Users perception of cryptocurrency system application from the Islamic views

Cryptocurrency is a peer-to-peer digital exchange system that uses cryptography to generate and distribute token. It is based on an encrypted, peer-to-peer network that facilitates digital barter. By using a cryptocurrency, users are able to exchange value digitally without third party oversight. In...

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Main Authors:	Al-hussaini, Abulfathi, Abubakar, Adamu, Noordin, Mohamad Fauzan, Mohd Mohadis, Hazwani
Format:	Article
Language:	English
Published:	2019
Subjects:	H61.8 Communication of information
Online Access:	http://irep.iium.edu.my/75884/ http://irep.iium.edu.my/75884/ http://irep.iium.edu.my/75884/1/IJASAT_JOURNAL.pdf

id	iium-75884
recordtype	eprints
spelling	iium-758842019-11-12T06:49:43Z http://irep.iium.edu.my/75884/ Users perception of cryptocurrency system application from the Islamic views Al-hussaini, Abulfathi Abubakar, Adamu Noordin, Mohamad Fauzan Mohd Mohadis, Hazwani H61.8 Communication of information Cryptocurrency is a peer-to-peer digital exchange system that uses cryptography to generate and distribute token. It is based on an encrypted, peer-to-peer network that facilitates digital barter. By using a cryptocurrency, users are able to exchange value digitally without third party oversight. In regard to the Islamic perspective of cryptocurrency, Muslim scholars and Shari’ah experts have developed varied opinions, some considering it to be permissible (halal) and others prohibited (haram). Among those scholars who consider it to be legally impermissible put forward their reasons, some of them arguing that it violates the constitutions of their governments. On the other hand, there are Muslim scholars who regard cryptocurrency as permissible in principle. Furthermore, there are many uncertainties related to the implementation of the cryptocurrency reported by many researchers and mentioned in the respective fatwas. A number of empirical studies have acknowledged the fact that cryptocurrency, from the Islamic perspective, constitutes the focus of most ongoing research work. Therefore, this current paper seeks to examine the user’s perception of cryptocurrency system application from the Islamic views. The paper utilized qualitative research approach by conducting interviews in order to determine the user perceptions of the system. The interview data gathered were analyzed. The findings indicate that there is lack of Islamic law on the basic criteria for the use of cryptocurrency as either a legal or illegal machinery transaction tool. Hence, Islamic digital currency model is necessary for applying Islamic law to the use of cryptocurrency. 2019-03 Article PeerReviewed application/pdf en http://irep.iium.edu.my/75884/1/IJASAT_JOURNAL.pdf Al-hussaini, Abulfathi and Abubakar, Adamu and Noordin, Mohamad Fauzan and Mohd Mohadis, Hazwani (2019) Users perception of cryptocurrency system application from the Islamic views. International Journal on Islamic Applications in Computer Science And Technology, 7 (1). pp. 13-25. ISSN 2289-4012 http://www.sign-ific-ance.co.uk/index.php/IJASAT/article/view/2019
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	H61.8 Communication of information
spellingShingle	H61.8 Communication of information Al-hussaini, Abulfathi Abubakar, Adamu Noordin, Mohamad Fauzan Mohd Mohadis, Hazwani Users perception of cryptocurrency system application from the Islamic views
description	Cryptocurrency is a peer-to-peer digital exchange system that uses cryptography to generate and distribute token. It is based on an encrypted, peer-to-peer network that facilitates digital barter. By using a cryptocurrency, users are able to exchange value digitally without third party oversight. In regard to the Islamic perspective of cryptocurrency, Muslim scholars and Shari’ah experts have developed varied opinions, some considering it to be permissible (halal) and others prohibited (haram). Among those scholars who consider it to be legally impermissible put forward their reasons, some of them arguing that it violates the constitutions of their governments. On the other hand, there are Muslim scholars who regard cryptocurrency as permissible in principle. Furthermore, there are many uncertainties related to the implementation of the cryptocurrency reported by many researchers and mentioned in the respective fatwas. A number of empirical studies have acknowledged the fact that cryptocurrency, from the Islamic perspective, constitutes the focus of most ongoing research work. Therefore, this current paper seeks to examine the user’s perception of cryptocurrency system application from the Islamic views. The paper utilized qualitative research approach by conducting interviews in order to determine the user perceptions of the system. The interview data gathered were analyzed. The findings indicate that there is lack of Islamic law on the basic criteria for the use of cryptocurrency as either a legal or illegal machinery transaction tool. Hence, Islamic digital currency model is necessary for applying Islamic law to the use of cryptocurrency.
format	Article
author	Al-hussaini, Abulfathi Abubakar, Adamu Noordin, Mohamad Fauzan Mohd Mohadis, Hazwani
author_facet	Al-hussaini, Abulfathi Abubakar, Adamu Noordin, Mohamad Fauzan Mohd Mohadis, Hazwani
author_sort	Al-hussaini, Abulfathi
title	Users perception of cryptocurrency system application from the Islamic views
title_short	Users perception of cryptocurrency system application from the Islamic views
title_full	Users perception of cryptocurrency system application from the Islamic views
title_fullStr	Users perception of cryptocurrency system application from the Islamic views
title_full_unstemmed	Users perception of cryptocurrency system application from the Islamic views
title_sort	users perception of cryptocurrency system application from the islamic views
publishDate	2019
url	http://irep.iium.edu.my/75884/ http://irep.iium.edu.my/75884/ http://irep.iium.edu.my/75884/1/IJASAT_JOURNAL.pdf
first_indexed	2023-09-18T21:47:20Z
last_indexed	2023-09-18T21:47:20Z
_version_	1777413537405075456

Users perception of cryptocurrency system application from the Islamic views

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