer transactionis designed to be public and noone person owns and controlsit, everyone can take part.
Cryptocurrency as a currency and investment asset Cryptocurrencies are starting tobe widely used by the public because the use of currency in the form of cryptocurrencies its elf does provide several advantages such as transfer fees that are nottoolargeinCash and accuracy are also another advantage.
Cryptocurrencies or commonly referred toas digital currencies can besaidto be the new money in Indonesia.
The process of this digital currency is Indonesia so complex.
However, its existenceis often usedas a criminal offense where this digital currency is often usedas money laundering and as an accommodation for terrorism because of theIt is known that cryptocurrencies have effectiveness and efficiency.
Users of Crypto assets consider it as a currency of the future and other parties oppose Crypto assets as currency because they do not meet the criteria for proper currency according to Law Number 7 of 2011 concerning Currencies.
Judging from the traditional definition, cryptocurrency is not considered the same as currency because the essence of Crypto money itself is contrary to Law Number 7 of 2011, because Crypto is not allowed as a means of payment.
However.
Crypto money is allowed when traded in digital commodities for investment in "Crypto Assets" Crypto is a digital asset whose valueis determined by the market just like stocks and bonds and can be traded on various crypto exchanges.
Crypto digital assets operate independently because Crypto utilizes Blockchain technology to record verify transactions in a decentralized manner.
This conceptis revolutionary in the financial world because iteliminates the needfor trusted third parties such as This is an open acces article under the CC-BY-SA lisence .
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banks infinancial transactions, instead Cryptorelies on networks A distributed computer that runs open source software tovalidate and record every transaction.
Legal Foundations of cryptocurrencies The legal basis regarding cryptocurrency money is contained in Law No.
7 of 2011 concerning Currency that in article c2 paragraph .
: "The currency of the Unitary State of the Republic of Indonesia is Rupiah".
"Types of rupiah are paper and metal".
However, inarticle 10 "several provisions in Law Number 7 of 2010 concerning Currency (Statute Bookof the Republic of Indonesia of 2.
number, 64.
Supplementto Statute Book No.
52231 is amended as follows:
"Paragraph .
"The State Currency of the Republic of Indonesia is Rupiah" Paragraph .
"Rupiah consistsof paper Rupiah.
Metal Rupiah, and Digital Rupiah".
The payment system in Indonesia is regulated in article 1 paragraph .
of Law of the Republic of Indonesia Number 23 of 1999 concerning Bank Indonesia it is saidthat "a payment systemisasystem that includes aset of rules, institutional mechanisms, which are usedt ocarry out transfers toful fill arising from aneconomic activity".
According to the letter of the Coordinating Minister for the EconomyNumber: S-302/M.
EKON/09/2018 regarding the follow-upto the implementation of the coordination meeting on the regulation of crypto assets as commodities traded on the futures exchange, crypto assets remain It is prohibited as a means of payment but can be used as an investment instrument that is included as a commodity that can be traded on the futures exchange.
Crypto assets cannot be used as a means of paymentwas emphasized by the of a statement by Bank Indonesia warning all parties not to sell, buyortrading Virtual Currency No.
20/4/Dkom which states that "Bank Indonesia empha sizes that virtual currencies including bitcoin are not recognized as legal tender, soits existenceis prohibited in Indonesia.
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Based on the shari'a perspective, the use of cryptocurrencies haselements of gharar .
and qimar .
Thisis due to the price voltage that rises and fallsin theusual way.
Based on Ijitima' Ulama the Fatwa Commission of the Indonesian Ulema Council needsto respond to the problem and issue a fatwa on cryptocurrency law.
There areseveralthings that become ijtihad of DSN-MUI areas The use of cryptocurrencyas legal currency is haram, because it contains gharar .
, dharar .
and is contrary to Law number 7 of 2011 concerning Currencies and Bank Regulations Indonesia number 17 of 2015 concerning the obligation to use the rupiah in the territory of the Unitary State of the Republic of Indonesia.
Cryptocurrencyas a Commodities/digital assets is notl egal to trade because it contains gharar, dharar, qinar .
and does not meet the requirements of sil'ah (Commoditie.
asshari'I Namely: there is aphysical form, hasvalue, theamount is known definitively, propAa erty rights and biases are handed overtothe buyer.
In the case ofcryptocurrency as an asset/commodity, requirements of sil'ah andhasan underlaying and does not contain gharar, dharar, and qimar, it is legal to trade (MUI n.
) .
The Existence of Cryptocurrencyas a CurrencyandInvestment Assetfrom an Islamic Economic Perspective Cryptocurrency has recently become a trend in Indonesia because of its investment value which tends to rise and fall quickly.
However, until now there has been no defin it eform of this Crypto, cryptocurrency is only limited to numbers that go up and down on the user's screen, so it can be concluded that its existence as Currencies still can not be legalized both from an conventional perspective and from a sharia economic perspective.
While cryptocurrency as an investmentcan be accepted from the conventional side, but from the perspective of Islamic economics through the Ijtima' Fatwa of the Indonesian MUI.
Crypto as an asset can not be a scertained because Its existenceis still biased and its This is an open acces article under the CC-BY-SA lisence .
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applicationis thought to almost resemble gambling.
The legal basis of the concept of cryptocurrency is outlined in the Qur'anic verse Surah Al-Baqarah Verse .
:188:
a c a e a a a a A a a aO a a e a e u a a aIA a a a Aa aE aA a a a AA a aa a aa a ee a a a a a AOA AaO a a IA The Meaning is:
AuAnd do not eat the wealth of others among you in an unlawful way, and .
o no.
bring the wealth to the judge, so that You can eat some of the other person's property by sin, even though you know it.
"That is why.
Ay Al-Hadith which prohibits the buying and selling of gharar is also stated as follows:
A eI aOea eE aa aA a a aOA a AE aIA a AEa eO aN aOA a a AAEO A a A eI aOea eE aA a a AIa aNO aaO aE A The meaning is:
AuThe Messenger of Allah .
ay Allah's peace and blessings be upon hi.
for bade the sale of pebbles and ghararAy In Islamic Economics, sharia prohibits buying and selling gharar because in the property that is Gharar there is an element of eating other property in a wrong way.
the matter of buying and selling, knowing the rules ofgharar is very important, because many buying and selling problems stem from ambiguity and the existence of betting elements in it.
Imam Nawawi said: "The prohibition of buying and selling ghararisan importantpointof the book of buying and selling.
Therefore Imam Muslim placed him in front.
There are many problems that gointobuying and selling this type of thing, innumerable" From the above explanation, the author concludes that the existence ofcryptocurrencies both as a currency and as an investment asset, if viewed from the perspective of Islamic economics, can besaid to be incapableIt is legalized because mudharat is more than mashlahat hesitation in using Cryptocurrency, that can beconsidered.
So that to avoid the author concludes that it is better to keep This is an open acces article under the CC-BY-SA lisence .
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tarnaksi and investment in cryptocurrency awayas long astheintrinsic element is able to be fulfilled well From physical form, value, having a definite amount value, property rights and biases are handed over to the buyer Conclusion Crypto Currency is a system that uses cryptography to securely transmit in a distributed ofcryptocurrencies both as a currency the perspective The if viewed Islamic economics, can besaid to have not been ratified because of its greater mudharat.
Many of the mashlahat can beconsidered.
So that to avoid hesitation in using is better to Cryptocurrency, keep tarnaksi and investment the author concludes that it in cryptocurrency awayas long astheintrinsic element is able to be fulfilled well fromphysical form, value, having a definite amount value, property rights and biases are handed over to the buyer.
Bibliography