The requirements of cryptocurrency for money, an Islamic view

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35 Citations (Scopus)


This research aims to evaluate the suitability of cryptocurrency as money from the Islamic perspective. Money, in the Islamic perspective, has specific characteristics and requirements, such as stability and is based on assets. Cryptocurrency may not fulfil this as it has queries as money from the Islamic perspective. The research method applied data of 23 cryptocurrency prices and related information. The result shows that cryptocurrency is hugely volatile and has limits to being called ‘money,’ as it is limited and used for speculation, which is prohibited in Islam. The research implies that Muslims would be reluctant to use cryptocurrency as money, as a currency of transaction. This reason raise an expectation that the cryptocurrency will not develop rapidly in Muslim countries.

Original languageEnglish
Article numbere03235
Issue number1
Publication statusPublished - Jan 2020


  • Coin
  • Cryptocurrency
  • Economics
  • Financial economics
  • Financial market
  • Gold
  • International finance
  • Islamic
  • Money
  • Paper
  • Public finance
  • Religion


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