How the Islamic State deals with cryptocurrencies according to its duties (Case Study: proof-of-work cryptocurrencies)

At the same time as the 2008 financial crisis, the world faced the idea of decentralizing "money," and the first decentralized currency based on pure computer credit was introduced in 2009. This idea, which was also raised by Hayek in the 1970s, created various forms of "private money" in the economy. Meanwhile, the Islamic State's approach to these types of currencies has been a topic of discussion. In this study, we used the thematic analysis method to examine the Islamic State's confrontation with proof-of-work cryptocurrency in accordance with its duties. We identified the proportion of cryptocurrencies with attention to the decentralized characteristic of the right to create it, using six tasks of justice: preserving the value of national currency, independence, and economic security, market stability, employment, and taxation. As a result of this study, we concluded that the government should address this phenomenon proactively and in a decentralized manner while considering the risks and opportunities it presents. Initially, cryptocurrencies posed a potential threat to the government's monetary governance, but they also have opportunities. The government's approach to mining should be informed by considerations of energy security and other sectors, from consumer education to targeted restrictions. This suggests that the government's flexible approaches can adapt to future market developments, and that extensive bans on technological attractions are ineffective. Targeted restrictions can be implemented to address necessary challenges.