Digital Currency (Bitcoin) A Legal, Economic and Jurisprudential Perspective

Abstract

One of the modern topics that has received wide attention and great popularity is digital, encrypted or electronic currencies, as each scholar calls them, as this topic is one of the emerging issues and developments in the field of the contemporary economics. Dealing with these digital currencies (Bitcoin) has become a widespread global economic phenomenon, with its repercussions at the individual and economic levels, as it affects monetary and financial policy in the state. Digital currencies (Bitcoin) have several advantages and simultaneously have many disadvantages and risks. Among their advantages are low fees, speed, privacy, confidentiality, universality and security. However, their economic risks are their use as a means of money laundering operations, and in internationally prohibited trades. In addition to that, there is no recognized central authority to observe the use of this currency, and therefore many individuals do not trust it. The researcher concluded with several results, the most important of which is that digital currencies (Bitcoin) need an in-depth study by legal, economic, and Sharia specialists, especially since such currencies are surrounded by a lot of ambiguity that requires caution in deciding the Sharia ruling on them in their current form, before purifying them from legal, economic, and Sharia impurities.