p–ISSN: 2723 - 6609 e-ISSN: 2745-5254
Vol. 5, No. 11 November 2024 http://jist.publikasiindonesia.id/
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4731
Analysis of Interest in Using Cryptocurrency as a Means of
Payment in Indonesia
Rizky Hardian Adhinugraha1*, Johan Arifin2
Universitas Islam Indonesia, Indonesia
Email: [email protected]1*, [email protected]2
*Correspondence
ABSTRACT
Keywords:
cryptocurrency, interest in
use, means of payment.
The purpose of this study is to find out whether
cryptocurrencies can be used as a means of payment in
Indonesia and also to find out how to grow interest in using
cryptocurrencies in Indonesia. This is based on the
convenience offered by cryptocurrencies. The research
method used is a qualitative research method with a data
collection method using semi-structured interview
techniques. The data analysis method uses the analysis
method according to Miles and Huberman. The results of the
study reveal that Indonesia is currently still unable to use
cryptocurrency as a means of payment. This is due to several
key factors including regulatory unpreparedness and lack of
cryptocurrency literacy for the public. The results of the
study also revealed that an effective way to increase interest
in using cryptocurrencies in Indonesia is to educate about
cryptocurrencies and increase financial literacy to the public.
Introduction
The COVID-19 pandemic has hit Indonesia since 2020. Many things cannot be
done normally during COVID-19, including economic activities. However, this situation
makes cryptocurrencies a lot of talk. This happened because during the COVID-19
pandemic, many businesses collapsed, but cryptocurrencies were the opposite.
Cryptocurrency is a digital currency that is run through a system called blockchain.
(Halaburda & Sarvary, 2016). Cryptocurrencies are run decentralized, i.e. transactions are
not controlled by just one entity, but are managed by a large number of users called miners
or miners. Cryptocurrencies became more popular during the COVID-19 pandemic
because they can make money without the need to go outside the home. The presence of
cryptocurrencies allows people to make money even if they have to stay at home. The
many attractive features and security offered by the cryptocurrency ecosystem make it
expected to be a choice for digital payments. One of the most well-known
cryptocurrencies is Bitcoin. Bitcoin was first introduced in 2008 by Satoshi Nakamoto.
Cryptocurrencies are also starting to be looked at by international companies, for
example, such as Tesla which has started accepting payments using Bitcoin. (Bezovski et
al., 2021) Mentioned that other companies have also started to accept payments using
Vol. 5, No. 11 November 2024 http://jist.publikasiindonesia.id/
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4731
Analysis of Interest in Using Cryptocurrency as a Means of
Payment in Indonesia
Rizky Hardian Adhinugraha1*, Johan Arifin2
Universitas Islam Indonesia, Indonesia
Email: [email protected]1*, [email protected]2
*Correspondence
ABSTRACT
Keywords:
cryptocurrency, interest in
use, means of payment.
The purpose of this study is to find out whether
cryptocurrencies can be used as a means of payment in
Indonesia and also to find out how to grow interest in using
cryptocurrencies in Indonesia. This is based on the
convenience offered by cryptocurrencies. The research
method used is a qualitative research method with a data
collection method using semi-structured interview
techniques. The data analysis method uses the analysis
method according to Miles and Huberman. The results of the
study reveal that Indonesia is currently still unable to use
cryptocurrency as a means of payment. This is due to several
key factors including regulatory unpreparedness and lack of
cryptocurrency literacy for the public. The results of the
study also revealed that an effective way to increase interest
in using cryptocurrencies in Indonesia is to educate about
cryptocurrencies and increase financial literacy to the public.
Introduction
The COVID-19 pandemic has hit Indonesia since 2020. Many things cannot be
done normally during COVID-19, including economic activities. However, this situation
makes cryptocurrencies a lot of talk. This happened because during the COVID-19
pandemic, many businesses collapsed, but cryptocurrencies were the opposite.
Cryptocurrency is a digital currency that is run through a system called blockchain.
(Halaburda & Sarvary, 2016). Cryptocurrencies are run decentralized, i.e. transactions are
not controlled by just one entity, but are managed by a large number of users called miners
or miners. Cryptocurrencies became more popular during the COVID-19 pandemic
because they can make money without the need to go outside the home. The presence of
cryptocurrencies allows people to make money even if they have to stay at home. The
many attractive features and security offered by the cryptocurrency ecosystem make it
expected to be a choice for digital payments. One of the most well-known
cryptocurrencies is Bitcoin. Bitcoin was first introduced in 2008 by Satoshi Nakamoto.
Cryptocurrencies are also starting to be looked at by international companies, for
example, such as Tesla which has started accepting payments using Bitcoin. (Bezovski et
al., 2021) Mentioned that other companies have also started to accept payments using
Analysis of Interest in Using Cryptocurrency as a Means of Payment in Indonesia
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4732
cryptocurrencies, such as AT&T, Namecheap, Expedia, Badoo, Microsoft, and many
more. In Indonesia, cryptocurrencies are used as commodities or futures assets, but
interest in using cryptocurrencies in Indonesia is still relatively small.
The small interest in using cryptocurrencies in Indonesia is due to the lack of
financial literacy in Indonesia and the lack of information that mentions cryptocurrencies.
