Digital Currencies from the Perspective of Jurisprudence and Law

Abstract

The emergence of digital currencies has drawn a great deal of attention in research projects. Digital currency is a type of money in virtual space that are born on the Internet ground. Along with the introduction of digital currencies in the economy, we have seen a profound change in payment systems that may change the future of money. Digital currencies are money in nature and considered as a property in jurisprudence. According to studies, emergence, extraction, and framework or digital currencies are free of any jurisprudence impediment. Based on theoretical foundations, digital currencies are property and money and given their ambiguities and shortages and the administrative jurisprudence approach, digital currencies may not be approved by the religion while the ambiguities are not solved. Jurisprudence rules namely no damage, destruction and the rule of negation of domination (the sovereignty of non-Muslims on Muslim is not acceptable) are the key rules that limit the extent to which digital currencies are acceptable. At the beginning, digital currencies appear as highly complicated and ambiguous, while, they actually have a simple nature. The essence of digital currencies is not clear despite different opinions stated about them and advantages and disadvantages. The present study is an attempt to introduce efficient strategies to use digital currencies and solve many of the disadvantages.