ISLAMIC ASSESSMENT OF ELECTRONIC CURRENCIES WITH SPECIAL REFRENCE TO BITCOIN

Today, Financial Technology (Fintech) is fast driving revolution in the financial markets across the entire globe. Such technologies are wide-ranging in both forms and scope; from cloud computing, algorithmic trading, distributed ledgers, machine learning, artificial intelligence (AI) to cryptocurrencies, especially the Bitcoin, and many more high-tech breakthroughs. These technologies indeed, have the potentialities for momentous and all-encompassing transmutation impact on the monetary markets, very soon. One of the most forceful inventions is the Bitcoin that is not only drawing the attention and concern of government and private financial institutions around the world, but also of the Muslim scholars. The Ulama on the scanty datum and fluffy fragmented information of the Bitcoin rushed to issue to Muslim Ummah differing fatwas and opinions which are sometime inclined connotations. In fact, it was this hasty issuance of the legal verdict that prompted this research. The researcher after gathering relevant available materials which includes but limited to articles from E-books, pdf, newspapers, magazines, journals, video and podcasts clips from the cyberspace, he leaped into action. Similarly, books from the library, telephone calls to financial experts, scholars, jurists, academicians as well as interactions with friends with diverse experiences have contributed to the success of this research. These vast resources were carefully studied, sorted out, analytically evaluated and extensively assessed in the

• of juristic principles of tahreem and tahleel vis-a-vis the reasons put forward by the Ulama debunking cryptocurrency as Haram. After the final analysis, the researcher discovered that all their arguments were Islamically weak arguments and so he refuted them in the most respectful manner. Thus, there is need for further concerted efforts for the Bitcoin antagonists Ulama to research more on the technology of Bitcoin for deeper and cogent understanding so that they review their fata was and properly educate their followership correctly. In the same vein the researcher concludes that Bitcoin cannot be Haram as an invention and its intended usages as whatever it was accused of which warranted its proscription have been imbedded in the fait currency, since centuries. Finally, the researcher recommends more research by Muslim academicians and scholars for better understanding and public awareness on Bitcoin.