It does not stop there, the challenge also comes from the government with the existence
of Law Number 7 of 2011 concerning currency where the regulation states that the only
currency recognized and allowed to be used as a medium of exchange is the rupiah. Bank
Indonesia also regulates Electronic Money in BI Regulation No. 26/6/PBI/2018.
However, these regulations still do not specifically regulate cryptocurrencies, so citizens
are still hesitant and afraid to use cryptocurrencies. (Ter Ji-Xi et al., 2021) Examined the
behavior of the intention to use cryptocurrencies in Malaysia. The study stated that
Malaysian consumers prioritize the performance aspect of cryptocurrencies, which is a
particular concern for women. Therefore, to encourage the use of cryptocurrencies should
be marketed so that customers feel that the use of cryptocurrencies adds value to their
lives in different ways, from a better experience in spending money to being more current
and engaging in emerging phenomena, which can be of interest to many people.
From the above problems, researchers want to find answers about the interest in
using cryptocurrencies and find out whether Indonesia can already use cryptocurrencies
as payment. In other words, this study aims to analyze public interest in the use of
cryptocurrencies in Indonesia and to find out Indonesia's readiness to use
cryptocurrencies as a means of payment. This is related to the amount of information that
is still confusing, making some people still hesitant to use cryptocurrency.
This research is expected to increase the financial literacy of the Indonesian people
and be able to understand what cryptocurrency is. This research is also expected to foster
public interest in conducting cryptocurrency studies, both in scientific interest and interest
in the use of cryptocurrency, so that people can make cryptocurrency as one of the
alternative investments.
Research Methods
The COVID-19 pandemic has hit Indonesia since 2020. Many things cannot be
done normally during COVID-19, including economic activities. However, this situation
makes cryptocurrencies a lot of talk. This happened because during the COVID-19
pandemic, many businesses collapsed, but cryptocurrencies were the opposite.
Cryptocurrency is a digital currency that is run through a system called blockchain
(Halaburda & Sarvary, 2016). Cryptocurrencies are run decentralized, i.e. transactions are
not controlled by just one entity, but are managed by a large number of users called miners
or miners. Cryptocurrencies became more popular during the COVID-19 pandemic
because they can make money without the need to go outside the home. The presence of
cryptocurrencies allows people to make money even if they have to stay at home. The
many attractive features and security offered by the cryptocurrency ecosystem make it
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4732
cryptocurrencies, such as AT&T, Namecheap, Expedia, Badoo, Microsoft, and many
more. In Indonesia, cryptocurrencies are used as commodities or futures assets, but
interest in using cryptocurrencies in Indonesia is still relatively small.
The small interest in using cryptocurrencies in Indonesia is due to the lack of
financial literacy in Indonesia and the lack of information that mentions cryptocurrencies.
It does not stop there, the challenge also comes from the government with the existence
of Law Number 7 of 2011 concerning currency where the regulation states that the only
currency recognized and allowed to be used as a medium of exchange is the rupiah. Bank
Indonesia also regulates Electronic Money in BI Regulation No. 26/6/PBI/2018.
However, these regulations still do not specifically regulate cryptocurrencies, so citizens
are still hesitant and afraid to use cryptocurrencies. (Ter Ji-Xi et al., 2021) Examined the
behavior of the intention to use cryptocurrencies in Malaysia. The study stated that
Malaysian consumers prioritize the performance aspect of cryptocurrencies, which is a
particular concern for women. Therefore, to encourage the use of cryptocurrencies should
be marketed so that customers feel that the use of cryptocurrencies adds value to their
lives in different ways, from a better experience in spending money to being more current
and engaging in emerging phenomena, which can be of interest to many people.
From the above problems, researchers want to find answers about the interest in
using cryptocurrencies and find out whether Indonesia can already use cryptocurrencies
as payment. In other words, this study aims to analyze public interest in the use of
cryptocurrencies in Indonesia and to find out Indonesia's readiness to use
cryptocurrencies as a means of payment. This is related to the amount of information that
is still confusing, making some people still hesitant to use cryptocurrency.
This research is expected to increase the financial literacy of the Indonesian people
and be able to understand what cryptocurrency is. This research is also expected to foster
public interest in conducting cryptocurrency studies, both in scientific interest and interest
in the use of cryptocurrency, so that people can make cryptocurrency as one of the
alternative investments.
Research Methods
The COVID-19 pandemic has hit Indonesia since 2020. Many things cannot be
done normally during COVID-19, including economic activities. However, this situation
makes cryptocurrencies a lot of talk. This happened because during the COVID-19
pandemic, many businesses collapsed, but cryptocurrencies were the opposite.
Cryptocurrency is a digital currency that is run through a system called blockchain
(Halaburda & Sarvary, 2016). Cryptocurrencies are run decentralized, i.e. transactions are
not controlled by just one entity, but are managed by a large number of users called miners
or miners. Cryptocurrencies became more popular during the COVID-19 pandemic
because they can make money without the need to go outside the home. The presence of
cryptocurrencies allows people to make money even if they have to stay at home. The
many attractive features and security offered by the cryptocurrency ecosystem make it
Rizky Hardian Adhinugraha, Johan Arifin
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4733
expected to be a choice for digital payments. One of the most well-known
cryptocurrencies is Bitcoin. Bitcoin was first introduced in 2008 by Satoshi Nakamoto.
