Abstract
This article discusses the Islamic juristic position of virtual currencies. In the classical period, jurists differed on the reason behind Islam’s prohibition of usury when dealing with precious metals and their derivatives, with the majority arguing that this is because they are considered to hold value (thamaniyya). The cause (ʿilla) of “holding value” can therefore be applied through analogy (qiyās) to all things understood by the laity to hold value in any era. In the contemporary period, this cause can also be applied to virtual currencies such as Bitcoin if they fulfill the following ethical conditions: customary acceptance, legal validity, and value stability.
Highlights
FaOdRHdPoinEwEgRevtRheEerV,IlEiefWgathl erurluinligngonlegthaliiszeissuite, . itTRhewliigsiilolrneses2ne0ta2a0ri,clw1h1twH,hcxweo; .dwmneotdmier:pviFebieO.rcurogR,tmePins/EfjocEtueRohrnReoafEfli/rlVrluneiIEnlleiigWgwniognthpsliresogvailsizioenssiti,nittewrmills eonftail the emewrwgewn.mcedpoi.fcomne/jwournparlo/rve aspdeectte.rmining the legal nature of virtual currencies, dedtertemrmininigntghtehire vleagluael,ntahteureigohftsvirretsuuallticnugrrfernomcies, determining their value, the ri noutrtbortaddtuhicnattgiodtnheceimdi,negtco. n 1th. eInrturloedoufctviiorntual currencies wiltlreandtianigl oththemer,pertco.visions
Rather, [a currencyf’us]lfpilul trhpeosfoellioswtoinagcteathsiacasltaconnddairtdiobnys:tchuossteomwahroyuasceceipt.tance, legal validi Dirhams and dinars areTnhoetparpoulirfeproasteioinn tohfevmirsteulvael sc,ubrurtenincsietrsuims eanntsimthpatoratraendtecaoltnwteimthp[oinracroynptrraocbtsle.]m for jurists who Currencies, [as a sretrsiuvlet otof bdeeitnegrmcoinnesitdheerierdruiKnlisentyrgwuamocrecdonsrt:dsB,i]nitggcaoitinon;vtIhaselluamSeh.iacArLīnaaiw.nIs;ntvriutrhtmueeapnl actsutthr,rawetnodcroikeess innotall schools of law contain that purpo(mseaidnhiātshimb)atperroiavlidoredshgaupiedgesaitnos tthheaitrplautreprocsoeu[tnhtreorpuagrhtscufosrtocmonarsytruaccctienpgtannecwe.]r”u11lings, based on the
The legal cause is not changed by the existence of money, bars, dust, or jewelry made from gold and silver, because the
Summary
Thisvaalruteic,”leadltihsocugsvsheasclpuiteehr,die”obadIysl,tlhmajuomaurnigcsyhtsjaucsrditiaiseftldfiecmbreypitdoemsdoiatjniuoysntthaifoseicfaarvetliiamorstnoui,tnaeisdl bfcjoeuuhsrnitrniedfidncrcaeiItgesisluoa.nlmaI,nri’lsytfhiponeurownchldoaibrsrksietisgicouoanflajurolrfyisiupnsruwurdoyerknwsceho.efnjurdiespalriundgenwciet.h istsWdhiyff,etrheedreofonretW,hdehipdyr,ejutachsiroeoisurntesfbosmerehe,kitndatdliosdlIajisumnlradimtstts’hssiesepirejrukodshteoirfbilvciitmaaiottiinotvnteho?sfi,Isswujuistisutphtrioyfitschswaietbhilomennat?ojodIersexiatiptyliapnnaogrdsgswtuihbiinltsehgvtoitehewaxt,patanhndids stithsaitsbeevcieawus, eantdhesytaatere metathlsataanndytihtemir wdtehraiiccvtohantnhsiviyodelidestr,esemwvdaiwttlouhhehitcothohledthhmvoealadlcjuosoermvi(tatmyhluauamenrgtaiotnuyiitynh(ygeua)crt.foh)Tmabhtmettchuhainesuirsteiyesfo(briuellcraafa))ulobesfge“iththihmoeelradyetifenoagfroevramalueogef”itcicumarnraettnehcfeyorremforoefbceurarpepnlcieyd toahcoclodrdvianlguet1o.