Ruling on speculation with digital money Bitcoin as a model

Abstract

 Virtual digital money, the most famous of which is "Bitcoin", is one of the contemporary issues produced by the tremendous technological and digital development. Its circulation has in fact expanded in various transactions, and this calls into question the ruling on dealing with it in general, and about speculation in it in particular? The importance of examining this issue emerges by envisioning the prevalence of dealing with digital money in various transactions, such as speculation, for example, and the risks and corruption that may result from that. Which calls for the attention of researchers and scholars to manifest the image of the issue and explain its rulings before it becomes an imposed reality. To discuss this issue, it is necessary to follow the inductive approach and the necessary mechanisms of description and analysis, and a plan consisting of two topics: The first is about speculation in Islamic jurisprudence, and the second is about digital money and the ruling on dealing with it and speculating with it The study ended with a number of results, the most important of which are: 1) Dealing with digital currencies, including “Bitcoin” in its current form, is legally prohibited for several reasons, all of which are the absence of some of the conditions of the currency established by the jurists, which are stability and stability of value, and their issuance by the Sultan, and no assets were formed for it and were not converted into shares or sukuk. And when dealing with it from deception and consuming people's money unlawfully. 2) Speculation in virtual currencies is a type of gambling that is forbidden because it is devoid of work and is one of the pillars of legitimate speculation, and because of the ignorance of the amount of the profit, which is one of its conditions, and the ignorance of the contracted person necessitates the corruption of the contract. It thus loses the wisdom of its legitimacy in achieving people's interests and easing their needs. 3) Money, its function, is to be a benchmark for values and a medium of exchange, not a commodity with which to trade and speculate with it, so people lose what they do, their goods and their sales. Or to be a reason to withdraw cash from them as a result of speculation