The purpose of this research is to identify whether Bitcoin fulfills the criteria of being money according to Islamic law and economics. Digital currencies are a new phenomenon which hold great potential in the Islamic finance industry. Classical Fiqh and contemporary economics are explored to identify the criteria for something to be considered money. Bitcoin was identified as a new paradigm of currency which fulfills all the criteria of being currency according to Islamic law.
The full research paper can be downloaded from the following link:
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