Risiko Hukum Penggunaan Smart Contract pada Ethereum di Indonesia

Abstract

Smart Contracts are a new thing in Indonesian business law. Menwhile, with the currenct regulatorypolicies implementation, the use of smart contracs can leaad to a greater risk. The problems of this research are, what about the legal risks caused by the used of smart contracts on ethereum in Indonesia, what about the legal certainty for the use of smart contarcts in Indonesia, and how about the develpment and legal renewal of smart contracts use in Indonesia. This juridical normative research is conducted by collecting data from literature studies and document studies. The resources of data in this research are primary, seconndary, and tertiary data sources with qualitative data anakysis. The results of the research are, (1) Legal risks for the use of smart contracts on ethereum in Indonesia include: first, regulatory risk, due to the absence of regulatory system in Indonesia that specifically regulates smart contract provisions. Second, contract risk, the use of smart contracts in Indonesia is not fully in line with the legal terms of a contract, both based on subjective and objective terms, and, Third, compliance risk, caused by the parties’ non-compliance with relavant laws and regulations, especially the Law Number 7 of 2011 concerning Currency and Article 1330 of the Civil Code regarding the legal requirements of an agreement. (2) Smart contracts are an extension of electronic contracts. In the Indonesian Legal system, the ITE Law, Government Regulations on Electronic System and Transactions (PSTE) and Government Regulations on Trading through Electronic Systems (PMSE) have provided basic arrangements that can be applied to smart contracts. Legal Certainty regarding smart contracts if it is based on the principle off freedom of contract and the ITE Law allows it to be implemented as long as it does not conflict with the principlesmof positive law. (3) Development of national law and updating of regulations related to smart contracts in Indonesia is an essential matter to pay attention to. With the rapid technology development, it is crucial to have regulations as a form of legality, entities, and law enforcement of virtual currency business transactions globally. Furthermore, with the continuos update of the smart contract blockchain technology system network on ethereum from proof-of-work to proof-of-stake, it is hoped that it will be able to overcome problems such as scalability, efficiency, and speed thereby increasing the complexity of using smart contracts on the ethereum platform