Jurisprudential-economic exploration of the monetary nature of cryptocurrencies

Document Type : Original Article

Authors

1 PhD Graduate, Fiqh and Fundamentals of Islamic Law, Imam Khomeini and Islamic Revolution Research Institute, Tehran, Iran(Correspondence Author)

2 Assistant Professor, Jurisprudence and Private Law, Shahid Motahari University, Tehran, Iran

3 PhD student in Sociology of Economics and Development, Azad University, Research Sciences Branch, Tehran, Iran.

Abstract

Throughout the history of human exchanges, they have always been looking for the safest, easiest, fastest, and cheapest ways to make a deal; and for this very reason, they have been looking for more suitable replacements for the money that they are currently using. At the present, there are claims that the digital coins are going to replace the current currency; but this replacement will bring about challenges which may be contradictory with the goal of changing currency. This descriptive analytical research will investigate multiple definitions of currency and additionally it will address the three important challenges of Coin Finance, Coin Support, and Money Functions in Coins. The Islamic Jurisprudential studies prove that, firstly, being an asset is mentioned in the definition of money and digital coins also have value. Secondly, since money requires support, the limitation in the production of digital coins keeps their value over time, which along with other features such as being open source, being formed in blockchain platform, being impossible to change the network in one’s favor without the consensus of other users, etc. can function as support. Third, the triple function of money, medium for exchange, store of value, and value measurement of money, in digital coins too is being reinforced day by day.

