Key findings:

Key findings include: cryptocurrencies are recognized as forms of payment meeting certain requirements; transactions involving cryptocurrencies are subject to strict regulations and free from usury; speculation and price volatility raise concerns regarding speculation and uncertainty; and the unclear government attitude towards legality can lead to negative impacts like money laundering.

What is known and what is new?

What is known is the importance of Islamic economic theory in determining the legal status of economic activities like cryptocurrency trading. What is new is the specific study on the application of Islamic principles to cryptocurrencies, highlighting the roles of gharar and riba, and the need for strict regulations and harm prevention to ensure compliance with Islamic law.

What is the implication, and what should change now?

The implication is that cryptocurrencies must be regulated to prevent harm and ensure compliance with Islamic law. Changes needed include prioritizing harm prevention, improving well-being, and developing economic policies and practices consistent with Islamic economic principles to address the controversies surrounding cryptocurrencies.

The study of whether economic activity, such as cryptocurrency trading, is halal or haram is based on Islamic economic theory, or sharia. Ideas such as gharar and usury became important for determining its legal position. It is essential to have a thorough understanding of Islamic economics while tackling new phenomena such as cryptocurrencies.

In Islamic law, transactions classified as haram are prohibited transactions, and transactions classified as halal are permissible and legal transactions. In short, halal transactions function using standards that are in accordance with Islamic sharia, such as ensuring that goods traded are halal and using transaction techniques that do not contradict Islamic sharia. Because Islam has specifically regulated the types of transactions that are forbidden, including buying and selling haram goods, usury, gharar, and gambling transactions, fraud in transactions, and hoarding [1]

The use of cryptocurrencies is becoming increasingly common in today's world, thus posing a problem for Muslims who want to engage in the digital economy while still abiding by sharia law. The topic of whether cryptocurrencies are consistent with the principles of Islamic economics arises from their emergence as a new option in the global financial system. The debate over whether cryptocurrencies are halal or haram affects many aspects of life, including social, legal, economic, and financial aspects. The rise of cryptocurrencies threatens conventional wisdom regarding the Islamic financial system and may have an impact on economic stability and the global financial system.

Today, digital currencies, also known as cryptocurrencies, are a worldwide phenomenon. A number of countries, such as the US, Japan, and China, where innovation is just beginning, have accepted and used cryptocurrencies in various online transactions. Unlike Indonesia, where there are still arguments pro and con against the regulation and legality of cryptocurrencies, the Order of the Commodity Futures Trading Supervisory Agency (Bappebti) is still valid and continues to review and issue regulations related to cryptocurrency assets. This is because digital currencies are not widely used there. The administration and president have repeatedly advised everyone, especially the younger generation, to be more careful when using cryptocurrencies. 

The importance of this research lies in its ability to clarify the legal and economic consequences of the use of cryptocurrencies within the framework of sharia and offer a thorough understanding to Muslims who wish to participate in the digital economy. The need for a thorough understanding of the Shariah perspective on cryptocurrencies is increasing as they develop and expand. Taking into account the concept of Islamic economics, the study can help generate useful advice for Muslims in adopting cryptocurrencies.

The phenomenon of cryptocurrency investment is increasingly rife lately. Despite the widespread rumors, information regarding cryptocurrencies as risky investments or investments that are forbidden in Islam spread in various electronic media, but it did not dampen the enthusiasm of new investors to join. [2]

Given the problems mentioned above, the author hopes to explore the subject through a scientific article entitled "CONSIDERATION OF SHARIA LAW ON CRYPTO CURRENCIES: BETWEEN HALAL AND HARAM IN AN ISLAMIC ECONOMIC PERSPECTIVE" 

2.1 Research Approach

I collected and examined data for this study from related literature using the literature study methodology. With the help of this method, I was able to thoroughly understand the subject I was studying by searching and evaluating previous research.

2.2 Literature selection criteria

I use strict criteria to select literature sources to be researched. These criteria include direct relevance to my research topic, accuracy of information, novelty of sources, and credibility of the author or institution publishing the literature. I focus on selecting fatwas, academic articles, and scholarly views that are directly related to my research topic.

