Juridical - Economic Analysis of Virtual Currencies Extraction in Islamic Economic System; (Bitcoin Case Study)

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Hossein Ayvazlou / Associate Professor of Political Economy Department, Imam Sadeghi University     ayvazlou@isu.ac.ir

Seyed Abbas Mousavian / Professor of the Economic Depatment, Research Institute for Islamic Culture and Thought     Samosavian@yahoo.com

@Mohsen Rezaei Sadr-Abadi / Ph.D. Student of Economic Science, Imam Sadiq University


Javad Nouri / Ph.D. Student of Law, Islamic Azad University, Science and Research Branch, Tehran
Received: 2019/08/11 - Accepted: 2019/12/25                                              Lawyer.j.nouri@gmail.com



In late 2008, with the advent of technology and the expansion of cyberspace, a phenomenon known as the "Bitcoin" cryptocurrency was introduced to the world and became popular. Although the extraction of virtual currencies is widespread in Islamic countries and Iran, there are still religious doubts about the legitimacy of its income. This paper studies the legal-economic analysis of virtual currencies extraction in the Islamic economic system using an analytical method. The results show that, firstly, given the spread of different instances of virtual currencies, the rule of extraction of each virtual currency must be applied in accordance with Islamic principles and rules. In this regard, from the point of view of individual jurisprudence, if the remuneration paid for the extractive activity is something which is not valid in the economic system, the contract is void. Secondly, from the point of view of government jurisprudence, practicing the activity of extracting virtual currencies that would strengthen Islamic rule is permissible and should be considered. On the other hand, it is not permissible to extract the currencies that give rise to the dominance of infidel regimes over Islamic state.

Key words: Virtual currency, Bitcoin, Islamic economics.

JEL: j31, K24, E51, K24, Z12.

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