Phenomenological Study; Assessing the Differences in Crypto-Currency and Other Forms of Currencies, Legality in Islamic Jurisprudence

Abstract

Purpose, Main aim of this research is to spot a light on the working of crypto-currencies and the system of blockchain, with the brief literature review find the evolution in currencies. A review of cryptography and currency mining, an overview of the status of e-finance and discuss related issues and challenges. This paper Introduces advances and innovations in e-finance and challenges facing the financial services and IT industries. In addition, this research elucidates the Sharia status of crypto-currencies and their trade in the light of Islamic Jurisprudence. Design/methodology/approach, the paper employs the phenomenological technique of reviewing related literature, cross tabulation technique is used to identify the sharia status of crypto-currency, for that number of interviews conducted and recorded. Time spend on observing the network to ascertain how Bitcoin transactions work. Findings, using cross tabulation and phenomenological analysis, multiple factors identified to determine the Sharia status of crypto-currency. It tries to identify the actual standing of crypto-currency in Sharia jurisprudence. Originality/value, the development of sharia status, in theory could be helpful to widen the scope of Islamic Finance. Currently researchers and practitioners are still sceptical in the status of crypto-currency. Either is it legitimate to trade with these crypto currencies under the Islamic law and jurisprudence.