Document Type : Science - Research (Islamic Finance Jurisprudence)

Authors

• Seyed Mohammad hashem pourmola ¹
• jafar zibaeenejad ²

¹ shiraz University

² department of jurisprudence and Quran science, faculty of theology and Islamic science. shiraz university. shiraz. Iran

Abstract

Cryptocurrencies, especially Bitcoin, as an emerging and developing phenomenon, have attracted the attention of Islamic thinkers, therefore, researches were conducted on its nature and rules from the perspective of Islamic jurisprudence. This article, while discussing the nature of Bitcoin transactions, has investigated the existence of usury, including transactional usury and loan usury, in such exchanges, using analytical-descriptive method and jurisprudential modeling of transactions of this cryptocurrency. From the point of view of transactional usury, according to the conditions stated in the validity of this title, including the terms of sale and also the validity of the title of sale in the transaction, the ruling of usury in Bitcoin exchanges was investigated and the following results were obtained in summary: The nature of Bitcoin From the point of view of some thinkers, it has a commodity aspect, and from the point of view of others, it is known as a debt document. In this article, based on both approaches, the possibility of transactional and loan usury was investigated. From the point of view of the authors of the article, according to the view of Bitcoin traders, the nature of Bitcoin is a combination of a commodity and a debt document. As a result, buying and selling it together with excess against Bitcoin as the same kind would be usury only if we consider the scarcity to be subject to transactional usury. From the point of view of loan usury, since any type of loan with excess is considered usury, there is usury if bitcoin considered as commodity. From the point of view of the debt document, usury is imaginable due to the fact that Bitcoin represents the dollar in conventional perspective.

Keywords

• cryptocurrency
• usury
• transactional usury
• loan usury
• bitcoin
• cheque
• virtual currency

Main Subjects

• Science - Research (Islamic Finance Jurisprudence)