(tIthhnaetamrcSocathdonhaurirrydocīyitunaiog)?g.nhITtnohaotnehtahcelaeoSurghswyaero( ̄ırqidaily?lsaā,)Istn)hofiotsot“hShateoulrlddwtyihoneirgnxdagvsms,atlihuniense”dsSectahrusnedtoyrtuhoeedlxirnaebgmfyooirntehetbsereathldaepitrpoyufliltveiondirgthuooanlldtcruvardarleunoecfiivensirtaunayl ceurarr.eInnciethse nalofrgoym(qainyāIsl)amtoicafTjrlulhocrmetiohsnppiantrnreogumlIsdisfpleuanormnarcdateiiceropyrjneustprroosiespofrpdeivorciudtrbidt,vyueetanh,tlhcibsecyucpblraaeururieitsnlypdeceiitcnecoatgsinvhoiseoan,ladstbnhoyevibmraeuelupaialseodporipnitnaligineaotgdncoytoftohnpeetvreiarmcre.teaupIesnaooslrtntachibrnueylgrirspoehrnfeocpdbirelbiescymesjuefsrcotihasrtbasjlusisrhiBseittdscowbiynhjouifritshtesy arywpitehrioredg,atrhsditsrivctoaewugitstfoehulldcfriaeelatnglenatrdharmldessisofinoltvebloleeotrghw,aoeapiilnrdpgdlraiuentdtlhdihnuitgcsoailialvnccietrcortoo,nurdadnuilitndcicoegusntrhtsraou:ecnsntucheiisnweettosrSmdoshdiuaamucrrhīyecenaas.scsicIaonBennpittethcaowoenitcnpdheaei,imfsllteite,gthnewaerslyaoivotrunakrlsietdoiionttfyha,IelsallnlaisdtmcehrviocaaotluulsreeosoftaflbaIiwslliatym. ic ollojuwrinspgreutdheic(namcleacdobjuhnyrādihsiatpidibord)unipdsn:regocnuvcthseidteboeymdleaagdrauydliidanrceugcsletihtnpoegtaltenhogcenaeirl,trlhleuaigtlsieanrligsvcsooaunuleind.thtiTetiyshrp,isaasnrurtdess.vfeToaarhlruiccsehorsnectssaotebrnauitrlrccitithybinu.cgotennstreitwbourftuielslitnogfis,ltlhbiniasgsetdhisonimtphoertant important bjuerlisetjfuictrhKiasasettpiyc“ewNactsoo.prdmecsat:.nBictacnoibne; Iasljaumrisict oLfawth;evpirrteusaelnctuifrrheenicsiensot a scholar of the past.”[1]. The Legal Cause of “Holding Value” and Its Impact Received: 11 JuneR2e0ce2i0v;eAdc:c1e1ptJeudn:e72J0u2l0y; 2A0c2c0e;pPteudb:li7shJeudly: 820Ju20ly; P2u02b0lished: 8 July 2020 on Islamic Provisions Regarding Virtual Currencies Abstract: This Aarbtisctlreacdt:isTcuhsiseasrtihceleIsdliasmcuicssjeusritshteicIsploasmiticonjuorifstvicirtpuoaslitciuonrreonfcvieirst.uIanl cthuerrcelnacsiseicsa. The Legal Cause of “Holding Value” and Its Impact fulfill the f2ollDoewcpoiannrgtdmeitetinhotincosaf:lJcucuorisnstpdorimutidoaernnysc:aeccaucnesdtpoitmtasnaFcroeyu, naledcgcaaetilpovntaasn,liCcdeoi,tllylee,ggaeanoldfvSvahalialduriieatysa,tnadbnIidsliltavyma. AbstMraactn: BTahkiserar1,t*icalneddMiscuuhsasemsmtheed ISselammaiic2juristic position of virtual currencies.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
