Bitcoin and its Monetary Feature An inductive study in the light of Islamic jurisprudence الباحثة / رقوان علوي السقاف

Abstract

      Cryptocurrency, especially Bitcoin, is one of the most prominent developments in the field of currency trading at the present time. This research aims to define this currency, explain what it is, and how it is issued; it states the advantages and disadvantages that it is characterized with, and the benefits and harms resulting from its trading. Through the inductive approach, the research deals with the criteria and legitimate controls considered by the jurists regarding money, and the sayings of the current scholars searching in the legality of Bitcoin, the extent of monetary possession, and the consequences of the jurisprudential dispute on this issue. The research is divided into an introduction, a preface, three sections and a conclusion that included the most important findings of the research such as Bitcoin possesses several advantages that have given it great acceptance among a group of traders. Although it is characterized with these advantages, it does not have full monetary efficiency, the issuance of cryptocurrency is done by an identified financial authority, and providing security factors in its trading is relative. Thus, it will lead to provide the factor of confidence, and complete its general acceptance. The research recommends jurisprudence academies and researchers to conduct more studies on this subject in cooperation with scientific bodies specialized in digital systems and encryption programs in joint research projects to come up with more objective results.

Keywords: Bitcoin - Cryptocurrency – Trading- Islamic jurisprudence