Cryptocurrencies are also starting to be looked at by international companies, for
example, such as Tesla which has started accepting payments using Bitcoin. (Bezovski et
al., 2021) Mentioned that other companies have also started to accept payments using
cryptocurrencies, such as AT&T, Namecheap, Expedia, Badoo, Microsoft, and many
more. In Indonesia, cryptocurrencies are used as commodities or futures assets, but
interest in using cryptocurrencies in Indonesia is still relatively small.
The small interest in using cryptocurrencies in Indonesia is due to the lack of
financial literacy in Indonesia and the lack of information that mentions cryptocurrencies.
It does not stop there, the challenge also comes from the government with the existence
of Law Number 7 of 2011 concerning currency where the regulation states that the only
currency recognized and allowed to be used as a medium of exchange is the rupiah. Bank
Indonesia also regulates Electronic Money in BI Regulation No. 26/6/PBI/2018.
However, these regulations still do not specifically regulate cryptocurrencies, so citizens
are still hesitant and afraid to use cryptocurrencies. (Ter Ji-Xi et al., 2021) Examined the
behavior of the intention to use cryptocurrencies in Malaysia. The study stated that
Malaysian consumers prioritize the performance aspect of cryptocurrencies, which is a
particular concern for women. Therefore, to encourage the use of cryptocurrencies should
be marketed so that customers feel that the use of cryptocurrencies adds value to their
lives in different ways, from a better experience in spending money to being more current
and engaging in emerging phenomena, which can be of interest to many people.
From the above problems, researchers want to find answers about the interest in
using cryptocurrencies and find out whether Indonesia can already use cryptocurrencies
as payment. In other words, this study aims to analyze public interest in the use of
cryptocurrencies in Indonesia and to find out Indonesia's readiness to use
cryptocurrencies as a means of payment. This is related to the amount of information that
is still confusing, making some people still hesitant to use cryptocurrency.
This research is expected to increase the financial literacy of the Indonesian people
and be able to understand what cryptocurrency is. This research is also expected to foster
public interest in conducting cryptocurrency studies, both in scientific interest and interest
in the use of cryptocurrency, so that people can make cryptocurrency as one of the
alternative investments.
Data Analysis Methods
The data analysis approach used is the data analysis approach according to Miles et
al. (2014), which explains that data analysis includes three flow of activities, namely data
collection, data reduction, data presentation, and conclusion drawn. The coding process
uses an inductive coding method where a code does not have to be specified before
collecting data. The coding stages used are open coding and selective coding.
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4733
expected to be a choice for digital payments. One of the most well-known
cryptocurrencies is Bitcoin. Bitcoin was first introduced in 2008 by Satoshi Nakamoto.
Cryptocurrencies are also starting to be looked at by international companies, for
example, such as Tesla which has started accepting payments using Bitcoin. (Bezovski et
al., 2021) Mentioned that other companies have also started to accept payments using
cryptocurrencies, such as AT&T, Namecheap, Expedia, Badoo, Microsoft, and many
more. In Indonesia, cryptocurrencies are used as commodities or futures assets, but
interest in using cryptocurrencies in Indonesia is still relatively small.
The small interest in using cryptocurrencies in Indonesia is due to the lack of
financial literacy in Indonesia and the lack of information that mentions cryptocurrencies.
It does not stop there, the challenge also comes from the government with the existence
of Law Number 7 of 2011 concerning currency where the regulation states that the only
currency recognized and allowed to be used as a medium of exchange is the rupiah. Bank
Indonesia also regulates Electronic Money in BI Regulation No. 26/6/PBI/2018.
However, these regulations still do not specifically regulate cryptocurrencies, so citizens
are still hesitant and afraid to use cryptocurrencies. (Ter Ji-Xi et al., 2021) Examined the
behavior of the intention to use cryptocurrencies in Malaysia. The study stated that
Malaysian consumers prioritize the performance aspect of cryptocurrencies, which is a
particular concern for women. Therefore, to encourage the use of cryptocurrencies should
be marketed so that customers feel that the use of cryptocurrencies adds value to their
lives in different ways, from a better experience in spending money to being more current
and engaging in emerging phenomena, which can be of interest to many people.
From the above problems, researchers want to find answers about the interest in
using cryptocurrencies and find out whether Indonesia can already use cryptocurrencies
as payment. In other words, this study aims to analyze public interest in the use of
cryptocurrencies in Indonesia and to find out Indonesia's readiness to use
cryptocurrencies as a means of payment. This is related to the amount of information that
is still confusing, making some people still hesitant to use cryptocurrency.
This research is expected to increase the financial literacy of the Indonesian people
and be able to understand what cryptocurrency is. This research is also expected to foster
public interest in conducting cryptocurrency studies, both in scientific interest and interest
in the use of cryptocurrency, so that people can make cryptocurrency as one of the
alternative investments.
Data Analysis Methods
The data analysis approach used is the data analysis approach according to Miles et
al. (2014), which explains that data analysis includes three flow of activities, namely data
collection, data reduction, data presentation, and conclusion drawn. The coding process
uses an inductive coding method where a code does not have to be specified before
collecting data. The coding stages used are open coding and selective coding.
Analysis of Interest in Using Cryptocurrency as a Means of Payment in Indonesia
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4734
Table 1
Codes used in the study
Keywords Kategorisasi
Potential, Ready, Unprepared Indonesia's readiness to implement
cryptocurrency as a means of
payment
Regulation, Infrastructure The country's provisions can be
said to be ready to implement
cryptocurrencies as a means of
payment.
