SHARIA ECONOMIC LAW ANALYSIS OF CRYPTO INVESTMENT TRANSACTIONS THROUGH APPLICATIONS

Abstract

The use cases for investing in cryptocurrencies are numerous. The PINTU Application is one of the most well-known programmes. More than 4.85 million people use this app. The Pintu application has ISO 27001 certification, is licenced and registered with BAPPEPTI, under KOMINFO's supervision. By using this application, cryptocurrency is turned into an investing tool rather than a means of exchange. This programme makes it simpler for investors to buy and sell bitcoin assets by offering a wide variety of cryptocurrencies in rupiah. The issue with Islamic law in the Pintu Application, though, is how the contract is legal. Do cryptocurrencies meet the criteria for items traded according to Islamic fiqh? Does gharar factor into pricing calculation depending on market movements? Is it acceptable under Islamic law for the purchasing price to be more than the selling price? This article explores this topic using a literature study method using ushul fiqh, fiqh rules, and muamalat fiqh instruments. These are the conclusions: With sharf contracts, bitcoin transactions are equivalent to those involving regular money. Digital assets can be traded in the same way as physical ones, but since transactions are made through third-party applications, it is important to verify that these crypto assets cannot be compromised. If there are no signs of fraud or ihtikar (hoarding), then setting the price that is released to the market is a natural and legitimate thing to do. Given that the application also requires operational expenditures, the price difference policy is appropriate. However, The National Sharia Council of the Indonesian Ulema Council (DSN-MUI) must right away issue a fatwa for cryptocurrency investment transactions in order to be more operational and to give people greater confidence in their transactions. Similarly, it is necessary to communicate which signs are permitted and which are not, and Indonesian Ulema Council (MUI) is one of these authority.