A new look at the jurisprudential nature of cryptocurrencies and its reality

Since earliest times, money has been a medium of exchange, a measure of the value, and store of value. The newest developments in the field have made us face a new type of money known as cryptocurrencies which, contrary to the traditional forms, are not controlled by states. This has given rise to questions on their legitimacy. This article provides both a jurisprudential and conventional understanding of the issue with some explanations about their functions and benefits and harms. First, we have sought the possibility of attributing finance to this new type of money and after approving it, its transactional structures are presented. According to jurisprudential definitions, one can adjust acts such as bai’(contract of sale) , solh (amicable arrangement), and undetermined contract to transactions that use cryptocurrencies. We have concluded that, contrary to current oppositions, we can confirm the validity of transactions based on cryptocurrencies.