Islamic Legal View on Buying and Selling Bitcoin
Keywords:
Buying, Selling, Bitcoin, Islamic Principles, CryptocurrencyAbstract
The term "cryptocurrency" refers to a form of digital or virtual currency that does not exist in tangible form like paper money. That cryptocurrency can only be used with internet-connected PCs, laptops, smartphones, and other devices. Cryptosystems that make use of the blockchain system have a number of advantages, including the speed, convenience, and security of transactions, as well as the ability to be used in all nations and continents. However, there is still room for improvement in the circulating cryptocurrency, including the absence of supervisory authorities. Experts, including Islamic scholars, are constantly debating the advantages and disadvantages of using cryptocurrencies. The Koran, al-Hadith, Qiyas, and Sad-Adzariyah are the sources used in this study to examine the dynamics of cryptocurrency use from the perspective of ushul fiqh. Increasingly, cryptocurrency transactions are used for speculation, which violates Islamic principles. According to Surah Al-Qur'an An-Nisa verse 29, the elements of superiority are gharar and maysir, so the use of cryptocurrencies is permitted subject to certain conditions. Additionally, a country's legality must be clear for cryptocurrency to be used safely.
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References
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Firdaus, M. I., Pradhana, T. A., & Nasution, S. (2020). The Concept of Money According to the Thought of Ibn Taymiyah and Imam Ghazali and its Impelemation in the Economic Field. Al-Iktisab: Journal of Islamic Economic Law, 4(2).
Hamin, D. I. (2020). Crypto Currensi dan Pandangan Legalitas Menurut Islam: Sebuah Literature Review. Jurnal Ilmiah Manajemen Dan Bisnis, 3(2).
Hasan, Z. (2019). Market Share Islamic Banking In Indonesia. IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita, 8(1), 124–137. https://doi.org/10.46367/iqtishaduna.v8i1.157
Hasan, Z. (2020). Distribution Of Zakat Funds To Achieve SDGs Through Poverty Alleviation In Baznas Republic Of Indonesia. AZKA International Journal of Zakat & Social Finance, 1(1), 25–43. https://doi.org/10.51377/azjaf.vol1no01.7
Hasan, Z. (2021). The Effect of Profit Sharing Financing and Receivables Towards Total Assets in Islamic Banking: Case Study in BNI Syariah. LABUAN E-JOURNAL OF MUAMALAT AND SOCIETY, 15, 62–74.
Hasan, Z. (2022). Prospect of Islamic Electronic Money in Indonesia : Case Study on the LinkAja Application. Jurnal Ekonomi Syariah Indonesia, XII(1), 1–13.
Hidayat, E. (n.d.). Dampak Garar Terhadap Keabsahan Akad Muamalah Kontemporer. Jurnal Syarikah, 114–123.
Huda, N., & Hambali, R. (2020). Risiko dan Tingkat Keuntungan Investasi Cryptocurrency. Jurnal Manajemen Dan Bisnis, 17(1), 72–84.
Islamia, M. S., & Putri, I. S. S. (2022). Analisis Kepercayaan Pengguna E-Money (Studi Pada Masyarakat di Wilayah Bandung Raya). Jurnal Riset Bisnis Dan Investasi, 8(1), 39–46.
Jati, H. S., & Zulfikar, A. A. (2021). Transaksi Cryptocurrency dalam Pandangan Hukum Ekonomi Syariah. Jurnal Al-Adalah : Jurnal Hukum Dan Politik Islam, 137–148.
Juanda, R. A., & Rohmawati, A. A. (2018). Prediksi Harga Bitcoin Dengan Menggunakan Recurrent Neural Network. E-Proceeding of Engineering, 5(2), 3682–3690.
Julianti, T., & Apriani, R. (2021). Legalitas Investasi Bitcoin Ditinjau dari Aspek Hukum Menurut Undang-Undang Nomor 7 Tahun 2011 Tentang Mata Uang Serta Penyelesaian Sengketa. YUDISIA : JURNAL PEMIKIRAN HUKUM DAN HUKUM ISLAM, 12, 127–138.
Muhammad, R., & Ilyasa, A. (2019). Transaksi Bitcoin dalam Perspektif Hukum Islam dan Hukum Positif Indonesia. Mahkamah: Jurnal Kajian Hukum Islam, 4(1).
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Ozili, P. K. (2021). Financial inclusion and legal system quality: are they correlated? Journal of Money and Business, 1(2), 84–101. https://doi.org/10.1108/jmb-10-2021-0041
Pasaribu, P. N., Hubeis, M., Gumbira, E., & Hermawan, A. (2011). Hubungan Nilai-Nilai Islami, Budaya dan Kinerja Sumber Daya Insani Bank Muamalat Indonesia. MANAJEMEN IKM: Jurnal Manajemen Pengembangan Industri Kecil Menengah, 6(1), 73–80.
Prayidyaningrum, S., & Djamaludin, M. D. (2016). Theory of Planned Behavior to Analyze the Intention to Use the Electronic Money. Journal of Consumer Sciences, 1(2), 1. https://doi.org/10.29244/jcs.1.2.1-12
Rejeb, A., Rejeb, K., & Keogh, J. G. (2021). Cryptocurrencies in Modern Finance: A Literature Review. Etikonomi, 20(1), 93–118.
Sajidin, S. (2021). Legalitas Penggunaan Cryptocurrencysebagai Alat Pembayaran di Indonesia. ARENA HUKUM, 245–267.
Sakirman. (n.d.). Metodologi Qiyas dalam Istinbath Hukum Islam. Jurnal Pemikiran Hukum Dan Hukum Islam.
Shafira, Z., Khasanah, U., & Farida, Y. (2021). Analisis Performa Mata Uang Virtual (Cryptocurrency) Menggunakan Preference Ranking Organization Method for Enrichment Evaluation (Promethee). REKAYASA Journal of Science and Technology, 14(1), 1–9.
Sholikhin, M. Y., Nurul, R., & Amijaya, F. (2019). E-Commerce Based on the Law of Buying and Selling in Islam. The 2nd International Conference on Islamic Economics, Business, and Philanthropy (ICIEBP, 2019, 1360–1370. https://doi.org/10.18502/kss.v3i13.4290
Siddique, M. A., Haq, M., & Rahim, M. (2022). The contribution of Shariah-Compliant products to SDGs attending through the pace of economic growth: an empirical evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 13–15.
Soemitra, A., Irawan, D., & Fitrah, R. (2021). Electronic Money in Islamic View: Literature Study. International Journal of Engineering Technology Research & Management, 05(08), 58–67.
Suharni. (2018). Uang Elektronik (E-Money) Ditinjau Dari Perspektif Hukum Dan Perubahan Sosial. Spektrum Hukum, 15(1), 15. https://doi.org/10.35973/sh.v15i1.1108
Suzuki, Y. (2013). A Post-Keynesian perspective on Islamic prohibition of Gharar. In International Journal of Islamic and Middle Eastern Finance and Management (Vol. 6, Issue 3, pp. 200–210). https://doi.org/10.1108/IMEFM-Sep-2012-0086
Widyastuti, M., & Hermanto, Y. B. (2021). Cryptocurrency Analysis of Indonesian Market Education Facilities. International Journal of Economics, Bussiness and Accounting Research (IJEBAR), 2021(2), 534–546.