Taxes, taxation Taxation of Cryptocurrency
Transactions
Education, movement, literacy,
digital rupiah
Boosting interest in using
cryptocurrencies in Indonesia
The table above shows the code used to bring up the categories to be used as a key
to creating a sub-discussion in the study. From the code, the researcher can determine
what points will be discussed in the discussion.
Results and Discussion
Indonesia's Readiness in Implementing Cryptocurrency as a Means of Payment
According to (Hasani et al., 2022), cryptocurrency cannot yet qualify as a currency
in Indonesia. Cryptocurrencies cannot be standardized because they are open programs
and there is no central authority regulating them. In addition, cryptocurrencies do not have
a stable value, so it is still far from being said to be a currency. Resource person C a
cryptocurrency user who has been using cryptocurrencies for more than 10 years, said
that Indonesia already has the necessary infrastructure to be able to implement
cryptocurrency as a means of payment. Resource person B a senior cryptocurrency user
also explained that Indonesia already has the potential to implement payments using
cryptocurrencies, as long as government regulations also support this. This is supported
by the research of (Susilowardhani et al., 2022) Which states that the opportunities and
potential for the use of cryptocurrencies in Indonesia are very wide open. It's just that it
does need to pay more attention to regulations because it is indeed the main obstacle that
Indonesia has not been able to use cryptocurrencies as legal payments. However, the other
four speakers agreed that Indonesia is still not ready to implement payments using
cryptocurrencies.
Their reason is the same, which is that the current government still has not made
regulations that specifically regulate transactions using cryptocurrencies. In addition,
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4734
Table 1
Codes used in the study
Keywords Kategorisasi
Potential, Ready, Unprepared Indonesia's readiness to implement
cryptocurrency as a means of
payment
Regulation, Infrastructure The country's provisions can be
said to be ready to implement
cryptocurrencies as a means of
payment.
Taxes, taxation Taxation of Cryptocurrency
Transactions
Education, movement, literacy,
digital rupiah
Boosting interest in using
cryptocurrencies in Indonesia
The table above shows the code used to bring up the categories to be used as a key
to creating a sub-discussion in the study. From the code, the researcher can determine
what points will be discussed in the discussion.
Results and Discussion
Indonesia's Readiness in Implementing Cryptocurrency as a Means of Payment
According to (Hasani et al., 2022), cryptocurrency cannot yet qualify as a currency
in Indonesia. Cryptocurrencies cannot be standardized because they are open programs
and there is no central authority regulating them. In addition, cryptocurrencies do not have
a stable value, so it is still far from being said to be a currency. Resource person C a
cryptocurrency user who has been using cryptocurrencies for more than 10 years, said
that Indonesia already has the necessary infrastructure to be able to implement
cryptocurrency as a means of payment. Resource person B a senior cryptocurrency user
also explained that Indonesia already has the potential to implement payments using
cryptocurrencies, as long as government regulations also support this. This is supported
by the research of (Susilowardhani et al., 2022) Which states that the opportunities and
potential for the use of cryptocurrencies in Indonesia are very wide open. It's just that it
does need to pay more attention to regulations because it is indeed the main obstacle that
Indonesia has not been able to use cryptocurrencies as legal payments. However, the other
four speakers agreed that Indonesia is still not ready to implement payments using
cryptocurrencies.
Their reason is the same, which is that the current government still has not made
regulations that specifically regulate transactions using cryptocurrencies. In addition,
Rizky Hardian Adhinugraha, Johan Arifin
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4735
resource person R a cryptocurrency content creator also said that Indonesia's
unpreparedness in implementing payments using cryptocurrencies is because Indonesia
is a developing country whose currency value is weaker than developed countries.
Researchers have an opinion that Indonesia has been able to adopt cryptocurrency as a
means of payment. In terms of regulation, the researcher revealed that there is still no
openness from the regulator, namely Bank Indonesia, to be able to legalize the use of
cryptocurrency as a means of payment in Indonesia, so most people are still hesitant to
use and utilize cryptocurrency. As stated (Prasetyo & Latumahina, 2023) who said that
Bank Indonesia issued a ban on the use of cryptocurrencies to ensure legal certainty from
the use of cryptocurrencies, especially Bitcoin as a means of payment, that Bitcoin and
other cryptocurrencies cannot be referred to as legal currencies or means of payment in
Indonesia. Meanwhile, in terms of education, many Indonesians still do not know and
know what cryptocurrency is. As stated by (Bhimani et al., 2022) education is strongly
related to the adoption of cryptocurrencies because of the need to know the basis for
operating cryptocurrency technology before starting to adopt the technology. Of these
three conditions, researchers argue that cryptocurrencies still cannot be used as a means
of payment in Indonesia because regulatory and educational factors are stronger than
infrastructure factors.
Cryptocurrency Taxation
In terms of cryptocurrency tax treatment, resource person B argued that he did not
agree with the imposition of taxes on cryptocurrencies. He reasoned that there has not
been a clear return from the state for the payment of cryptocurrency taxes that will be
paid later by cryptocurrency transaction actors. Even resource person B still doubts the
return obtained by the community from paying taxes in general. However other sources
have a different opinion, stating that they agree that cryptocurrencies are tax-burdened
transactions. As conveyed by the R resource person who stated that Bitcoin in Indonesia
has the same status as gold, namely as a commodity. If buying and selling gold is taxed,
then it is natural that transactions using cryptocurrency or Bitcoin are also taxed.
