Journal of Contemporary Islamic Law

Bitcoin is the most popular virtual currency and ranked higher than other cryptocurrencies. Emerging as a decentralized currency in the focus of transforming the worldwide monetary system, bitcoin is confronted with legitimacy constrain, lack of regulation and becomes the ideal means of payment for illegal activities. Generally, this article will focus on discussions on the mechanism of bitcoin operations as well as the relevance of bitcoin in functioning as a medium of exchange, unit of value and store of value based on Shariah perspective. In addition, this article also lists some fatwas and views of Islamic scholars related to the status of bitcoin according to Shariah as well as analyzes the uncertainty and usury elements to determine the status of bitcoin as means of payment in sales contract according to Shariah perspective. The outcome of this discussion explains the arguments, reasons and the ruling of bitcoin usage as means of payment according to Shariah.

Keywords: Bitcoin, function of money, fatwa, sales contract, uncertainty and usury.

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