The world is constantly changing, one of which is in the financial framework in which Bitcoin is created. Bitcoin is already used as a means of payment. After all, is Bitcoin safe as a means of payment in the eyes of the law?
I want to buy Bitcoin because it is being discussed. Nonetheless, the question remains whether Bitcoin is safe as a means of payment under Indonesian law. Please explain. To answer the above problem, we have Lawyer Alvon Kurnia Palma, SH, MH. This is his legal opinion:
Upheaval 4.0 empowers all things to take advantage of innovation to make their work easier, (PCs and laptops) and smartphones are media that bring together digitalization activities as electronic transactions. This definitely makes it easier for everyone to manage their work.
Although practical, there are shortcomings that must be recognized as an ethical measure of applying the principle of good faith in electronic transactions. Safety, reliability and liability are ethical actions that e-framework clients should be aware of, especially in Indonesia.
Digital transformation advances the development of universal, regional and national regulations in the field of electronic business.
For example the agreement on the use of electronic communication in international agreements by UNCITRAL, Directive 97/7 / EC of the European Parliament and the Council of 20 May 1997 on EU shopper guarantees and the Uniform Computer Information Transaction (UCITA) for long-distance contracts, but only in two US states. , Maryland and Virginia.
At the national level, Indonesia has Article 15 Paragraph 1 of Law Number 11 of 2008 as amended by Law Number 19 of 2022 concerning Information and Electronic Transactions, Article 3 Paragraph 1 of Government Regulation Number 71 of 2022 concerning System Operation.
Article 24 Paragraph (1) Government Regulation Number 80 of 2022 concerning Electronic System Trading and Articles 65 and 66 of Law Number 7 of 2022 concerning Trade, which guarantee reliable, safe, and reliable standards for the implementation of the electronic framework. All of these regulatory standards are declarations of the principle of good faith in electronic transactions to ensure the fairness of unequal relationships (Alvon: 2022).
Retail digitalization does not stop here, but continues to the types of payment transactions. In the past, (cash) now is not (cashless). Payments in kind are usually made through intermediaries, both bank and non-bank, for example Visa, charge card, check, Bilyet Giro, direct charge and e-cash.
Now it is even further developed. Payments in kind can be made directly to each individual without any legal substance intermediary acting as an outsider. Only the hub as an electronic framework acts as an intermediary.
Is digital money (cryptography money) that reduces intermediaries in payment activity to be shared with a special private key (one-way binary key) in requests to validate it.
The well-known types of digital money are BitCoin, BitCoinCash, FeatherCoin, DogeCoin, and LiteCoin. Of the various types, BitCoin is the leading and most widely used type (the market leader).
Is bitcoin safe? BitCoin as a digital money that is firmly and firmly coded is safe and reliable when blockchain is used as a road (infrastructure).
Blockchain is impenetrable, although technically it is still possible to be hacked, in practice it is almost incomprehensible. The reason blockchain is secure and hard to crack is because it is a development of records maintained by a collection of PCs (hubs) that have no place of single substance.
Each data square is obtained and linked to each other according to the principle of one-way binary encryption at an undeniable level (cryptography).
Solid private key algorithms as binary key validation and data chains combining to multiply and bind boxes is a deadly combination why this blockchain innovation is so secure in practice.
Basically, it is very difficult for individuals to get into the electronic blockchain framework and as innovation progresses, BitCoin conventions can adapt according to the typical agreement because the source code is open source.
Therefore, BitCoin is very safe.
Although BitCoin is very safe, it cannot be a means of payment in Indonesia like some monetary players in international trade. This is because in Indonesia, the use of monetary standards or types other than rupiah is prohibited under Article 33 of Law Number 7 of 2011 concerning Currencies.
The security and reliability framework described above, as well as the positioning of BitCoin as a digital currency, are in accordance with Article 15 paragraph (1) of Law Number 11 of 2008, amended by Law Number 19 of 2022 concerning Electronic Information and Transactions.
Article 3 Paragraph (1) PP number 71 2022 related to the application of the framework, Article 24 paragraph (1) Government Regulation number 80 of 2022 regarding trade through electronic frameworks and Articles 65 and 66 of Law number 7 of 2022 concerning trade.
The same goes for the security of Bitcoin as an exchange mechanism for commercial transactions.