(Sukmariningsih et al., 2022) Have revealed that cryptocurrencies are classified as
commodities by Article 2 of the Regulation of the Minister of Trade of the Republic of
Indonesia Number 99 of 2018 concerning general policies for the implementation of
crypto asset futures trading (Crypto Asset). That way, capital gains from cryptocurrency
transactions can be subject to income tax as stipulated in Article 17 paragraph (1) as an
update of the previous regulation, namely Law Number 36 of 2008. In addition,
cryptocurrency that is included in crypto assets is not an item that cannot be subject to
VAT (Value Added Tax) as per Article 4A Paragraph (2) of Law Number 42 of 2009
concerning VAT and PPnBM (Value Added Tax and Luxury Goods) so that it can be said
that cryptocurrency is an object of VAT. Researchers argue that cryptocurrencies should
be given appropriate taxes without burdening cryptocurrency users. If cryptocurrencies
are taxed, it will help increase the country's revenue in terms of taxes. In addition, if given
the appropriate rate then cryptocurrency users will not mind paying taxes to the state on
cryptocurrency ownership or transactions. Moreover, if Indonesia treats cryptocurrencies
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4735
resource person R a cryptocurrency content creator also said that Indonesia's
unpreparedness in implementing payments using cryptocurrencies is because Indonesia
is a developing country whose currency value is weaker than developed countries.
Researchers have an opinion that Indonesia has been able to adopt cryptocurrency as a
means of payment. In terms of regulation, the researcher revealed that there is still no
openness from the regulator, namely Bank Indonesia, to be able to legalize the use of
cryptocurrency as a means of payment in Indonesia, so most people are still hesitant to
use and utilize cryptocurrency. As stated (Prasetyo & Latumahina, 2023) who said that
Bank Indonesia issued a ban on the use of cryptocurrencies to ensure legal certainty from
the use of cryptocurrencies, especially Bitcoin as a means of payment, that Bitcoin and
other cryptocurrencies cannot be referred to as legal currencies or means of payment in
Indonesia. Meanwhile, in terms of education, many Indonesians still do not know and
know what cryptocurrency is. As stated by (Bhimani et al., 2022) education is strongly
related to the adoption of cryptocurrencies because of the need to know the basis for
operating cryptocurrency technology before starting to adopt the technology. Of these
three conditions, researchers argue that cryptocurrencies still cannot be used as a means
of payment in Indonesia because regulatory and educational factors are stronger than
infrastructure factors.
Cryptocurrency Taxation
In terms of cryptocurrency tax treatment, resource person B argued that he did not
agree with the imposition of taxes on cryptocurrencies. He reasoned that there has not
been a clear return from the state for the payment of cryptocurrency taxes that will be
paid later by cryptocurrency transaction actors. Even resource person B still doubts the
return obtained by the community from paying taxes in general. However other sources
have a different opinion, stating that they agree that cryptocurrencies are tax-burdened
transactions. As conveyed by the R resource person who stated that Bitcoin in Indonesia
has the same status as gold, namely as a commodity. If buying and selling gold is taxed,
then it is natural that transactions using cryptocurrency or Bitcoin are also taxed.
(Sukmariningsih et al., 2022) Have revealed that cryptocurrencies are classified as
commodities by Article 2 of the Regulation of the Minister of Trade of the Republic of
Indonesia Number 99 of 2018 concerning general policies for the implementation of
crypto asset futures trading (Crypto Asset). That way, capital gains from cryptocurrency
transactions can be subject to income tax as stipulated in Article 17 paragraph (1) as an
update of the previous regulation, namely Law Number 36 of 2008. In addition,
cryptocurrency that is included in crypto assets is not an item that cannot be subject to
VAT (Value Added Tax) as per Article 4A Paragraph (2) of Law Number 42 of 2009
concerning VAT and PPnBM (Value Added Tax and Luxury Goods) so that it can be said
that cryptocurrency is an object of VAT. Researchers argue that cryptocurrencies should
be given appropriate taxes without burdening cryptocurrency users. If cryptocurrencies
are taxed, it will help increase the country's revenue in terms of taxes. In addition, if given
the appropriate rate then cryptocurrency users will not mind paying taxes to the state on
cryptocurrency ownership or transactions. Moreover, if Indonesia treats cryptocurrencies
Analysis of Interest in Using Cryptocurrency as a Means of Payment in Indonesia
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4736
as a commodity like gold, then just like gold is taxed, cryptocurrencies can also be taxed.
As said by (Sukmariningsih et al., 2022), Indonesia needs legal rules regarding the
existence of digital assets and digital currencies. From these rules, tax law provisions are
formulated so that the legal provisions of Income Tax on the transaction of one of the
crypto assets, namely cryptocurrencies in Indonesia, can be obtained.
