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Cryptocurrencies have become a significant phenomenon in the global financial world. However, in the context of Islamic law, the question of the validity and regulation of cryptocurrencies remains a complex debate. This research aims to conduct a normative juridical analysis regarding cryptocurrency regulation in Islamic law, focusing on case studies in Indonesia. The research method used is a normative juridical approach, which involves collecting and analyzing legal data from relevant legal sources, such as laws, regulations, and religious fatwas. This legal data is then analyzed using legal arguments and theoretical approaches to understand and explain the legal status of cryptocurrencies in Islam. The research identifies key issues emerging in cryptocurrency regulation in Islamic law in Indonesia, including usury, gharar, maysir, and consumer protection. In this normative juridical analysis, researchers explore existing legal interpretations, relevant legal documents, and views of Islamic scholars and scholars related to the legitimacy and halalness of cryptocurrencies. The results of this study provide an in-depth understanding of how cryptocurrencies can be categorized within the framework of Islamic law, as well as the legal implications arising from the use and trading of cryptocurrencies. The research also identifies loopholes and challenges in cryptocurrency regulation in Islamic law in Indonesia and provides recommendations for the development of more effective regulation and in accordance with Islamic principles.

Recently, cryptocurrencies and bitcoin have become the main topics in the financial industry. A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. Cryptocurrencies have their benefits and drawbacks. The paper elaborates different aspects of cryptocurrencies, starting with their early development, challenges and risks, opportunities, advantages and disadvantages, and their future. In addition, the paper covered issues related to the practical and technical function of cryptocurrencies. It was concluded that is not easy to predict the future of cryptocurrencies, since there is a lot to be done especially in the field of formal regulations. However, the banks and other financial institutions should see and consider cryptocurrencies as an alternative for the financial transactions in the future.

While the debate about the needs and merits of cryptocurrency regulation is ongoing, the unprecedented price hikes of cryptocurrencies towards the end of 2017 triggered a somewhat unexpected sort of regulation in the form of public statements by governments and financial supervisors. It kicked in rather quickly and turned out to be much more effective than imagined. These interventions can be identified as one of the main factors that drove asset prices down, thereby preventing destabilizing bubbles. The experience of the supervisory response to the cryptocurrency bubble of the past months keeps important insights for any prospective regulation of cryptocurrencies. First, public statements are a highly effective regulatory tool in the short term as they manage market expectations, a fact which is well-known as forward guidance in monetary policy. So far, the legal framework in the EU takes insufficient account of the regulatory role of public statements. Second, regulation needs to keep up with the incredible speed of fintech innovations. Some regulators addressed the challenge by adopting a "sandbox" approach. However, the "sandbox" approach clearly calls for international cooperation. To achieve a balance between safety and innovation, international cooperation should emulate the experimental character of sandboxes. One could conceive of a "sandbox for regulators", an arrangement which would facilitate the exchange of information on regulatory initiatives among authorities but also the coordination of communication and forward guidance.

This paper provides a brief explanation of the block chain and the concept of "crypto currency", followed by an analysis of Bitcoin for permissibility from the point of view of Shari'ah. The decisions of well-known houses of fatwas were considered, and a number of criteria were developed and adopted with the help of which the Shari'ah position of a particular crypto currency can be assessed. The article identifi es provisions and decisions that can become the basis for issuing fatwas related to issues that concern many Muslims who care about the permissibility of their earnings.