scholarly journals Economic and Legal Analysis of Cryptocurrency: Scientific Views from Russia and the Muslim World

Laws ◽  
2021 ◽  
Vol 10 (2) ◽  
pp. 32
Author(s):  
Shamil Shovkhalov ◽  
Hussein Idrisov

The article is devoted to the analysis of cryptocurrency as a new phenomenon in the modern global economic processes and legal institutions. The relevance of the study is predetermined by the very specifics of such a phenomenon as cryptocurrency consisting of a distributed ledger technology, which determines the peculiarities of issuing, storing and performing operations with cryptocurrency. Moreover, the cryptocurrency turnover directly correlates with the national legislation of individual countries, which are the subject of domestic regulation with currency, tax legislation and legislation on the securities market. Sometimes, in this regard, there is a clash of public interests and the interests of entities involved in the circulation of cryptocurrencies. Cryptocurrency, as an unconventional, trendy phenomenon of the recent times, has become the object of research and discussions on all the world platforms, starting with academia, continuing with the business community and ending with state institutions. There are many reasons for explaining such interest and they can all be reduced to two main blocks: the advantages and the disadvantages of cryptocurrency circulation. The problem of cryptocurrency turnover, on the one hand, is that until now none of the national economies have regulated the cost-effective mechanism for the cryptocurrency turnover and, on the other hand, the leading countries have not yet set up an effective system of legal regulation of cryptocurrency. Many countries are in the active process of working to adequately address the above problem. Separately, it is worth highlighting the interest of Muslim countries in this issue, where discussions are still underway about the permissibility of cryptocurrency in Islamic law. As for the Russian realities in the context of the issue under study, the Federal Law “On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation“, which came into effect on 1 January 2021, was supposed to streamline relations of subjects including cryptocurrencies, but, according to the experts in this field, this law is far from impeccable and this sphere of relations cannot be quickly and effectively regulated. This article describes the characteristics of cryptocurrency, its essence, disadvantages and advantages as an object of economic and civil law relations. The purpose of the research is to analyze the economic and legal phenomenon of cryptocurrency, as well as its characteristics in the Muslim legal system. The complexity of the work should be emphasized as a novelty. Based on the designated goal and the logic of construction, the study consists of three interrelated parts. The first part outlines the characteristics of cryptocurrency as an economic category, the second part is devoted to its legal analysis and the last part of the study demonstrates the Islamic perception (Sharia analysis) of this phenomenon. As a conclusion on the scientific research, we will highlight the following provisions. First, economically, nowadays, cryptocurrency is a rather controversial financial instrument: on the one hand, it has great investment attractiveness, but on the other hand, it is subject to great volatility and seems to be a rather risky financial asset. Secondly, from a legal standpoint, cryptocurrencies have not yet found their consistent consolidation and further legal regulation in the Russian legislation. It seems that the legal regulation of this institution will systematically develop depending on what application and results of its turnover the cryptocurrency will have in the future. Finally, the Islamic interpretation of the cryptocurrency phenomenon boils down to the absence of a single, consistent explanation of it from the perspective of Islam and Sharia as an object of permissibility (or prohibition) of transactions with it. It is necessary to further analyze the practice of using cryptocurrency and its impact on the economy and legal institutions in order to make a final decision on its permissibility or prohibition in correlation with the types of activity and the upcoming consequences associated with it.

rahatulquloob ◽  
2021 ◽  
pp. 1-13
Author(s):  
Dr. Abdul Wadood Abed ◽  
Dr. Hedayatullah Modaqiq

Islamic law, by having features in its principles that are fixed and variable, expresses its authority in any situation and time. Of course, this feature reflects the unique legislative miracle of Islam itself. The source of Islamic law is divine and heavenly, so it has always descended directly through the revelation of Allah Almighty, the Lord of the worlds, and has been arranged according to His wisdom and providence and has been considered in the context of time and place according to their nature and needs. Changing of a fatwa is the change of one rule in a specific issue to another one along with a Sharia cause that agrees with the aims and purposes of the Sharia. Therefore, there is no change in the prescribed rules and the fixed principles of Shari, but Ijtihad, Qiyas and expedient rules can be changed; Because there are many rulings that have been permitted for expediency, after the passage of time and the change of place have led to corruption, which again has become impermissible. The rule of fatwa changing has been valid in the Sharia; Because, on the one hand, the Companions and their followers have used it in their ijtihad fatwas, and on the other hand, Islamic jurisprudence is a developmental debate that progresses together with the caravan of life, no awareness of the demands of time, place and scientific development is synonymous with depriving the Islamic Ummah from virtues and facilities of life, so it is necessary that the change of the fatwa has to be compatible to the change of expediencies, otherwise it will lead to corruption and harm. Statement of the problem: The Islamic jurists have divided the Islamic rules into fixed and variable. This means that the prescribed laws, which are in harmony with meek nature, do not accept changes but the rules which are based on ijtihad can be changed. The discussion of changing the fatwa and its temporal and spatial factors is one of the important issues of jurisprudence that scholars have paid attention to and therefore the answer to these two questions is necessary for the researcher whether changing the fatwa is permissible? Are the requirements of time and place effective in its changing?