Keywords

References

  • Ibn Athir Jazri, Mobarak bin Muhammad (1988), Al-Nahaye fi Gharib Al-Hadith va Al-Athar, Vol.3, Ed.4, Qom: Islamian Press Institute.
  • Ibn Manzoor, Muhammad bin Makaram (1993), Arabic Language, Vol.7, Ed.7, Beirut: Dar al-Fakr le-Taba’at va al-Nashr va Tawzi.
  • Azar Sarlak, Ahmad (1961), “Money, Banking Currency”, Vol.1, Hamedan: Noor-e Elm.
  • Bojnordi, Sayyid Hasan (1998), “Jurisprudence Rules”, Vol.3, Ed.1, Qom: Al-Hadi Publications.
  • Schuster Walser, Sibylla (1976), “Safavid Iran from the Point of View of the European Travelogues”. Translation: Phd. Gholam-Reza, (Place Unknown), (date Unkown).
  • Tafaghodi Asrari, Hossein (2013), “The History of Money and Its Evolution, The Quarterly Journal of Historical Research” Journal of the History Department of Ferdowsi University of Mashhad, Issue 54, pp 34-49.
  • Tavana’ian Fard, Hasan (2013), “Money, Advanced Theories”, Vol.1, Ed.1, Tehran: Morvarid Publications.
  • Tohidi Tabrizi, Mohammad Ali (1996), Mesbah al-Faqaha, Recitations by Sayyid-Abolqasem Mousavi Khoui, Vol.2, Ed.4, Qom: Ansarian Institute.
  • Jafar Al-Hadi (1992), al-Sho’on al-Eqtesadia fi nesus al-ketab va al-sunnah, Vol.1, Ed.1, Esfahan: Maktab Al-Imam Amir-al-Mo’menin publications.
  • Haji Molla Mirza, Hamed and Associates (2020), Blockchain, Vol.1, Ed.1, Tehran: Pulications of Grand University of National Defense and Strategic Research.
  • Khomeini, Seyyed Ruhollah (2006), al-Rasa’el ma’a Tazbilat le-Mojtaba al-Tehrani, Vol.1, Ed.1, Qom: Esmailian Press Institute.
  • Khomeini, Seyyed Ruhollah (1989), al-Rasa’el, Vol.2, Ed.3, Qom: Esmailian Press Institute.
  • Khomeini, Seyyed Ruhollah (2006), al-Rasa’el, Vol.2, Ed.4, Qom: Esmailian Press Institute.
  • Khomeini, Seyyed Ruhollah (2000), ketab al-Ba’I, Vol.3, Ed.1, Tehran: Imam Khomeini’s Writing and Publishing Institute.
  • Khomeini, Seyyed Ruhollah (1993), al-Makaseb al-Moharamah, Vol.1, Ed.1, Qom: Imam Khomeini’s Writing and Publishing Institute.
  • Khansari, Musa (1953), Resalah fi Qa’eda Nafi al-Zarar ‘for khansari’, Vol.1, Ed.3, Tehran: al-Maktaba al-Muhammadiah.
  • Khuei, Seyyed Abulqasem, Moqarar Borujerdi, Morteza (date unknown), al-Mostanad fi Sharh al-‘oruh al-vothqa, (Place Unknown), (Time Unknown).
  • Dezfuli, Morteza bin Muhammad Amin Ansari (1993), Ketab al-Makaseb ‘for shaikh al-ansari, al-haditha’, Vol.6, Ed.5, Qom: Global Congress of Honoring Sheikh Azam Ansari.
  • Rivard, Jean (1990), “History of Bank and Banking”, Translation: Shirin Hashtrudi, Vol.1, Ed.1, Tehran: Islamic Revolution Publication and Education Organization.
  • Zamani Farahani, Mojtaba (2010), “Money, Currency and Banking”, Vol.1, Ed.3, Tehran: Termeh Publications.
  • Zandi Hqiqi, Manouchehr (1990), “Money and Bank”, Vol.1, Ed.2, Tehran, (Publication Unknown)
  • Sobhani, Khoshkhuei (2021), “A Critical Review of Theoretical Debates Related to the Nature of Money and Providing an Alternative Definition”, Issue 3, pp 38-60.
  • Shahbazi Farahani, Dariush (2001), “The History of Coin in the Qajar Era”, Vol.1, Ed.1, Tehran: Purkeh Publications.
  • Sadr, Seyyed Mohammad Baqir (1996), Iqtisaduna, Vol.4, Ed.4, Qom: Islamic Propagation Office.
  • Sadr, Seyyed Mohammad Baqir (1962), Islam Yagud al-Hayyah, Vol.1, Ed.1, Beirut: Definitions House for Publications.
  • Ziyaei, Manoucher (1993), “A Collection of Government Approvals in the Field of Monetary and Banking issues from the year 1291 to 1357”, Vol.1, Ed.2, (Place Unknown), Monetary and Banking Research Institute of the Central Bank of the Islamic Republic of Iran.
  • Talebi, Mohammad; Nawabpour, Aliraza; Yousefi, Ahmad Ali (2018), “A Jurisprudential Analysis of the Function of Cryptocurrencies (The Case of Study: Bitcoin)”, The Scientific Research Quarterly of Islamic Economics, Issue 72, pp. 80-95.
  • Tarihi, Fakhr al-Din bin Mohammad (1996), Majma’ al-Bahrain, Vol.2, Ed.4, Tehran: Mortazavi Publications.
  • Fazel Miqdad, Ibn Abdullah (2004), Kanz al-Irfan fi Fiqh al-Qur’an, Vol.3, Ed.1, Qom: Mortazavi Publications.
  • Farahidi, Khalil (1988), Ketab al-Ain, Vol.2, Ed.2, Qom: Hejrat Publications.
  • Fayumi, Ahmed (1993), Al-Masbah al-Munir fi Gharib al-Sharh al-Kabir, Vol.3&4, Ed.2, Qom: Dar al-Hejrah Institute.
  • Qadiri Asli, Baqir (1987), General Economics, Vol.1, Ed.2, Tehran: Sepehr Publishing Center.
  • Qurashi Banaei, Ali Akbar (1991), Qamus-e Qur’an, Vol.3&6, Ed.2, Tehran: Dar al-Kotob al-Islamiah.
  • Kimijani, Akbar; Arabi, Hadi; Tavasoli, Mohammad Ismail (2012), “Reviewing and Criticizing the Theories of Western Economic Thinkers on the Nature of Money”, Iranian Economic Research Jurnal, Issue 51, pp.37-50.
  • Madani, Ali Akbar (1966), “Money for Everyone”, Vol.1, Ed.1, Tehran: (Publication Unknown)
  • Mustafavi, Hassan (1989), “Investigation of the Words of the Holy Qur’an”, Vol.1, Ed.3, Tehran: Ministry of Culture and Islamic Guidance.
  • Makarem Shirazi (1991), “Hameh’s Jurisprudential Discussions” Vol.2, Ed.1, Qom: Publications of the School of Imam Ali Bin Abi Talib.
  • Malikzadeh, Biaei (1991), “The History of Coin”, Vol.1, Ed.1, Tehran: Publications of Tehran University.
  • Naini, Mirza Mohammad Hossein Gharavi (1992), Al-Makaseb va al-bai’, Vol.2, Ed.1, Qom: Islamic Publishing Office Affiliated with the Teachers’ Community of the Seminary of Qom.
  • Nazari, Mohsen (2006), Eqtesad-e Kalan, Vol.1, Ed.1, Tehran: Negah-e Danesh Publications.
  • Nuri, Mahdi (2018), “Analysis of the Monetary Nature of Cryptocurrencies in the Economy; Emphasizing on the Comparison of the Volatility of Euro, Dollar and Gold; Economics Quarterly of Defense University and National Defense Research – Department of Defense Economics and Resources”, Issue 10, pp.90-120.
  • Yudefi, Ahmad Ali (1998), “The Nature of Money and Its Jurisprudential Economic Strategies”, Vol.1, Ed.1, Tehran: Research Institute of Islamic Culture and Thought.
Journal of Studies in Islamic Law & Jurisprudence
Volume 17, Issue 40
In Progress
October 2025
Pages 73-106

Files

Share

How to cite

Statistics