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The Legal Cause of “Holding Value” and Its Impact on Islamic Provisions Regarding Virtual Currencies

This article discusses the Islamic juristic position of virtual currencies. In the classical period, jurists differed on the reason behind Islam’s prohibition of usury when dealing with precious metals and their derivatives, with the majority arguing that this is because they are considered to hold value (thamaniyya). The cause (ʿilla) of “holding value” can therefore be applied through analogy (qiyās) to all things understood by the laity to hold value in any era. In the contemporary period, this cause can also be applied to virtual currencies such as Bitcoin if they fulfill the following ethical conditions: customary acceptance, legal validity, and value stability.