Crypto-currencies from islamic economics / Mohamad Khairi Abdul Razak

Nowadays, crypto-currencies, bitcoin and blockchain has become a main issue that the Muslim scholars debate in the financial system. Bitcoin is a virtual currency that uses cryptography and blockchain for security. Most of the people in the country are not know and lack of knowledge regarding this crypto-currency. There are also have many disputes among the muslim scholars because some of the country already come out with fatwa which is not permissible to made as a transaction. Crypto-currency have the advantages also. In this paper will be discussed the advantages, disadvantages, the validity of the crypto-currency and the suggestion from the researcher in International Shariah Research Academy (ISRA) regarding the regulation that the regulator should take to ensure that if the crypto-currency are applied in this country without any speculation. Crypto-currency is the digital money and maybe one day it will be applied fully as a mode of payment. So, the banks and other financial institutions should see and consider crypto-currencies as an alternative for the financial transactions in the future.