Legal Status of Cryptocurrency as a Digital Asset in the Perspective of Islamic Economic Law

Abstract

This research is motivated by the emergence of cryptocurrencies as digital assets, which have sparked debate in Islamic economic law, primarily due to their lack of physical form, the lack of a clear underlying asset, and the high price volatility that potentially contains elements of gharar and maisir. The purpose of this study is to analyze the legal status of cryptocurrencies from the perspective of Islamic economic law and to assess the influence of uncertainty and speculation on the validity of their transactions. The method used is library research with a qualitative descriptive approach through a review of scientific literature and recent academic publications. The results indicate that cryptocurrencies have a high level of gharar due to price fluctuations and the lack of intrinsic value, as well as elements of maisir due to the dominance of speculative practices. Therefore, cryptocurrencies are considered not fully compliant with the principles of Islamic economic law. Their use tends to be prohibited for speculation, but is still permitted in a limited manner with the principle of prudence.