Factors That Make A Country Say It Can Implement Payments Using
Cryptocurrency
El Salvador is one example of a country that already uses cryptocurrencies,
specifically Bitcoin as a means of payment including transactions in shopping. (Gaikwad
& Mavale, 2021). According to resource person C, if cryptocurrency is to be created as a
means of payment in Indonesia, then it is likely to have a similar system to Gopay, Dana,
and other E-Wallets. Resource person C stated that two important factors that a country
can say to be able to implement payments using cryptocurrencies are regulation and
taxation. Regulations must regulate the procedures for transactions with cryptocurrencies.
Taxation must also be clear so that the government and the cryptocurrency transaction
actors do not lose money and reach an agreement. Furthermore, the resource person R
said that system security is one of the most important things so that the implementation
of payments with cryptocurrencies can be successful. In addition, resource person R also
stated that the system used must be trustworthy, as evidenced by the system that can be
audited by parties outside the system. This aims to reduce and even overcome the abuse
of authority in the management of the cryptocurrency system. Furthermore, according to
resource person T, the country's provisions that are considered to be able to run a payment
system using cryptocurrency are provisions that state that the means of payment in a
country can use cryptocurrency, namely currencies other than the country's currency.
(Sukarno, 2020) Give examples of countries such as Japan and Singapore that have
legalized the use of cryptocurrencies. Japan legalized the use of cryptocurrencies in April
2017, with the creation of the Payment Service Act (PSA) regulation whose function is
to protect users and provide registration for exchange with Japanese conventional money,
namely the Yen with the owner of exchange services from crypto to conventional money.
The researcher argues that three (3) factors can determine whether a country can be said
to be able to adopt cryptocurrency as a means of payment. Namely regulatory factors,
infrastructure factors, and community literacy factors. (Pandya et al., 2019) Mentioned at
least two things that must be considered in the future to adopt cryptocurrency as a means
of payment, namely regulatory factors and the Internet of Things (IoT), in other words,
infrastructure.
The Interest of Indonesian Citizens in the Use of Cryptocurrency
El Salvador was the first country to use Bitcoin as a legal means of payment. Bitcoin
in El Salvador was promoted by its president, Nayib Bukele, who stated that Bitcoin could
improve El Salvador's economy by making banking easier for El Salvadorans. At the
beginning of Bitcoin's legalization in El Salvador, people didn't like to use
cryptocurrencies due to a lack of digital literacy. According to resource person H, we
must understand that Bitcoin is a currency asset that until now cannot be taken by other
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4736
as a commodity like gold, then just like gold is taxed, cryptocurrencies can also be taxed.
As said by (Sukmariningsih et al., 2022), Indonesia needs legal rules regarding the
existence of digital assets and digital currencies. From these rules, tax law provisions are
formulated so that the legal provisions of Income Tax on the transaction of one of the
crypto assets, namely cryptocurrencies in Indonesia, can be obtained.
Factors That Make A Country Say It Can Implement Payments Using
Cryptocurrency
El Salvador is one example of a country that already uses cryptocurrencies,
specifically Bitcoin as a means of payment including transactions in shopping. (Gaikwad
& Mavale, 2021). According to resource person C, if cryptocurrency is to be created as a
means of payment in Indonesia, then it is likely to have a similar system to Gopay, Dana,
and other E-Wallets. Resource person C stated that two important factors that a country
can say to be able to implement payments using cryptocurrencies are regulation and
taxation. Regulations must regulate the procedures for transactions with cryptocurrencies.
Taxation must also be clear so that the government and the cryptocurrency transaction
actors do not lose money and reach an agreement. Furthermore, the resource person R
said that system security is one of the most important things so that the implementation
of payments with cryptocurrencies can be successful. In addition, resource person R also
stated that the system used must be trustworthy, as evidenced by the system that can be
audited by parties outside the system. This aims to reduce and even overcome the abuse
of authority in the management of the cryptocurrency system. Furthermore, according to
resource person T, the country's provisions that are considered to be able to run a payment
system using cryptocurrency are provisions that state that the means of payment in a
country can use cryptocurrency, namely currencies other than the country's currency.
(Sukarno, 2020) Give examples of countries such as Japan and Singapore that have
legalized the use of cryptocurrencies. Japan legalized the use of cryptocurrencies in April
2017, with the creation of the Payment Service Act (PSA) regulation whose function is
to protect users and provide registration for exchange with Japanese conventional money,
namely the Yen with the owner of exchange services from crypto to conventional money.
The researcher argues that three (3) factors can determine whether a country can be said
to be able to adopt cryptocurrency as a means of payment. Namely regulatory factors,
infrastructure factors, and community literacy factors. (Pandya et al., 2019) Mentioned at
least two things that must be considered in the future to adopt cryptocurrency as a means
of payment, namely regulatory factors and the Internet of Things (IoT), in other words,
infrastructure.
The Interest of Indonesian Citizens in the Use of Cryptocurrency
El Salvador was the first country to use Bitcoin as a legal means of payment. Bitcoin
in El Salvador was promoted by its president, Nayib Bukele, who stated that Bitcoin could
improve El Salvador's economy by making banking easier for El Salvadorans. At the
beginning of Bitcoin's legalization in El Salvador, people didn't like to use
cryptocurrencies due to a lack of digital literacy. According to resource person H, we
must understand that Bitcoin is a currency asset that until now cannot be taken by other
Rizky Hardian Adhinugraha, Johan Arifin
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4737
people, even countries, because of its very strict security. It is also mentioned that only
Bitcoin can make transactions permissionless, borderless, anonymous, private, resistant
to censorship, fast, cheap, irreversible, and uptime forever with no 24-hour and 365-day
off. Resource person T argued that we as cryptocurrency community activists do not have
the urgency to convince Indonesians to use cryptocurrencies, but we are more oriented
towards educating Indonesian citizens about cryptocurrencies and increasing the digital
and financial literacy of the Indonesian people. (Zhao & Zhang, 2021) said, financial
literacy and investment experience have a significant positive effect on cryptocurrency
ownership intentions.
