VIRTUAL CURRENCIES (BITCOIN): THE STAND OF ISLAMIC ECONOMY ON THE USE OF SUCH CURRENCIES

Abstract

Several major developments have occurred in the world in the field of information technology. That led to the occurrence of several changes in political, social and economic areas of life. The most prominent changes are the ones that occurred in economic areas. Such changes include: the development of virtual currencies. The most prominent virtual currency is Bitcoin. There has been a debate about the use of virtual currencies among contemporary economists and the ones specialized on Fiqh3. Some people support the use of virtual currencies, whereas others are against using them. The present study aims at identifying the meaning of (virtual currencies). It aims to identify the stand of Islamic economy on the use of virtual currencies. There is a need to identify these things due to the increasing use and prevalence of such currencies. It’s expected that virtual currency shall become number one currency in the future. It was found that the use of virtual currencies is associated with several risks and suspicious issues which may negatively affect individuals and countries. Therefore, such currencies mustn’t be sold, bought, or exchanged until providing clear mechanisms for controlling their use.