Akademik Veri Yönetim Sistemi
TUJISE Turkish Journal of Islamic Economics , cilt.8, sa.1, ss.137-152, 2021 (ESCI)
Money has changed its form many times throughout
history and is currently used as paper with a nominal value in the markets. However,
money has becomes digital, especially with
technology. Transactions are carried out with the infrastructure provided by
banks and other leading financial institutions. As an alternative to the
current situation, currency has began to turn into electronic money, and beyond
that, cryptocurrencies have been developed independent of any central
authority. The usage areas for and number of those using these new currencies are
increasing daily.
Bitcoin, which emerged in 2009, dominated the cryptocurrency
market and attracted the attention of large masses with its rapid rise in value.
As its value increased, the cryptocurrency market size reached more than $800
billion in early 2018.
Users wanting to get a share from the value increases
of Bitcoin through cryptocurrencies are not in line with the philosophy of
cryptocurrencies. This also raises a problem of legitimacy for Muslim users in terms
of Islam. In addition to the negative opinion published by the High Board of
Religious Affairs in Turkey, negative fatwas are also found abroad.
On the other hand, Islamic jurists are also found who
argue that cryptocurrency is not a holistic problem. In our study, the
legitimacy of cryptocurrencies in terms of Fiqh will be evaluated
multidimensionally using existing opinions. In addition, the basic features of
cryptocurrency will attempt to be determined in accordance with Islamic Law.