Cryptocurrency Dan Blockchain – Technological developments such as Blockchain, Cryptocurrencies and Central Bank Digital Currencies (CBDC) have become important factors in the world of digital currencies. Blockchain, the basis of all cryptocurrency technology,

Delivers distributed technology that enables transformation in business reporting and security. Cryptocurrencies and the popular example Bitcoin have become an important part of the global digital financial ecosystem. Additionally, central bank-issued CBDCs are becoming a new focus in efforts to integrate blockchain technology with government finance. Because this technology promises efficiency and quality, questions about the ethics and law of digital money in the context of Islam as a religion become increasingly relevant. Islam has specific rules governing financial transactions and prohibits riba (usury), excessive speculation, and practices that are contrary to Islamic principles. Therefore, it is important to understand how E-Money, Blockchain, Cryptocurrency and CBDC can be aligned with the principles of Islamic law, known as Sharia law.

Cryptocurrency Dan Blockchain

Cryptocurrency is a form of digital currency that uses decentralized technology and privacy protections to ensure that anyone trying to spend some of that currency has the right to do so. Cryptocurrencies often use peer-to-peer networks to verify transactions and record them on a decentralized public ledger (commonly known as a blockchain).

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The word “Crypto” itself comes from the word “Cryptography” which refers to the process of storing information using mathematical algorithms. Transactions are carried out through peer-to-peer networks without the involvement of banks or central authorities using cryptocurrency. Every transaction is recorded in a public ledger (or blockchain) that is accessible to all users. Payment instructions are provided to users who wish to pay and distributed throughout the network. Cryptographic systems are used to allow the network to verify that a transaction is valid (i.e., the payee is the owner of the money in question). This is different from fiat currencies such as the Rupiah and US Dollars, where banks, like other banks, must keep transaction records digitally and are trusted to ensure the accuracy of these records. Additionally, the technology underlying cryptocurrencies also ensures that transactions cannot be rejected and protects users from the risk of double spending, that is, using resources for more than one transaction.

Meanwhile, Blockchain is a technology that was developed long before Bitcoin existed. In the early 1990s, Stuart Haber and Scott Stornetta created the idea of ​​Blockchain, which later became the main foundation of Bitcoin, which was created by Satoshi Nakamoto in 2009. Nakamoto cited three discoveries when explaining how cryptographers Haber and Stornetta. this technology works. can increase the level of security in the digital money transfer process through a decentralized system. Blockchain is essentially a digital ledger with a database distributed across multiple computers on a network. What differentiates it from other ledgers or financial databases is its data structure. Because blockchain collects transaction data in one block with limited permissions.

However, many blockchain developers are trying to overcome this robustness problem, such as blockchains using Proof of Stake (PoW), Proof of History (PoH), etc. verification.

Since the Lightning Network (LN) was built on the Bitcoin Blockchain, fees and transaction times can be faster, so developers are starting to address these issues.

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Many new blockchain technology efforts are trying to address this problem, such as the creation of Layer 2 Blockchains on the Ethereum network, such as Arbitrum, Optimism, and many others, as well as sidechains such as Polygon.

The use of blockchain technology has enormous and unlimited potential. This is the basis of data protection, which can be applied to a wide range of companies. We have now witnessed the use of blockchain technology in the financial sector, including digital identity, industrial data, music, supply chains, and the health sector. However, progress in applying this technology to various applications is still limited.

Central Bank Digital Currency (CBDC) is a digital currency issued by local governments. This CBDC is issued and regulated by a central bank or financial authority. CBDCs operate using digital ledger technology, which may or may not use blockchain, to speed up and increase the security of digital transactions.

CBDC is not a cryptocurrency. CBDC is completely controlled by the government or central authority where the cryptocurrency is decentralized. The details of the CBDC holder, including their real name, are included in the CBDC assets and can be seen by the sender, recipient and bank. In contrast to cryptocurrencies which are anonymous so the user’s real name is never known.

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Around 100 countries are currently exploring CBDCs. CBDC adoption is higher in countries with high digital penetration and high growth rates. Some countries that have or are developing CBDC are:

CBDC is a significant development in the world of digital currencies and many countries are exploring it as part of their financial reforms.