2.3 Analysis Process

The analysis process I use involves several stages. First, I read and understood the content of each selected literature. Then, I use qualitative analysis techniques to evaluate and synthesize relevant findings. This includes identifying key themes, comparing and contrasting information from various sources, and drawing comprehensive conclusions from the literature that has been studied. I also use quantitative techniques if needed, such as performing statistical analysis of data available in the literature.

1. Arguments and Fatwas in Support of Halal Cryptocurrencies

This chapter will examine the arguments and fatwas in favor of halal cryptocurrencies and examine them in detail within the framework of Islamic law.

Token money and cryptocurrencies are recognized as forms of payment that meet certain specification requirements as payment for transactions. The concepts of assets, profits, rights (haq), and liabilities (dayn) are associated with cryptocurrencies. Strict regulation and openness characterize transactions involving cryptocurrencies, and such trading is free of usury [3].

In contrast to previous opinions, F. Adam's article offers an explanation based on the fatwa of Shaykh Ali al-Qurra Dagi. He clarified that he is now not allowed to buy, sell, or exchange Bitcoin or any other cryptocurrency. But according to him, cryptocurrencies have the ability to comply with Sharia law. He offered three strategies to make other cryptocurrencies, such as Bitcoin, comply with sharia law and protect investors from large losses. The resolution of the initial proposal was the establishment of a framework and regulatory body. He stated that there is a system and framework that governs everything in Islam so that anything is permissible as long as there are guidelines and rules. He gave advice that a country may decide to make cryptocurrencies its main or reserve currency. To regulate cryptocurrencies, he also suggested that a network of banks issue them. This requires regulation and supervision of cryptocurrencies. His final recommendation is to establish a joint-stock company where creators and investors share control of cryptocurrencies [4].

On the contrary, Mufti Muhammad Abu-Bakar has issued a fatwa through his writings stating that Bitcoin is halal according to sharia because it is equivalent to other currencies classified as maal. In addition, he clarified that Bitcoin cannot be considered illegal because there is a lot of speculation about Bitcoin and it is used for illicit activities including money laundering, fraud, and illicit trading. Because the same thing happens when trading gold, silver, US dollars, and euros. The Mufti stated that classifying Bitcoin as halal or haram depends on its compliance with national laws and local government regulations. "Jurisdictions where transactions with cryptocurrencies are expressly prohibited, then transactions with cryptocurrencies are not permitted in those jurisdictions." But this analysis goes a step further, showing that when cryptocurrency networks offer special advantages over conventional payment methods, merchants should take advantage of them. Cryptocurrency traders are not allowed to buy cryptocurrencies for profit [4].

A modern Islamic economist known as "Monzer Kahf" also issued a fatwa that mentions Bitcoin to be one of the most sharia-accepted cryptocurrencies and comparable to other types of money. However, he also did worry about price manipulation because there should be no speculation and no regulatory authority [4].

Cryptocurrencies like Bitcoin are sharia-compliant, according to Mohd Daud Bakr. Furthermore, he ignored the arguments of those who disagreed with him (haram), pointing out his different moral principles. He based his opinion on the fact that banknotes and cryptocurrencies are built on the concept of trust. In addition, the value of banknotes globally varies but, although dangerous, is not considered haram. Furthermore, he noted that since the price of a cryptocurrency is determined by supply and demand, it can inadvertently be used as a medium of exchange for fiat money or other cryptocurrencies. They can also be seen as commodities, assets, or even just goods and services [4].

According to the Fatwa Center of South African Islamic Seminary Darul Uloom Zakariyya, Bitcoin is theoretically legal. The theory is that, for the following reasons, cryptocurrencies meet the requirements and definitions of money and property (small): 1. Cryptocurrencies are goods of value in the eyes of others; 2. Recognized as a means of transaction by a group of people; 3. They have the ability to measure a value 4. Serves as a mathematical unit [5].

1. Arguments and Fatwas Against Halal Cryptocurrencies

This section aims to provide a thorough knowledge of the current dispute by examining several reasons and fatwas that refute the idea that cryptocurrencies can be considered halal based on Islamic economic principles.

