Can crypto be used as money in Islamic finance?

The exploration of Cryptocurrency's suitability as a financial instrument from an Islamic finance perspective, undertaken by Siswantoro et al. (2020), reveals significant insights.

The study highlights the inherent volatility of Cryptocurrency, a characteristic that disqualifies it from being considered as a viable form of money under Islamic principles.

The assessment underscores the limitation of Cryptocurrency, emphasizing its inability to meet the criteria for monetary stability and reliability essential for Islamic finance.

Moreover, the research points to the potential for Cryptocurrency to be employed for speculative purposes, a practice that is explicitly prohibited under Sharia law.

This finding underscores the incompatibility of Cryptocurrency with Islamic financial principles, particularly when it comes to the sanctity and ethical underpinnings of financial transactions.