Conceptualization of Future Cryptocurrency Laws in Indonesia and Ukraine

The presence of cryptocurrencies is basically an alternative model for providing decentralized money and payment. They provide a payment system model that no longer has to rely on third parties such as banks or governments to ensure that the payer can deliver the agreed-upon funds. In contrast, cryptocurrency systems inspire trust in decentralized, uninterrupted computer programs, which theoretically cannot deceive their users. The focus of the study in this research is related to the regulation of cryptocurrencies, especially Bitcoin, in Indonesia and Ukraine. Using Bitcoin in Indonesia and Ukraine to pay for goods or services is illegal. In this study, the method used is a normative legal research method. This method analyzes how the legal system reacts to a new problem that has not been regulated by legislation or systemic and comprehensive precedents, in this case, cryptocurrency. The normative legal research method is based on the post-positivism paradigm. Research results, in general, find that cryptocurrency is the antithesis of capital money. First, cryptocurrencies are neutralized by third parties being removed from the global system of economic actors. Second, as a medium of exchange, cryptocurrencies oppose fiat money. Despite the lack of material situation (use-value), the issuance of cryptocurrencies is not controlled by fractional reserve lending, thereby ultimately reducing the fundamental requirements of negative excess of capitalism to continue to grow. Abstrak Kehadiran mata uang kripto pada dasarnya merupakan model alternatif untuk menyediakan uang dan pembayaran yang terdesentralisasi. Mereka menyediakan model sistem pembayaran yang tidak lagi bergantung pada pihak ketiga seperti bank atau pemerintah untuk memastikan bahwa pembayar dapat mengirimkan dana yang telah disepakati. Sebaliknya, sistem mata uang kripto menginspirasi kepercayaan pada program komputer terdesentralisasi dan tidak terputus, yang secara teoritis tidak dapat menipu penggunanya. Fokus kajian dalam penelitian ini terkait ...