Ruling on speculation in digital money - the Bitcoin model

asjp.cerist.dz

Ruling on speculation in digital money - Bitcoin as a model

Bin Abdessalam, Salima, Salmani, Yamina

Revival 21(2), 121-140, 2021

Virtual digital money, the most famous of which is “Bitcoin”, is one of the contemporary issues brought about by the tremendous technological and digital development, and its circulation has in fact expanded in various transactions. The importance of discussing this issue appears by visualizing the case of the spread of dealing with digital money in various transactions such as speculation, for example, and the risks and corruptions that may result from that; Which calls for the attention of researchers and scholars to clarify the image of the issue and clarify its provisions before it becomes an imposed reality. To discuss this issue, it is necessary to follow the inductive approach and the necessary mechanisms of description and analysis, and a plan of two topics: the first is about speculation in Islamic jurisprudence, and the second is about digital money and the ruling on dealing with it and speculating with it. The study concluded with a number of results, the most important of which are: 1) Dealing with digital currencies, including "Bitcoin". In its current form, it is forbidden according to Sharia for several reasons, the entirety of which is the absence of some conditions for the currency prescribed by the jurists, which are stability and stability of value, and its issuance by the Sultan, and it did not have assets and was not converted into shares or sukuk. And when dealing with it from deception and eating people's money falsely. 2) Speculation with virtual currencies is a kind of forbidden gambling because it is devoid of work and it is one of the pillars of legitimate speculation, and because the amount of profit is one of its conditions, and the ignorance of what is contracted leads to the corruption of the contract. Thus, it loses the wisdom of its legitimacy in achieving people's interests and facilitating their needs. 3) The function of money is to be a criterion of values ​​and a medium of exchange, not a commodity that is traded and speculated with, so people lose their goods and sales. Or to be a reason to withdraw liquidity from them as a result of speculation. Abstract: Virtual digital money, the most famous of which is "Bitcoin", is one of the contemporary issues produced by the tremendous technological and digital development.