KRIPTOVALUTE U PRIZMI ISLAMSKOG PRAVA
CRYPTOCURRENCIES IN THE PRISM OF ISLAMIC LAW

Summary/Abstract: Throughout a long history of the human community, money has taken various forms, and cryptocurrencies are its latest form. The aim of this paper is to present cryptocurrencies and how they function, what are their advantages and disadvantages and how Islamic law treats them. To understand the essence of cryptocurrencies, it is necessary to understand several key terms, such as blockchain, private keys, electronic wallets, mining, etc. One part of Islamic scholars share the view that money is the exclusive name for gold and silver. Coins of any metals different than gold and silver, whose nominal value is higher than the real value, they are not considered as money and treated them as commodities. The other part of the scholars call the money everything that is used as a means of payment in the exchange of goods, whether it is about gold, silver, copper, paper or anything else if it is generally accepted as a means of payment. Islamic scholars are unanimous in the attitude that minting money, outside of a legitimate mint, is prohibited if it represents actual and real harm to the community, and when the damage is possible but not real, regarding the issuance and printing of money by others outside the government, Islamic scholars have two conflicting opinions. Most modern scholars take a stand that cryptocurrencies, such as Bitcoin, are banned, but a significant proportion of them have remained reticent and a smaller proportion of scholars consider cryptocurrencies as allowed, under certain conditions. The main arguments of the prohibition are the fact that cryptocurrencies are not released or regulated by the state, shrouded in secrecy, they promote illegal activities and the black market, they are unstable and dealing with them looks like hazard and gambling. The permission of cryptocurrencies is based on the universal rule that every thing, basically, is allowed until a valid argument confirms the opposite, and the fact that cryptocurrencies have become valuable property and perform the functions of money.

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