2008 ◽  
Vol 7 (1) ◽  
pp. 121-142 ◽  
Author(s):  
CHAD P. BOWN ◽  
ALAN O. SYKES

AbstractThis paper addresses the issues that came before the Appellate Body in the Softwood V dispute, concerning an affirmative antidumping determination by the US Department of Commerce. The paper addresses both the original Appellate Body opinion in the dispute, and the later opinion reviewing the compliance panel findings. We focus primarily on the ‘zeroing’ issue in ‘transaction-to-transaction (T–T)’ calculations of dumping, and briefly on two other cost-allocation issues. In general, we are ambivalent about the Appellate Body's approach to the zeroing issue. On the one hand, zeroing inflates dumping margins without any sound economic rationale for doing so. On the other hand, zeroing has been a standard administrative practice for many years and the ADA does not clearly prohibit it. The Appellate Body's legal analysis of the matter in T–T cases, in particular, rests on shaky premises. We also consider the wisdom of addressing the zeroing issue in piecemeal fashion through what has proven to be a lengthy sequence of narrow decisions.


This article discusses the features of legal support for the functioning of the digital economy. Some reasons for the need for modernization of legislation in the context of the development of the digital economy are highlighted. Based on international experience, approaches to legal regulation in the field of the digital economy are proposed, by ensuring such a legal regime in which innovations, on the one hand, will develop freely, and, on the other hand, will be protected from possible risks.


2020 ◽  
Vol 1 (02) ◽  
Author(s):  
Heru Saiful Anwar ◽  
Safiruddin Al Baqi

Muslim scholars or scientists are currently faced with a dilemma of thought and actions in responding to the challenges of the globalization. On the one hand, the onslaught of western thought such as secularism and liberalism is very strong, while on the other hand they must maintain the principles of Islamic law. So that their actions do not come out of Islamic law, it is very important for Muslim scientists to understand the concept of Islamization of Science. The figure who initiated this thought was Prof. Syed Muhammad Naquib al-Attas who then continues until now, one of them is Muhammad Mumtaz Ali. Muhammad Mumtaz Ali's works related to the Islamization of Science emphasize the importance of prioritizing the Islamization of science for Muslim scientists. The spirit of Islamization must continue to be strengthened for the advancement of Muslims. The vision and mission of the Islamization of Science will be difficult to achieve if Muslims are not united to achieve it. All Muslim scientists in various fields of knowledge are expected to understand Islamic law well, so that the knowledge they spread will not conflict with the rules of Allah SWT.


2020 ◽  
Vol 20 (2) ◽  
Author(s):  
Muhaimin Muhaimin

This study reviews the dichotomous concept of secular and shari’a laws. Such concept has led to new discourses: first, shari’a can influence national (modern) law without mentioning the Islamic framework in the formulation process. Second, the shari’a can stand on its own for particular religious groups who believe in its truth and place it in a higher position than the secular law. Third, the substance of shari’a and modern laws is integrable. This study uses an anthropological-sociological approach with Maqāṣid al-Sharī‘at framework. As a result, the study shows both national and regional legal products, on the one hand, are considered as the shari’a law as long as they are beneficial to and protect all people. On the other hand, the shari’a, which substantially reflects equality and fairness, can be claimed as modern law.     AbstrakStudi ini mengkaji konsep dikotomis hukum sekuler dan shari’a. Konsep tersebut melahirkan wacana-wacana baru: pertama, shari’a dapat mempengaruhi hukum nasional (modern) tanpa menyebutkan kerangka Islam dalam proses perumusannya. Kedua, shari’a dapat berdiri sendiri bagi kelompok agama tertentu yang meyakini kebenarannya dan menempatkannya pada posisi yang lebih tinggi dari hukum sekuler. Ketiga, substansi shari’a dan hukum modern terintegrasi. Penelitian ini menggunakan pendekatan antropologis-sosiologis dengan kerangka Maqāṣid al-Sharī‘at. Studi ini menyimpulkan bahwa produk hukum nasional dan daerah di satu sisi dianggap sebagai hukum shari’a selama bermanfaat dan melindungi semua orang. Di sisi lain, shari’a yang secara substansial mencerminkan kesetaraan dan keadilan dapat diklaim sebagai hukum modern.  


Author(s):  
Хусейн Вахаевич Идрисов

Статья посвящена характеристике криптовалюты в финансово-экономических и нормативно-правовых отношениях, складывающихся вокруг данного явления. Перечислены основные недостатки и преимущества применения криптовалюты в гражданском обороте, а также отношение к ней ряда государств в плане ее государственно-правового регулирования. В заключении статьи сделан вывод о том, что криптовалюты в современном мире имеют довольно противоречивый эффект: С одной стороны, это привлекательный финансовый инструмент для субъектов финансово-экономических отношений, но, с другой - это еще пока малоизученный и не апробированный массово на практике объект отношений, элемент гражданского оборота, связанный с большими рисками ее обращения. The article is devoted to the characteristics of the cryptocurrency in the financial, economic and regulatory relations that develop around this phenomenon. The main disadvantages and advantages of using cryptocurrency in civil circulation are listed, as well as the attitude of a number of states to it in terms of its state-legal regulation. In conclusion, the article concludes that cryptocurrencies in the modern world have a rather contradictory effect: On the one hand, it is an attractive financial instrument for the subjects of financial and economic relations, but, on the other hand, it is still a little-studied and not widely tested in practice object of relations, an element of civil turnover associated with high risks of its circulation.


