Role Of Islamic Finance In The Face Of The Digital Currency Revolution

Abstract

For the past few years, there has been a significant increase in people’s interest in digital currencies. Councils and conferences have been organized to bat the nature and feasibility of digital currencies. Some argue that it's good to have the liberty to the current directive deep pocket system in which the predominant part is played by banks while the digital currency doesn't necessitate any bank account, imposition payment and auditing. Some others dissent with these arguments and claim that any mode of payment other than
traditionally known instruments parallel as cash payment, TT, cheques etc. will open the door to avoid impost and auditing, which in turn will make serious trouble to government budget and the overall falloff in GDP. This probation uses theoretical, descriptive, and
sound systems of probation and so focuses ondefining the place of digital currency in the fiscal system by determining the extent of its influence, reviewing the literatureon the motif, comparing the characteristics of paper have and crypto currencies (using the bitcoins as a prototype), Unveiling the Shariah Perspective of Digital currency and the reality of digital currency trading in Islamic countries.