The Qur'an surah an-Nisa verse 29 has verses that allude to many economic activities or activities in general, including cryptocurrencies.

اَيُّهَا الَّذِيْنَ اٰمَنُوْا لَا تَأْكُلُوْٓا اَمْوَالَكُمْ بَيْنَكُمْ بِالْبَاطِلِ اِلَّآ اَنْ تَكُوْنَ تِجَارَةً عَنْ تَرَاضٍ ي مِّنْكُمْ ۗ وَلَا تَقْتُلُوْٓا اَنْفُسَكُمْ ۗ اِنَّ اللّٰهَ كَانَ بِكُمْ رَحِيْمًا 

29. O believers, do not eat the property of your neighbor in a vanity (unrighteous) way, except in the form of consensual business among you. Thou shalt not kill yourselves. Indeed, God is merciful to you.

The above paragraph explains why it is important to avoid arrogance in all transaction-related activities. The word "arrogance" itself has a broad meaning; for example, all transactions must respect or not contradict Islamic values. Arrogance muttered to itself that the word façade means destroyed, useless, fake, and so on. Derived from the root word bathala-yabthulu-bathlan. The definition of vanity in terms of terminology is the opposite of something haqq (truth), that is, something that is not in vain (does not get a good reward) in this world or in the hereafter.

Tafsir al-Munir refers to a theory that includes all methods that are illegal according to Islamic law, such as ribawi, maysir (game component), and gharar. The contract was broken and cancelled due to sheer arrogance. Use of cryptocurrencies and trading relationships: The majority of cryptocurrency users today use them for speculating and trading. Making money from speculative trading and investment activities is the goal. This includes elements of usury, maysir, and gharar in Islam [6].

In the Quran surah al-Maidah verse 90 is explained.

اَيُّهَا الَّذِيْنَ اٰمَنُوْٓا اِنَّمَا الْخَمْرُ وَالْمَيْسِرُ وَالْاَنْصَابُ وَالْاَزْلَامُ رِجْسٌ مِّنْ عَمَلِ الشَّيْطٰنِ فَاجْتَنِبُوْهُ لَعَلَّكُمْ تُفْلِحُوْنَ

90. O believers, verily liquor, gambling, (sacrificing for) idols, and casting lots with arrows are heinous deeds (and) belong to the devil. So, stay away from them so that you will be lucky.

Until now, there is still a lot of speculation regarding cryptocurrency price variations that cause extreme changes in value and price volatility. So that the desire arises to obtain if the price difference is used for trade and investment, then the profit or result obtained is included in the elements of maysir and gharar.

Furthermore, according to Just 4 Hadith No. 1513 in the book of Sahih Muslim, the Hadith of the Prophet SAW narrated by Abu Hurairah Radiallahu Anhu. Whereas the Prophet (peace be upon him) forbade the buying and selling of al-hashat, especially by throwing, as well as the buying and selling of gharar which contains an element of ambiguity, Abu Hurayrah said. According to Shaykh Al-Islam Ibn Taymiyah, everything is gharar because it is impossible to predict the outcome (Majhul Al-Aqibah). In Al-fiqh, Wahbah Zuhaily, a modern scholar, describes the gharar transactions and states that the consequences of such transactions are still unclear. Therefore, based on the justification of these two bases, cryptocurrencies are considered haram in Islamic law as they give rise to aspects of deception and ambiguity [7].

Several Islamic philosophers, including Al-Ghazali, Ibn Taymiyah, Ibn Khaldun, and Al-Maqrizi, discussed money from an Islamic point of view. In the Islamic perspective, money is a medium of exchange, not a product. In essence, there is no interest in money. Al-Ghazali likened money to a mirror that can reflect any color reflected in it, but cannot reflect itself. Similarly, money is needed to meet the needs of trade sources and economic transactions, not to meet one's own needs. Sharia states that money must not contain any component that is considered haram, such as usury, gharar, or maysir [8].

