Employing the Digital Currency Transform in Financial Inclusion Support: A Comparative Jurisprudending Economic Study

Abstract

Purpose –The aim of the research is to address the possibility of employing the shift to digital currencies in support of financial inclusion within the framework of Islamic transactions.

Design/Methodology/Approach-The research deals with the concept of digital currencies as taking virtual and electronic forms and encrypted forms, whether legal or illegal. It also deals with the concepts of financial inclusion, which is the provision of banking and money transfer between financial institutions to small cash dealers in order to integrate the informal sector into the formal sector.The research presented the legal opinion on the legality of dealing in digital currencies and adopting them as a store of value, circulation, and dealing in buying and selling.

Findings–The research found that dealing with digital currencies and employing them in financial inclusion processes is permissible in the event that those currencies are subject to monetary authority and official control, and therefore it may be correct to employ electronic digital currencies or official cryptocurrencies with legal supervision for the purposes of financial inclusion.