The Analysis E-Commerce Payment Using Conventional Currency and Digital Money in Developed and Developing Countries in Millenial Era

Quite easy and quick to make transactions

Faster than the current electronic money to enter public address for the purpose of sending funds

                                                                              

Source: Primary data, processed, 2018

 

From the results of the above discussion, it can be concluded that conventional money and digital money can be used as a means of payment of e-commerce (online shopping) in the millennial era today. In 2009, the bitcoin exchange rate soared as demand for bitcoin in the current millennial era is supported by the concept of bitcoin. Bitcoin is able to cut costs used to pay third parties in conventional sale and purchase transactions.

Conventional money can be used as an tool of payment in e-commerce because it is clearly legal according to Law no. 7 of 2011 About Currency. While bitcoin can be used as an instrument of payment in developed countries, namely Singapore, because the user's security has already been legalized by Monetary Authority of Singapore (MAS), high has issued regulations to regulate bitcoin virtual money in Singapore. Indonesia should also apply policies for digital currencies such as bitcoin to ensure user safety and it can be more effective in e-commerce payments for Indonesia to be more advanced in the future. Because now, the development of technology is increasing rapidly with the demand for bitcoin as a instruments of payment in addition to the use of conventional money.

 

Bitcoin as the legitimate payment instrument in Singapore (Comparative)  

Bitcoin ownership is not prohibited by the government, nor do transactions using bitcoin are obtained by mining. The Singapore government has previously stressed that virtual money is not a legal instruments of payment because it does not comply with the security set forth in the prevailing Se -- tor ship and Futures Act in the country, but sees an increasingly sophisticated economy affecting this virtual payment tool in March 2014 Monetary Authority of Singapore (MAS) issued a regulation to regulate bitcoin virtual money in Singapore to avoid alleged such as money laundering and terrorism. The authorities have reminded bitcoin users in Singapore of the risks involved in using bitcoins and have stated that virtual payment instruments are considered to be service providers that will become the subject to GST (Goods and Services Tax).

In Singapore since the beginning of  2014 the taxation setting for bitcoin taxes has been applied in the official website of the www government. iras.gov.sg states that "Corporate  that choose to accept virtual currencies such as Bitcoin for their remuneration or revenue are subject to normal income tax rules. They will be taxed on the income from Singapore. Tax deduction will be permitted, where permissible, under our tax laws. From the above statement any form of sale and purchase that receives virtual money such as bitcoin as a means of payment will be taxed on income earned or earned in Singapore under Singapore Tax laws.