The economic nature and fiqh rulings of cryptocurrencies

There are ongoing debates on the economic nature of cryptocurrencies. ongoing. However, it is essential to determine the economic nature of cryptocurrencies in order to evaluate them from the fiqh perspective. Most of the studies on this subject address the nature of cryptocurrencies in terms of the functions of money and conclude that they cannot be accepted as money. At this point, the following question comes to mind: If cryptocurrencies are not money, then what are they? In order to determine the economic nature of cryptocurrencies, the first part of the study addresses the issue of money in general. The definition, characteristics, historical development, types, legal status, and infrastructure (blockchain) of cryptocurrencies are discussed. In the second part, cryptocurrencies are evaluated as money and goods in fiqh terms. In the third part, the opinions of fatwa organizations and contemporary scholars on the fiqh rulings of cryptocurrencies are discussed and the fiqh rulings reached regarding these assets are presented.