Abstract
This research paper attempts to critically evaluate some of the existing literature on the legal status of Bitcoin in Islamic law and jurisprudence. The questions like what is Bitcoin? How Bitcoin can be earned/acquired? Is Bitcoin treated as currency? Does it function as a medium of exchange? Does it correspond to the definition of money in Islamic Law? Is Bitcoin a precious metal or food? Is it abundant in supply and freely available? Is it durable? Does it have intrinsic value? Does it exists in creation and is made valuable by God? These and other relevant questions have been tackled in this research paper. To answer these questions all the basic features of the Bitcoin have been thoroughly analyzed from the perspective of Islamic standards for a currency. The opinions of the contemporary Muslim and Non-Muslim jurists have been thoroughly reviewed in order to formulate a profound concept about the status of Bitcoin in Islamic law. The salient features of currency in Islamic law have been critically evaluated. The research paper is based on doctrinal method of legal research. At the end the paper is concluded with the findings that the general tendency of jurists is towards unacceptance of Bitcoin as a currency however there are jurists who accept it as a currency.
Dr. Muhammad Akbar Khan, Mr. Muhammad Zamin,. (2018) The Legal Status of ‘Bitcoin’ in Islamic Law, AFKĀR (Journal of Islamic & Religious Studies) , Volume 2, Issue 2.
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