The value of cryptocurrencies can sometimes be erratic; That is, the price may fluctuate based on the direction of the current trend. Therefore, it often contains aspects of gharar or mysteriousness that make these cryptocurrencies unlawful. Gharar itself can be understood more broadly as a type of trade that includes aspects of chance, betting, and gambling. Imam an-Nawawi argues that gharar is one of the components of the contract prohibited by Islamic law [1].

The precedent given by Faqih (Sharia jurisprudence) makes it clear that virtual currencies cannot be used to perform actions that would normally require money, such as making legitimate payments. Digital currencies cannot be used to pay for tangible products and services because they are limited to the virtual world. Money (also called the "money supply") is anything that is done and widely recognized as payment for merchandise or payment of debts [9].

In its statement, the Indonesian Ulema Council (MUI) banned the use of bitcoin or cryptocurrency as payment for purchases and sales at the Indonesian Ulema Ijtima Forum Number 7. The scholars concluded from their considerations that some cryptocurrencies such as Dogecoin, Ethereum, and Crypto Assets should not be traded because they contain an element of uncertainty called Gharar. Based on Law Number 7 of 2011 which stipulates that rupiah currency is legal tender and accepted in Indonesia, this fatwa is also haram according to MUI [7].

The official ban on the use of cryptocurrencies as money was imposed by the National Sharia Council of the Indonesian Ulema Council (DSN-MUI). It is codified in the forum of Ijtima Ulama. The subject matter of this is due to cryptography including gharar and dharar, both of which are illegal. Act No. 7 of 2011 and Bank Indonesia Regulation No. 17 of 2015. Cryptocurrencies are not only prohibited, but also do not meet the standards of Sharia Sil'ah and contain Gharar, Dharar, and Qimar making them invalid commodities or digital assets for trading [10].

On October 24, 2021, NU's Bahtsul Masail stated that cryptocurrencies could have an impact on the legality of transactions and possible negative impacts in the future.

The Tarji Muhammadiyah Council ruled on January 18, 2022, that cryptocurrencies are prohibited as trading and investment instruments, with some exceptions.

- Its value is not recognized by any country. 

- No observer is fully devoted.

- No protection for consumers.

The November 2021 MUI fatwa issued three statements, five of which were as follows:

Due to potentially dangerous factors such as digital currency devaluation and corruption, the use of cryptocurrencies as legal tender is prohibited. This is also contrary to Article 7 of the Constitution of the Republic of Indonesia Year 2011 which states that "all transactions in the territory of the Unitary State of the Republic of Indonesia "the transfer of property from one object to another must be based on rupiah currency". Indonesian Banking Regulation Number 17 of 2015 expressly states that virtual money is not allowed to be used in Indonesia as a means of payment [11].

Previously, Law Number 7 of 2011 concerning Currency (hereinafter referred to as the "Currency Law") regulated legal tender in Indonesia. It was decided "Money is legal tender" with reference to the provisions of Article 1 paragraph (2) of the Currency Law. The Currency Law also states unequivocally that the Rupiah as referred to in Article 1 paragraph (1) of the Currency Law is the currency issued by Indonesia. In accordance with the provisions of Article 21 paragraph (1) of the Currency Law, every transaction involving payment, settlement of other financial obligations that must be fulfilled, and/or other financial transactions carried out in the territory of the Unitary State of the Republic of Indonesia must be made in Rupiah. Article 15 paragraph (1) of Law Number 11 of 2008 concerning Electronic Information and Transactions states that "Every Electronic System Operator must operate the Electronic System reliably and securely and is responsible for the proper functioning of the Electronic System." Article 4 letter (e) states that "The use of Information Technology and Electronic Transactions is carried out with the aim of: (e) providing a sense of security, fairness, and legal certainty for users and operators of Information technology." Article 16 letter (e) regarding the requirements for the implementation of Electronic Systems and sanctions is contained from Article 30 onwards. Does marketing cryptocurrencies as commodity assets on futures exchanges qualify as electronic system products? Thus, it can be said that the existence of cryptocurrency asset trading violates the provisions of Law Number 19 of 2016 concerning Amendments to Law Number 11 of 2008 concerning Electronic Information and Transactions (hereinafter referred to as Law Number 19 of 2016), especially in Article 4 letter (e) which aims to provide a sense of security, justice, and legal certainty to the public [7].

