While there is a bill before Ghanaian parliament which will allow for the use of cryptocurrencies (seemingly with companies registered as “Electronic Money Issuers” by the government), the current stance of bitcoin (and other cryptocurrencies) is, according to Graphic Online, one of “six countries that have outlawed [bitcoin].” Addison’s statements come weeks after a recommendation from the Ghanaian investment bank, Group Ndoum, suggested that the Bank of Ghana invest 1 percent of its reserves in bitcoin. If the miners succeed to solve mathematical puzzles, they gain cryptocurrency, otherwise they get nothing. Lietaer, B. If Defendants file motions to dismiss, this could be one of the first cases to reach this issue. The most recent hack of significance occurred in January 2018 when Coincheck, a cryptocurrency exchange, was hacked and 500 million in NEM coins (about 5% of the total supply of this cryptocurrency) were stolen. The cryptocurrency’s price, in this case Bitcoin’s price, is very unstable, which is much higher than the national currency. In this study, the methodology used is descriptive with a qualitative approach. Overall, the Another group has opinion that it is permissible in Islamic Law (halal). Since fiat currency is not backed by gold, it has no intrinsic value. v. Garza, et al., 3:16-cv-940 (D. Conn. June 15, 2016): On October 11, 2017, the U.S. District Court for the District of Connecticut denied a motion to dismiss a putative class action complaint alleging, among other things, that defendants Stuart Frazier and GAW Miners (“GAW”) engaged in fraud in connection with the purchase and sale of securities, as well as the offer and sale of unregistered securities. This differed slightly from the view in 2015 that the Aussie government would seek a “hands-off” approach to cryptocurrencies. Audet, et al. The users of Bitcoin in Indonesia were around one million. Referring to Adam (2017), something that does have thamaniyyah can still be traded as a medium of exchange in a transaction. (go back), 12United States v. Coinbase, Inc., C.A. The result of the BI regulation enforcement is a decrease in Bitcoin users, which is around 300,000 users nowadays. Risks and Returns of Cryptocurrency Yukun Liu and Aleh Tsyvinski NBER Working Paper No. Table II shows the regulation implication of Bitcoin acceptance. The Bitcoin price period July 2016‒June 2018, The Bitcoin standard deviation of daily return period July 2016‒June 2018, Price volatility comparison between gold and Bitcoin period July 2016‒June 2018, The seven requirements of money: a comparison, Regulation implication of bitcoin acceptance, Source: https://news/reviews/6163-total-control-top-5-countries-withstrictest-bitcoin-regulation (accessed June 27, 2018). Whether illegal use has an impact on cryptocurrencies on Sharia’s complaint? After years of analyzing alternative investment funds, he uses his JD and MBA to analyze regulatory and investment trends on new, alternative, and illiquid asset classes. On the contrary, the convertible virtual currency allows the exchange into fiat currency and also can be used for good and services payment in the real economy. Since it is an independent standard value, it must have stability and should be worldwide acceptable. While blockchain is the foundation of cryptocurrency, it has other uses. In terms of the legal perspectives, cryptocurrency does not meet the criteria as currency. After five months, the price rocketed to USD 19,345 per Bitcoin. But its main feature cannot be separated from the users who use cryptocurrency for their illegal transactions. The People’s Republic of China appears to be the most stringent cryptocurrency regulator of the major economies regarding cryptocurrencies. (2018), “Cryptocurrencies from Islamic perspectives: the case of bitcoin”, Bulletin of Monetary Economics and Banking, Vol. After weeks of hearings, which included testimony from experts like Andreas Antonopoulos, the Canadian Parliament approved Bill C-31 on June 19, 2014, the world’s first national law on digital currencies.