CRYPTOCURRENCIES’ EXISTENCE BASED ON INDONESIAN LAW
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By :
Rima Gravianty Baskoro, S.H., ACIArb.
Managing Partner of Rima Baskoro & Partners Law Office,
CEO of Respect Business Partnership,
Vice General Secretary of PERADI Young Lawyers Committee,
International Division of National Board of Indonesian Advocate Association (DPN PERADI).
I. Opening
The phenomenon of financial transactions by using cryptocurrencies has occurred around the world. Previously cryptocurrencies only performed as a part of trading instruments. Nowadays, famous brands started to approve cryptocurrencies as part of their payment method, among others the branded bags Gucci, as stated on the official website of BBC on May 6th 2022. Estimated started in 2009, cryptocurrencies are now growing up and become an easier and affordable payment transaction for citizens. This could be concluded as the fresh innovation on the global fintech industry.
Cryptocurrencies were born not by the specific central government, nor regulated by the specific regulation. This then became the debate among banks, institutions and governments around the world. The debates among them are concerning the legality of cryptocurrencies as payment instruments and the uniformity of the definition of cryptocurrencies itself. One of the aims of debates is to protect citizens’ rights if there are any criminals against them because of this cryptocurrencies transaction, and also to avoid financial crimes such as money laundering.
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