Virtual money and its legitimacy in Yemeni law

Abstract

Technological development resulted in the emergence of new means of developing trade exchange through the Internet. Including virtual money that appeared on the scene and the spread of dealing with it in countries of the world and its use in several operations.

The majority of its dealers are not familiar with the characteristics and risks of virtual money, as it is non-physical, intangible, has no physical existence, and is circulated via the Internet only, called encrypted digital currencies. ; The most important results: It is not considered money or legal tender due to its lack of monetary conditions and functions. It is considered an appropriate mechanism for buying and selling in a smooth, fast and unlimited way due to its decentralized nature. The most important recommendations are the need for the concerned agencies to intervene to prevent dealing with them for illegal actions or goals, and to attend dealing with them due to their risks and negative effects. It is necessary to adhere to the application of the provisions of Islam to find alternative solutions or rules and controls for them, and to issue central digital currencies linked to gold, with the help of specialized experts, and not to contradict the religion of Islam.