1998 ◽  
Vol 5 (2) ◽  
pp. 165-195 ◽  
Author(s):  
Haim Gerber

AbstractIn this study I reexamine some well-known generalizations about Islamic law prior to the impact of the West, e.g., the contention that Islamic law became increasingly closed, based more and more on blind imitation. My examination of the fatwā collection of the seventeenth-century Palestinian Muftī Khayr al-Dīn al-Ramlī suggests that increasing closure never took place. On the one hand al-Ramlī faithfully continues the tradition of his classical predecessors, or, in other words, he practices taqlīd by obligating himself to earlier authorities. On the other hand, his fatwās convey a sense of openness, flexibility, and liveliness. These characteristics are concretized in some of the major terms that he uses: ijtihād, or free discretion of the jurist in areas of the law that remained open; iṣtiḥsān, or relaxation of formal rules; and ʿurf, or local customary law, which, by definition, is changeable over time. In my view, the flexibility of Islamic law has been underemphasized in the scholarly literature, and hence it is on this factor in particular that I have chosen to concentrate.


Probacja ◽  
2020 ◽  
Vol 2 ◽  
pp. 65-115
Author(s):  
Jarosław Tekliński

One of the few exceptions to the principle of the immediate execution of a penalty, expressed in Article 9 § 1 of the Executive Penal Code, is the institution of its deferral. The conditions of its application are specifi ed in the provisions of Article 150 and Article 151 of the Executive Penal Code. Postponement of a custodial sentence is not absolute, because the occurrence of certain factual or legal conditions during its duration may result in its termination. The subject of the article is to analyse the grounds for ending the postponement of a custodial sentence, with particular emphasis on the institution of appealing the postponement, and modifi cation of the decision pursuant to Article 24 of the Executive Penal Code. The study uses the method of dogmatic analysis, emphasizing, albeit with diff erent intensity, elements such as: description and systematization of legal norms, their interpretation as well as establishing and defi ning concepts. In the opinion of the author, the issue of the grounds for ending a postponement of a custodial sentence is, on the one hand, an attractive area of scientifi c research from a theoretical perspective. On the other hand, it is an important problem faced in the practice of judicial authorities. It is also a subject to which science seems to devote too little attention. Such a state of aff airs undoubtedly determines the need for scientific of the subject under consideration. Its results allow for the conclusion that the current legal regulation requires correction, the direction of which, by indicating the proposed changes to the applicable regulations, is presented by the author in this study.


ALQALAM ◽  
2010 ◽  
Vol 27 (3) ◽  
pp. 464
Author(s):  
Jaenal Aripin

Ibn Hazm (Abenhazam de Cordoba)'s thought has an important position in the study of Islamic law philosophy, especially dealing with his three main thoughts: differentiation between God and His creature dimensions, thoroughfulness of syari'a so that it is uncorrect to argue in the name of religion by using premises out of the texts, and the importance of language as a tool to understand the God's massages. Based on his thoughts, Ibn Hazm plays a unique position in the discourse of Islamic thoughts. On the one hand, his thoughts are philosophical, on the other hand, he is a textualistic and normative Zhahirianist. Hene, he is frequently called a philosopher who remains thinking normatively. Keywords: Literalisme, Mazhab, Ibnu Hazm, Azh-Zhahiri.


2021 ◽  
Vol 7 (1) ◽  
pp. 57-62
Author(s):  
E. S. Kryukova ◽  
V. D. Ruzanova

In the article on the basis of a critical analysis of the existing positions in the doctrine the concept of a biobank as an object of rights was formulated. At the same time, it is proposed to distinguish between the organizations in charge of biobanks and the collections themselves. It was concluded that biobank is a complex object, which is differentiated unity, since its elements, on the one hand, are autonomous, but on the other hand, are interconnected and interdependent. It is emphasized that the formation of a single legal regime of biobanks is complicated by the substantive heterogeneity of this object and the diversity of its elements. Taking into account the experience of European States in this field of legal regulation and scientific views, the idea of publishing as a basic special law on biobanks, which should establish their legal regime as an object of rights and rules for organizations under the jurisdiction of biobanks, was supported. The need for organizations working with biobanks to provide unprecedented protection is proven. The structure of the legal regime of biobank has been determined and as its most important component a group of rules on obtaining the consent of the holder for the further use of biobanks and data derived from them has been identified. The feasibility of introducing more diverse forms of consent to the circulation of the contents of biobanks is justified.


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