Given Indonesia’s recent legal policy developments regarding cryptocurrency, it is pertinent to ask whether this new investment market, by its overall structural formation, holds any further risks to Indonesia beyond those to individual parties. This paper contends that any effective regulation of this new ecosystem requires adoption of the machinery of more fundamental concepts and a clear direction. Even if the Government’s skepticism about soundness of the cryptocurrency markets is fully justified, how best to protect the various parties in the market is a different issue, one which calls for urgent attention from policy makers, legal practitioners, the judiciary and academic researchers. In particular, given the increasing number of startup Indonesian companies that have scrambled for seats in the new market, and the large number of related criminal cases reported in other jurisdictions, often involving hacking or embezzlement, the urgency to study best policy practices cannot be stressed enough. Against this backdrop, this paper analyzes the current legal status of virtual currency, related parties and activities in Indonesia absent direct laws and regulations to protect relevant parties..

中文翻译：

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在没有具体规定的情况下，印度尼西亚虚拟货币的法律地位

鉴于印度尼西亚最近关于加密货币的法律政策发展，有必要问一下这个新的投资市场，从其整体结构形成来看，除了个别各方的风险之外，是否对印度尼西亚有任何进一步的风险。本文认为，对这个新生态系统的任何有效监管都需要采用更基本概念的机制和明确的方向。即使政府对加密货币市场稳健性的怀疑是完全有道理的，但如何最好地保护市场中的各方是另一个问题，需要政策制定者、法律从业者、司法机构和学术研究人员紧急关注。特别是考虑到越来越多的印尼创业公司争先恐后地进入新市场，以及其他司法管辖区报告的大量相关刑事案件，往往涉及黑客或贪污，研究最佳政策实践的紧迫性再怎么强调也不为过。在此背景下，本文分析了印度尼西亚虚拟货币、关联方和活动的当前法律状况，缺乏直接的法律法规来保护相关方。