The Thematic Study of Cryptocurrency and its Jurisprudential Analysis (Bitcoin Case Study)

Advances in financial technology in recent decades have brought about great changes in the governments and the people's way of life and have brought about dramatic changes in the monetary system of countries. One of these technologies is cryptocurrency. Due to its spread in Islamic societies, it is necessary to understand the nature of this emerging phenomenon and its regulation by jurisprudence. To provide the conditions for deducing the jurisprudential ruling and its application in economic relations, it is necessary for the jurisprudence system to accurately identify the nature and economic functions of this phenomenon. Using desk-research method, web content as well as other international articles, given the newness of this issue, the jurisprudential aspects of this issue have been explained based on the rich foundations of Shiite jurisprudence at both levels of trade and mining. Finally, the challenges of this debate have been identified from the perspective of Islamic financial experts and the great authorities. Accordingly, the doubts such as, la Dharar (do not inflict), Nafi-e-sabil rule, (denying the domination of unbelievers over believers), the possibility of hacking and many other challenges that can be seen as a barrier to its legitimacy have been explored.