Bank Indonesia Regulation 18/40/PBI/2016 concerning the Implementation of Payment Transaction Processing regulates cryptocurrencies as virtual currencies. The rise of fintech, or financial technology, in the era of revolution was the reason for this restriction. Industry 4.0. Bank Indonesia prioritizes "risk management and prudential principles" in addition to "expanding access, national interest and consumer protection" in order to meet public needs (Preamble to PBI 18/40/PBI/2016). Through this regulation, Bank Indonesia overcomes legal uncertainty related to cryptocurrencies in accordance with Law Number 11 of 2008 because it meets the minimum requirements of electronic systems that can be accepted in Indonesia [10].

According to Masithoh & Hambali (2022), cryptocurrency is also something that is prohibited (haram) from the point of view of Islamic economics because in reality, exchanges have aspects of maisir and gharar. In the aspect of gharar, it seems that there is one party that relies only on mutual trust and is not aware of the value of the item. Traders expect only uncertain and speculative rewards, similar to the maisir feature seen in practice. In addition, the form is fake so it is very likely that fraud will occur. Since cryptocurrencies are only stored on the blockchain, there is no guarantee as to their legitimacy or value if used as a medium of trade. However, it may become valuable and lost someday [12].

The results of sentiment analysis ranging from negative 4% to negative 18% indicate strong sentiment. This shows that the general perception of cryptocurrencies is negative. Because, recently there is a guarantee that the law declaring the illegal use of cryptocurrency as money has been passed by the Indonesian Ulema Council (MUI). Although blockchain is a superior breakthrough technology, its use as a means of business transactions has the hallmarks of gharar and as an investment tool has a maysir (betting) component. As a result, uncertainty (gharar), danger/risk (gharar) arises, and can be used for further speculation [13].

Transactions involving cryptocurrencies are synonymous with gambling transactions. Gamers find that cryptocurrency transactions are an experiment. A bigger problem than placing a bet on bitcoin transactions. confirmed that there is a lot of uncertainty surrounding cryptocurrency transactions. found three main reasons why cryptocurrencies cannot be classified as money: among others: a) unstable; b) has no inherent value; and c) bitcoin holders cannot be identified as anonymous. believes that Islamic money should be secured with assets [3].

Traded on money markets, cryptocurrencies are changing from public goods to private assets, and will be more widely used as speculative tools in pursuit of interest-based profits. Ultimately, because the underlying value of a cryptocurrency is unclear, it will behave more like fiat money than gold. In addition, the majority of cryptocurrency users want a share of the increase in the value of cryptocurrencies. In fact, this action goes against the principle of bitcoin itself. Moreover, Muslim bitcoin users face validity issues according to Islamic fiqh [14].

Many sharia experts, such as Islamic financial experts and economists, continue to have differing views on cryptocurrencies. Beginning with a fatwa issued by Saudi cleric Sheikh Assim al-Hakeem, he stated that one particular type of cryptocurrency, Bitcoin, is prohibited (haram) by Islamic law due to its ambiguity and anonymity. In Britain, Sheikh Haitam Bin Jawad Al-Haddad stressed the same point. He underlined that since cryptocurrencies are unbacked, not made of anything, and easy to use for money laundering and other illegal acts, sharia prohibits their use and is not compatible with Bitcoin and other cryptocurrencies. It's also not a way to make actual payments [4].

Egypt's Grand Mufti and Sharia law prohibit the use of cryptocurrencies. Cryptocurrencies are banned, according to the Palestinian Fatwa Center, the Turkish government, and Britain's Sheikh Haitam [5].

Based on the current legal means in the case of Bitcoin, a type of transaction using a cryptocurrency like Bitcoin is similar to buying anything if it is unclear whether the quantity or quality of the product accurately represents its contents. To prevent illegal sales, bitcoin is essentially a virtual currency offered for sale at a fixed price. Here are some specifics about how Bitcoin grows and changes in value. Public perceptions influenced by marketing and advertising determine the fall of the exchange rate more than external factors such as the value of imports and exports. No underlying assets exist. Making it possible for huge Bitcoin price changes to occur, this explains why there is a gharar aspect to this transaction. Thus, it can be said that the company uses Bitcoin in a similar way to gambling. This is what is meant by the element of Maysir. It is not allowed to use cryptocurrencies, such as Bitcoin, as payment for business or investment purposes due to these additional external factors. Its other name is haram lighairihi [15].