According to resource person C, the decline in the value of cryptocurrencies could
be the cause of people not being interested in cryptocurrencies. According to him, this
happens because people feel more interested in cryptocurrencies when their value rises.
After all, they feel profitable. However, resource person C stated, that what needs to be
known is that the decline in the value of cryptocurrencies is a cycle that occurs every four
years. Furthermore, the CT resource person advised to be able to intensify the
cryptocurrency market. Namely by providing education to the public to understand that
crypto assets such as Bitcoin are not for the short term, but for the long term. As
mentioned by (Yoshino et al., 2020), financial literacy has a positive impact on the use of
electronic money, the use of mobile payment applications, and at least the use of one or
two fintech services (Financial Technology). The CT resource person also said that we
need to increase the use of cryptocurrencies and show the advantages that
cryptocurrencies have compared to conventional currencies to attract the interest of
citizens to use cryptocurrencies. Regarding the cryptocurrency issue, Bank Indonesia
plans to issue a Digital Rupiah. Resource person B argued that this digital rupiah and
other cryptocurrencies would be at odds. Because Bank Indonesia as the creator of the
digital rupiah will have an interest. In addition, resource person B predicted that if
transactions using cryptocurrencies are allowed, then the direction will be the same as in
several European countries. That is, cryptocurrency buying and selling transactions will
be limited at the bank level, or if it is at an even more extreme level, it will be limited at
the central bank level.
Speaker T also argued that the digital rupiah is not the same as crypto and Bitcoin.
According to him, digital currencies only use blockchain technology. So the influence of
the digital rupiah on cryptocurrencies is not too significant, but slowly in the future, the
technology in crypto will be adopted by the digital rupiah.
Researchers argue that at least the public needs to be educated and improve their
literacy about cryptocurrencies and other financial instruments so that people at least
understand what cryptocurrency is. With the improvement of public literacy about
cryptocurrencies, it becomes easier for people to decide whether to use cryptocurrencies
or not. Although according to (Panos et al., 2020), financial literacy hurts the likelihood
of owning cryptocurrency, researchers believe that if people have enough financial
literacy, it will make it easier to choose between using cryptocurrency or not using
cryptocurrency.
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4737
people, even countries, because of its very strict security. It is also mentioned that only
Bitcoin can make transactions permissionless, borderless, anonymous, private, resistant
to censorship, fast, cheap, irreversible, and uptime forever with no 24-hour and 365-day
off. Resource person T argued that we as cryptocurrency community activists do not have
the urgency to convince Indonesians to use cryptocurrencies, but we are more oriented
towards educating Indonesian citizens about cryptocurrencies and increasing the digital
and financial literacy of the Indonesian people. (Zhao & Zhang, 2021) said, financial
literacy and investment experience have a significant positive effect on cryptocurrency
ownership intentions.
According to resource person C, the decline in the value of cryptocurrencies could
be the cause of people not being interested in cryptocurrencies. According to him, this
happens because people feel more interested in cryptocurrencies when their value rises.
After all, they feel profitable. However, resource person C stated, that what needs to be
known is that the decline in the value of cryptocurrencies is a cycle that occurs every four
years. Furthermore, the CT resource person advised to be able to intensify the
cryptocurrency market. Namely by providing education to the public to understand that
crypto assets such as Bitcoin are not for the short term, but for the long term. As
mentioned by (Yoshino et al., 2020), financial literacy has a positive impact on the use of
electronic money, the use of mobile payment applications, and at least the use of one or
two fintech services (Financial Technology). The CT resource person also said that we
need to increase the use of cryptocurrencies and show the advantages that
cryptocurrencies have compared to conventional currencies to attract the interest of
citizens to use cryptocurrencies. Regarding the cryptocurrency issue, Bank Indonesia
plans to issue a Digital Rupiah. Resource person B argued that this digital rupiah and
other cryptocurrencies would be at odds. Because Bank Indonesia as the creator of the
digital rupiah will have an interest. In addition, resource person B predicted that if
transactions using cryptocurrencies are allowed, then the direction will be the same as in
several European countries. That is, cryptocurrency buying and selling transactions will
be limited at the bank level, or if it is at an even more extreme level, it will be limited at
the central bank level.
Speaker T also argued that the digital rupiah is not the same as crypto and Bitcoin.
According to him, digital currencies only use blockchain technology. So the influence of
the digital rupiah on cryptocurrencies is not too significant, but slowly in the future, the
technology in crypto will be adopted by the digital rupiah.
Researchers argue that at least the public needs to be educated and improve their
literacy about cryptocurrencies and other financial instruments so that people at least
understand what cryptocurrency is. With the improvement of public literacy about
cryptocurrencies, it becomes easier for people to decide whether to use cryptocurrencies
or not. Although according to (Panos et al., 2020), financial literacy hurts the likelihood
of owning cryptocurrency, researchers believe that if people have enough financial
literacy, it will make it easier to choose between using cryptocurrency or not using
cryptocurrency.
