"Cryptocurrencies from islamic perspectives: The case of bitcoin." Buletin Ekonomi Moneter Dan Perbankan 20, no. “Bitcoin Adoption by Businesses in 2017,” Cointelegraph, January 1, 2018, “From $900 to $20,000: Bitcoin’s Historic 2017 Price Run Revisited,” Coindesk, December 29, 2017, "Bitcoin: A peer-to-peer electronic cash system." Decentralized Business Review (2008): 21260. Volatility, speculation, and chance of being used in illegal activities are external factors and have no direct concern with regards to determining something as a valid currency. It must not necessarily have an intrinsic value. Bitcoin also fails to fulfill maqāṣid al-shariʿah at this stage. Presently, it unsatisfactorily meets the functions of money such as medium of exchange, unit of account, and store of value. Cryptocurrency such as bitcoin is m ā l because it is a valuable thing, it has uses and benefits, and it can be stored and presented electronically. Generally, something is referred to as money if it is used as a medium of exchange, unit of account, and store of value. This paper aims to investigate whether cryptocurrency serves as Shari’ah-compliant money through critically analyzing arguments of the opponent Islamic scholars. Chairperson/Associate Professor, Department of Economics, University of PeshawarĬryptocurrency, Shari’ah, Medium of exchange, Unit of account, Store of value, Gharar, Maysir Abstract
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