The reason for the obscurity (gharar) of cryptocurrencies is because their physical form is invisible. According to this perspective, there is actually no physical form of cryptocurrency that due to its ambiguous form, it can be included in speculation material and is no longer halal [16].

Something is said to be gharar because the result is unexpected, according to Shaykh Al-Islam Ibn Taymiyyah (Majhul Al-Aqibah). Wahbah Zuhaily speaks of gharar transactions in Al-fiqh, a modern scholar stating that the consequences of such transactions are still unknown. Thus, from the explanation of the two foundations it can be concluded that cryptocurrency Islamic perspective states that since cryptocurrencies create characteristics of deception and obscurity, then cryptocurrencies should be banned [16].

Thus, as the Prophet Muhammad (peace be upon him) said: "The Prophet (peace and blessings of Allaah be upon him) forbade the buying and selling of al-hashah and the buying and selling of gharar," Islam forbids the buying and selling of gharar. (HR. Muslim: 1513)

Every transaction must be guided by the principle of vanity, meaning that all transactions must adhere to the teachings of Islam or be considered inappropriate. In addition, in this transaction, no damaged, wasted, useful, or counterfeit goods may be exchanged. Therefore, if you are in the cryptocurrency market, users today are more likely to use trading and speculation platforms. It aims to profit from trading and financial activities through conjecture, which is why gharar, maysir, and riba are mentioned in this Islamic text.

Currently, cryptocurrency prices are still experiencing extreme price volatility with projected cost variations, as well as large fluctuations in value and limited volatility. Therefore, the purpose of obtaining results or profits from price differences is included in the elements of gharar and maysir if used for investment and trading of cryptocurrencies [17].

Regarding the legitimacy of Bitcoin in Indonesia, the government stated that investments made through Bank Indonesia are not allowed. The use of virtual currencies, including bitcoin, as a means of payment in Indonesia is prohibited by Law Number 7 of 2011 which regulates Bank Indonesia Currency, as it is not recognized as a legal form of payment. Bank Indonesia imposes administrative sanctions on organizers, including banks and payment companies that facilitate Bitcoin transactions. The implementation of payment transaction processing is further limited by Bank Indonesia Regulation Number 18/40/PBU/2016 which states that payment system service providers are not allowed to process payments using virtual currencies [18].

When you want to make transactions, it is important to note that utilizing Bitcoin is a valuable but speculative endeavor. The value of Bitcoin is influenced by the individual or company that takes Bitcoin. If you are using cryptocurrency, you should know that its value will increase as its value increases. As a result, the use of Bitcoin for business transactions, investments, and payments is subject to illicit laws.

Summary of Findings

Based on the study of various arguments and fatwas on the halal or haram status of cryptocurrencies from the point of view of Islamic or sharia economics, it is clear that there is ongoing controversy and complexity surrounding this issue. While there are opinions for and against the use of cryptocurrencies within the parameters of Islamic law, it is important to remember that this viewpoint is always changing along with technological advances and understanding of Islamic economics. 

According to the economic law and jurisprudence of Umar ibn Khattab during his reign, the expenditure of money was permissible by the competent authority (ulil amri), as it was. His remarks throughout his tenure as caliph of the Muslims. In this context, what is meant by "ulil amri" is the delegation of authority of the imam to carry out the expenditure of money in accordance with previously established guidelines. To promote future economic growth, internal authorities in this area committed to Islamic values can set limits on the amount of money based on circumstances affecting the entire population and current development conditions [18].

