ALIGNING CRYPTOCURRENCIES WITH ISLAMIC LAW: CHALLENGES, ETHICAL CONCERNS, AND REGULATORY SOLUTIONS
Cryptocurrencies, underpinned by blockchain technology, present significant challenges to Islamic law due to their volatile nature, speculative tendencies, and lack of intrinsic value, which introduce elements of gharar (uncertainty) and maysir (gambling), both prohibited under Sharia. Additionally...
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Fakultas Syariah UIN Mataram
2024-12-01
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| Online Access: | https://istinbath.or.id/index.php/ijhi/article/view/887 |
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| author | Nova Mentari Putri Rahmadani Fajar Fajar |
| author_facet | Nova Mentari Putri Rahmadani Fajar Fajar |
| author_sort | Nova Mentari Putri Rahmadani |
| collection | DOAJ |
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Cryptocurrencies, underpinned by blockchain technology, present significant challenges to Islamic law due to their volatile nature, speculative tendencies, and lack of intrinsic value, which introduce elements of gharar (uncertainty) and maysir (gambling), both prohibited under Sharia. Additionally, cryptocurrencies' decentralized and pseudonymous nature has raised concerns about their potential misuse in money laundering and other criminal activities, further complicating their alignment with Islamic principles. The research emphasizes the need for a multi-faceted regulatory approach, incorporating Sharia advisory boards, asset-backed cryptocurrencies, and advanced RegTech solutions such as blockchain analytics and E-KYC protocols. By fostering collaboration among scholars, regulators, and financial experts, this study aims to bridge the gap between innovative financial technologies and Islamic law, promoting ethical growth and stability in the cryptocurrency market.
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| format | Article |
| id | doaj-art-90c5cce5702a4a378002499b650eb6dd |
| institution | DOAJ |
| issn | 1829-6505 2654-9042 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Fakultas Syariah UIN Mataram |
| record_format | Article |
| series | Istinbath |
| spelling | doaj-art-90c5cce5702a4a378002499b650eb6dd2025-08-20T02:57:39ZengFakultas Syariah UIN MataramIstinbath1829-65052654-90422024-12-0123210.20414/ijhi.v23i2.887ALIGNING CRYPTOCURRENCIES WITH ISLAMIC LAW: CHALLENGES, ETHICAL CONCERNS, AND REGULATORY SOLUTIONSNova Mentari Putri Rahmadani0Fajar Fajar1Universitas Trunojoyo MaduraUniversitas Trunojoyo Madura Cryptocurrencies, underpinned by blockchain technology, present significant challenges to Islamic law due to their volatile nature, speculative tendencies, and lack of intrinsic value, which introduce elements of gharar (uncertainty) and maysir (gambling), both prohibited under Sharia. Additionally, cryptocurrencies' decentralized and pseudonymous nature has raised concerns about their potential misuse in money laundering and other criminal activities, further complicating their alignment with Islamic principles. The research emphasizes the need for a multi-faceted regulatory approach, incorporating Sharia advisory boards, asset-backed cryptocurrencies, and advanced RegTech solutions such as blockchain analytics and E-KYC protocols. By fostering collaboration among scholars, regulators, and financial experts, this study aims to bridge the gap between innovative financial technologies and Islamic law, promoting ethical growth and stability in the cryptocurrency market. https://istinbath.or.id/index.php/ijhi/article/view/887Cryptocurrency transactionIslamic lawSharia compliance |
| spellingShingle | Nova Mentari Putri Rahmadani Fajar Fajar ALIGNING CRYPTOCURRENCIES WITH ISLAMIC LAW: CHALLENGES, ETHICAL CONCERNS, AND REGULATORY SOLUTIONS Istinbath Cryptocurrency transaction Islamic law Sharia compliance |
| title | ALIGNING CRYPTOCURRENCIES WITH ISLAMIC LAW: CHALLENGES, ETHICAL CONCERNS, AND REGULATORY SOLUTIONS |
| title_full | ALIGNING CRYPTOCURRENCIES WITH ISLAMIC LAW: CHALLENGES, ETHICAL CONCERNS, AND REGULATORY SOLUTIONS |
| title_fullStr | ALIGNING CRYPTOCURRENCIES WITH ISLAMIC LAW: CHALLENGES, ETHICAL CONCERNS, AND REGULATORY SOLUTIONS |
| title_full_unstemmed | ALIGNING CRYPTOCURRENCIES WITH ISLAMIC LAW: CHALLENGES, ETHICAL CONCERNS, AND REGULATORY SOLUTIONS |
| title_short | ALIGNING CRYPTOCURRENCIES WITH ISLAMIC LAW: CHALLENGES, ETHICAL CONCERNS, AND REGULATORY SOLUTIONS |
| title_sort | aligning cryptocurrencies with islamic law challenges ethical concerns and regulatory solutions |
| topic | Cryptocurrency transaction Islamic law Sharia compliance |
| url | https://istinbath.or.id/index.php/ijhi/article/view/887 |
| work_keys_str_mv | AT novamentariputrirahmadani aligningcryptocurrencieswithislamiclawchallengesethicalconcernsandregulatorysolutions AT fajarfajar aligningcryptocurrencieswithislamiclawchallengesethicalconcernsandregulatorysolutions |