Exploring Critical Issues in Cryptocurrency Exchange Platforms: Theft, Legal Challenges, Islamic Perspectives, and Economic Impacts
Theft: The CEO of the South Korean crypto exchange Bitsonic, Jinwook Shin, was arrested for allegedly stealing investments and deposits from users of the exchange[1].
Legal issues: A study on the binding power of cryptocurrency in electronic transactions found legal issues related to the use of cryptocurrency as a medium of exchange in business transactions[2].
Islamic perspective: There is a cryptocurrency called Caizcoin that claims to be sharia-compliant. However, according to the results of a meeting of Islamic scholars, cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are haram for activities[3]. Caizcoin is a platform developed in Germany and incubated in 2018, which claims to provide a secure platform using decentralized blockchain technology so that investors have the power to control their transactions without the involvement of any third party[3].
Impact on economy: A study analyzed the impact of the development of digital currency Bitcoin on the economy, particularly in terms of the presence of gharar elements[6].
Exchangeability: Cryptocurrencies can be exchanged with other currencies, similar to the exchange of gold with gold and silver with silver[5].
Citations:
[1] https://www.liputan6.com/crypto/read/5368334/bos-perusahaan-kripto-di-korea-selatan-ditangkap-diduga-curi-dana-pelanggan-rp-111-miliar
[2] https://repository.uinjkt.ac.id/dspace/bitstream/123456789/64053/1/YUSUF%20-%20FSH.pdf
[3] https://shafiec.unu-jogja.ac.id/2022/09/caizcoin-si-kripto-syariah-apa-benar/
[4] https://journal.unimal.ac.id/emabis/article/download/689/386
[5] https://journal.ikopin.ac.id/index.php/fairvalue/article/download/1284/1235/5555
[6] https://repository.ar-raniry.ac.id/16816/1/Niki%20Fitriyani%2C%20160602148%2C%20FEBI%2C%20ES%2C%20082363078889.pdf