Analysis of Interest in Using Cryptocurrency as a Means of Payment in Indonesia
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4738
Conclusion
This research aims to find out the potential use of cryptocurrencies in Indonesia,
one of which is by analyzing the interest in using cryptocurrencies as a means of payment
in Indonesia. Several previous studies have stated that cryptocurrencies are not
recognized by Bank Indonesia because Bank Indonesia only recognizes the Rupiah
currency as the only currency that can be used as a medium of exchange and domestic
payment in Indonesia. Based on the research that has been conducted, it has been found
that four out of six speakers agree that Indonesia is not ready to implement cryptocurrency
as a means of payment. Cryptocurrency as a crypto asset is the subject of commodity
futures trading whose mechanism is carried out by an agreement and supervised by
BAPPEPTI. This was approved by the Minister of Trade of the Republic of Indonesia
with the issuance of Regulation of the Minister of Trade Number 99 of 2018.
In the discussion of potential factors, regulation is the most potential factor
according to the research sources. This happens because the government is the
determinant of people's attitudes towards cryptocurrencies. If the government does not
make clear regulations on cryptocurrencies then most people will be hesitant to use
cryptocurrencies. From the potential factors above, it can be said that currently, Indonesia
is still unable and not ready to use cryptocurrencies as a means of payment. Furthermore,
to attract public interest in cryptocurrencies, key parties such as crypto community
activists should start educating the public about the benefits and advantages of using
cryptocurrencies. By increasing public literacy about cryptocurrencies, it is hoped that
public interest in cryptocurrencies will also grow. Furthermore, the government needs to
play a role in educating the public about the advantages of cryptocurrencies and providing
knowledge that cryptocurrencies can be an alternative for investment. The government
also needs to prepare the necessary infrastructure so that cryptocurrencies can now be
used as an alternative investment for the community. In the future, the infrastructure can
be maximized to make cryptocurrencies can be used as a means of payment in Indonesia.
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4738
Conclusion
This research aims to find out the potential use of cryptocurrencies in Indonesia,
one of which is by analyzing the interest in using cryptocurrencies as a means of payment
in Indonesia. Several previous studies have stated that cryptocurrencies are not
recognized by Bank Indonesia because Bank Indonesia only recognizes the Rupiah
currency as the only currency that can be used as a medium of exchange and domestic
payment in Indonesia. Based on the research that has been conducted, it has been found
that four out of six speakers agree that Indonesia is not ready to implement cryptocurrency
as a means of payment. Cryptocurrency as a crypto asset is the subject of commodity
futures trading whose mechanism is carried out by an agreement and supervised by
BAPPEPTI. This was approved by the Minister of Trade of the Republic of Indonesia
with the issuance of Regulation of the Minister of Trade Number 99 of 2018.
In the discussion of potential factors, regulation is the most potential factor
according to the research sources. This happens because the government is the
determinant of people's attitudes towards cryptocurrencies. If the government does not
make clear regulations on cryptocurrencies then most people will be hesitant to use
cryptocurrencies. From the potential factors above, it can be said that currently, Indonesia
is still unable and not ready to use cryptocurrencies as a means of payment. Furthermore,
to attract public interest in cryptocurrencies, key parties such as crypto community
activists should start educating the public about the benefits and advantages of using
cryptocurrencies. By increasing public literacy about cryptocurrencies, it is hoped that
public interest in cryptocurrencies will also grow. Furthermore, the government needs to
play a role in educating the public about the advantages of cryptocurrencies and providing
knowledge that cryptocurrencies can be an alternative for investment. The government
also needs to prepare the necessary infrastructure so that cryptocurrencies can now be
used as an alternative investment for the community. In the future, the infrastructure can
be maximized to make cryptocurrencies can be used as a means of payment in Indonesia.
Rizky Hardian Adhinugraha, Johan Arifin
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 11, November 2024 4739
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cryptocurrencies as an electronic payment method. Management Research and
Practice, 13(1), 44–50.
Bhimani, A., Hausken, K., & Arif, S. (2022). Do national development factors affect
cryptocurrency adoption? Technological Forecasting and Social Change, 181,
121739.
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tender in El Salvador. International Journal of Engineering and Management
Research, 11(6), 112–115.
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Economics of Digital Currencies (pp. 97–163). Springer.
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cryptocurrency sebagai alat alternatif dalam berinvestasi di indonesia pada mata
uang digital bitcoin. Jurnal Ilmiah Ekonomi Bisnis, 8(2), 329–344.
Pandya, S., Mittapalli, M., Gulla, S. V. T., & Landau, O. (2019). Cryptocurrency:
Adoption efforts and security challenges in different countries. HOLISTICA–
Journal of Business and Public Administration, 10(2), 167–186.
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cryptocurrencies.
Prasetyo, A. S., & Latumahina, R. E. (2023). Keabsahan Cryptocurrency Pada Sarana
Investasi Di Indonesia. Bureaucracy Journal: Indonesia Journal of Law and Social-
Political Governance, 3(1), 204–214.
Sukarno, K. S. (2020). The use of cryptocurrency as a Payment Instrument. 3rd
International Conference on Law and Governance (ICLAVE 2019), 366–370.
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6(2), 1644–1654.
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