There are two types of cryptocurrencies: currencies accepted by customers and currencies not accepted by customers and companies. Bitcoin is starting to be accepted as a payment method in many countries, on websites and in stores. Various companies such as Microsoft, Subway, Reddit, Virgin Galactic, Expedia and many other stores have started accepting payments in Bitcoin. Coins like Litecoin and Ripple are not accepted as payment methods by multinational companies. Instead, they work in chains as a means of change and organization. From a Sharia point of view, since the two types of Cryptocurrency are used as peer-to-peer payment systems and are considered payment systems, they will be treated as money. It is a currency and exchange system of Ta’amul (commonly used) and Term (relationship contract) among Cryptocurrency users, the only difference is that Bitcoin is more widely accepted than Litecoin and Ripple. Bitcoin became a currency because of ‘Urf’ aam (common culture). Due to Al-Urf al-Khas (special traditions), cryptocurrency is considered the only means of payment as money in their network. Al-Urf al-Khas (special culture) refers to a practice or understanding that is specific to a particular group. This understanding can be caused by a situation, a job, a group or an agreement between a group of people. Sheikh Mustafa al-Zarqa believes that there are not many types of traditions because the needs and interests of society (Masalih) cannot be measured in time and space. Therefore, it is natural to imagine unique experiences built on blockchain.

Service tokens allow their holders to contribute, govern, and/or “work” on the blockchain. For example, there is a Creator (MKR) which gives its owner the right to form an organization that controls the stability of its income (DAI). This type of token is similar to rights and privileges to carry out certain activities on the blockchain. Therefore it is included in al-Huguqul-Urfiyyah and is similar to the right of way (Haqqul-murur). Therefore, in the opinion of many scholars, since Haqq al-murur is allowed to be bought and sold, it is also possible to purchase display cases of the work on the secondary market. Therefore, token trading works based on Sharia principles.

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Tokens are rights to a service or unit of service that can be purchased. This token can be compared to the API key used to access the service. These symbols are also considered Rights. These signs, like service marks, confer rights on their owners and fall into the category of “al-Huguqul-urfiyyah”. Therefore, it is possible to trade these tokens on the secondary market, provided that the project is sharia-compliant and passes sharia audits for ICOs.

Asset-based tokens represent a claim on an underlying asset, and the token is sent to the issuer to acquire the underlying asset.

These instruments are similar to Sukuk al-Ijarah and Sukuk al-Murabahah in that they represent beneficial ownership and interest in the underlying assets. The productivity of the underlying asset (Qabd) is achieved by holding the token in a digital wallet. This is based on AAOIFI Sharia Standard No. 18: “3/5 Ownership of documents such as import bills of exchange and warehouse receipts issued in the name of the owner or issued to receive interest and are constructive in nature. if the opening of the goods, goods and equipment is obtained from those documents, what do those documents represent and what rights do their owners have to them.”

Although the company has no legal obligation to fulfill these promises, these are tokens issued with the promise of participation in future revenues. The interpretation of such tokens from a Sharia perspective will depend on the existing system and the risks taken by investors. This allows the indicators to be regulated in accordance with Sharia principles by allowing investors to share risks. In this case, the sharia assessment of the main business and financial activities will be carried out in accordance with the share assessment process.

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Equity tokens are said to represent equity in the issuing company, giving their holders the right to vote as shareholders, participate in future distributions, and provide a beneficial interest in the company. These signs are similar to buying shares of a company. Before investing in such tokens, a sharia review of the underlying business and financial programs will be conducted, similar to the stock review process.

Tokens are issued with the promise of increasing profits, backed by the company’s promise to redeem and destroy the tokens once ongoing revenue is generated. These tokens can represent rights, equity, or assets. Token purchases may be sharia-compliant depending on the token structure and agreement. However, if the second sale is based on the first sales contract and agreed in the same contract, then there may be parties bound by the contract which could create a risk of non-compliance with sharia principles.

In this digital era, cryptocurrency has changed the financial system significantly. Cryptocurrencies are decentralized digital assets that enable global transactions without the need for a central authority such as a bank. Cryptocurrency security is provided by cryptographic technology that protects transactions from counterfeiting

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