Özet:

Today, the rapid development and widespread use of technology has brought many innovations. In addition to the developments in information technology and internet network, software engineering, decentralized formations, blockchain technology and advances in the cryptocurrency system attract great attention in the national and international arena. Cryptocurrencies, which emerged as an alternative to traditional payment systems, have gained a dizzying momentum with the integration of technology into financial systems. However, although the security of cryptocurrencies, which have a decentralized feature, is ensured by cryptographic systems, some governments do not find the operation of this system safe and make legal regulations to protect their users against the risks. In addition, it is argued that with the widespread use of expenditures with cryptocurrencies, the effect of classical payment methods will decrease. To shed light on this context, after the concept of money, its functions, and its historical development process are explained, the article will focus on what cryptocurrency and its economic functions are, and then, in particular, it will analyse the views of contemporary Islamic jurists on the legitimacy of cryptocurrencies. In addition, the study will reveal the risk level of cryptocurrencies, the possibility of circulation, and the legal regulations made by the states, especially the most recent legislative changes in Turkey. Nowadays, an exchange of cryptocurrencies has already formed. The daily use of cryptocurrencies may fulfil the role of traditional money in the economy. With the acceleration of e-commerce transactions, cryptocurrencies have gained widespread use, and have reached a potential that can be traded in a universal network with a distributed free-end encrypted digital value. Therefore, it has identical aspects that fit the definition of money. Although this is the case, there are still debates about the current state of crypto currencies in terms of Islamic law. Islamic jurists emphasized that there should not be “uncertainty, deception, fraud, ignorance, and interest” in transactions that cause mutual debt and stated that the agreements containing these are not valid. Likewise, they drew attention to the occurrence of important conditions such as the fact that the goods are in circulation, which is required by the legal norms in monetary transactions, and the transaction made is specific or identifiable. Accordingly, transactions and contracts made with cryptocurrency must, first of all, comply with the purposes of the law and the requirements of the contract. It will be inevitable for us to face the realities of our age in order to reach a correct conclusion regarding the legitimacy of crypto coins according to Islamic law. In these days, financial transactions are carried out in cryptocurrency exchanges, in a very wide network despite the risks, reaching very high volumes. Just as the money that has physical assets is used in circulation, there is no harm in using these currencies as a means of accumulating wealth or in money transfer transactions. Likewise, cryptocurrency mining is not prohibited legally. However, it is forbidden to use it for manipulation and speculation. Already existing risks and concerns for cryptocurrencies are in question for traditional currencies, too. The important thing is how and for what purpose cryptocurrency and other types of money are used. Whether we consider cryptocurrencies as money, goods or benefits, or financial assets, as these coins are not legally prohibited just like traditional currencies, if their risks are eliminated and accepted as a means of circulation and a measure of value by the society, we can say that they will be qualified as money just like banknotes and they will fulfil all the functions of traditional money.

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