"Islamic Finance Researches" (IFR)
Jurisprudential review of the issuing money outside of the sovereignty based on the typology of cryptocurrencies
Document Type : Research Article
Authors
1 kharazmi, tehran
2 Studied at the Level of 4Department, Khorasan Department, Khorasan, Iran
Abstract
Introduction:
Monetary functions and asset functions of cryptocurrencies and how each one affects the money market and the financial market and Opportunities in the development of the cryptocurrency market and the threats of financial adverse effects nationally and internationally form the main issues of governance in this field.
Methodology
The thematic explanation of cryptocurrencies is based on library studies and an examination of the price and volume behaviors of important cryptocurrencies, and taking into account the regulations of countries with a Affirmative and supportive approach of this market and The subject of the research has been examined by applying the economic and jurisprudential foundations of cryptocurrencies.
Findings
it can be said: Regarding crypto-currencies with intrinsic value and crypto-currencies backed by fiat currencies, the validation of the mentioned bankroll is objective and the type of observer is not important.
In addition, those cryptocurrencies that have a definite non-monetary function are excluded from the scope of the examination of investigation regarding the issuance of money and will become the subject of investigation of their issuance as assets. Except for a few cryptocurrencies such as Tether, which plays a role as a tool of exchange between fiat currency and cryptocurrency and has been able to establish its place as a tool of exchange and money, in other cases, they will not have a tangible effect on the national and international monetary system. Therefore, the dominant approach of developed countries to the cryptocurrency market is the asset approach.
Conclusion:
The main policy regarding the issue of issuance, exchanges, and transactions of cryptocurrencies should be regulation in terms of its effects on the financial market rather than the money market. Of course, the effects of cryptocurrencies on the foreign exchange market under the influence of conflicts, sanctions, and currency fluctuations can be added to the scope of regulation.
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