The issuance of money is a symbol of legality; payments made in a country that demonstrates this activity. This presents a challenge in upholding the basic principles of Islamic law. The basic act related to the welfare of the people is the expenditure of money and the calculation of its face value. Money spent but not used by the exercise of prudence can have a devastating impact on communities, local economies, and the goals to be achieved from the issuance of money. the potential for currency fraud, money increases, currency depreciation, or inflation, in addition to the unavoidable losses suffered by a person on a fixed income in the event of such an event.

Many benefits have emerged from the invention of cryptocurrencies and technological advancements that utilize blockchain technology such as simplicity and speed in conducting business, affordability and confidentiality, as well as transcontinental and cross-border applications. The teachings of Islam in the area covered know the rules of fiqh, muamalah understand that "almost all muamalah activities are permissible as long as there are arguments against them. In essence, the presence of cryptocurrencies is allowed because they are widely recognized; Nevertheless, governments must consider and recognize their legitimacy as the duty and right of government. In order to avoid tragedy in the future, it is included in the issuance of currency.

In fact, nowadays bitcoin transactions are more widely used for speculation which leads to aspects of gharar and maysir, which are one component of arrogance or something forbidden by the core teachings of Islam. The basic principle of cryptocurrency is the buying and selling of camel fetuses in the womb, or "hablu al habla." Utilizing cryptocurrencies as an investing tool involves a lot of luck and guesswork.

In addition, the use of cryptocurrencies is seen in an obscure method, which combines parts of maysir and gharar. Due to the government's ambiguous stance regarding the legality of using cryptocurrencies, there will be more adverse impacts, such as money laundering and theft of cash used for terrorists and other illegal activities. Therefore, the prevention of harm or improvement of welfare takes precedence over its benefits. Given the legality of using crypto asset transactions Islamic law is prohibited because it contains aspects that are considered haram, such as being highly volatile and lacking in physical form with fluctuating prices, you can never be sure that things will come close to qimar (gambling).

In its fatwa, the Indonesian Ulema Council (MUI) declared transactions involving cryptocurrencies haram because they contain elements of gharar (uncertainty), dharar (possible loss), and qimar (gambling). In addition, they also do not comply with the provisions of sil'ah given by shari'i, including the physical form of objects, their value, and their exact amount. Known, and the ability to transfer ownership to the buyer. That is, a law is valid to exchange if it can be proved by fulfilling the conditions of sil'ah prescribed by the Shari'a and has real virtue.

Implications and Recommendations

The implications of this study emphasize how important it is to increase knowledge of the principles of Islamic economics given the explosive growth of the financial technology industry, including cryptocurrencies. It is recommended that when creating regulations pertaining to the use and management of cryptocurrencies, regulators, policymakers, and economic practitioners consider various viewpoints while considering Islamic legal principles and technical considerations.

It is also recommended to conduct additional research with interdisciplinary collaboration to examine the intricate details that have not yet been fully revealed in this study and to expand the analysis to include the potential of the coin in the future. To have a more comprehensive knowledge of the impact and consequences of cryptocurrencies in the context of sharia law as well as society at large, perspectives from various disciplines, including economics, law, ethics, and technology are also needed.

As such, the study offers a solid foundation for the creation of cutting-edge policies, practices, and research that are more comprehensive and consistent with Islamic economic ideas, in addition to offering deep insights into the controversies surrounding cryptocurrencies in the world. Islamic economic context.

Halal certification on a product has a major role to influence consumer decisions, especially among Muslim consumers. Because basically people want a balance between price and product quality, consumers also have a tendency to pay attention and look for price matches with the products they want to buy. Product quality is certainly no less important because consumers want products that have safety, durability and can provide satisfaction to consumers. 

Based on the results of data analysis and discussion of how students of the Islamic Economics Study Program, Tanjungpura University make decisions to buy cosmetics based on several variables including halal certification, price and product quality. This study shows how independent variables namely halal certification, price and product quality have a significant effect on the dependent variable, namely consumer decisions. All three variables work well together and can be taken into account when consumers make decisions. Manufacturers can increase consumer satisfaction by offering halal certification, affordable prices and high-quality products. This can improve the company's reputation and boost sales. 

Funding: No funding sources.

Conflict of interest: None declared.

Ethical approval: The study was approved by the Institutional Ethics Committee of Tanjungpura University.

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