Convenience of cryptocurrency in terms of Islamic monetary system : proposal of Islamic cryptocurrency model applicable in Turkey

Abstract

Objective of the Study: It is aimed in this study to develop a model of cryptocurrency which is applicable in Turkey and suitable for Islamic monetary and financial system, by presenting the condition of cryptocurrency, which has reached a significant size in the world of finance, in the system of Islamic finance. -- Methodology of the Study: In this study, first of all, the course of money from its invention and first use to the present time has been revealed, and the cases that have emerged in this course since the earliest days of humanity and the Islamic world, and their reactions as well as solutions to these cases have been examined. In the light of these findings, an appropriate model has been tried to be developed. -- Findings of the Study: With a close review of literature, it has been observed that while there are limited number of studies on cryptocurrencies, and that number is limited when it comes to the studies on Islamic cryptocurrency. It has also been seen that studies on Islamic cryptocurrency are still not ground, discussions on the system still continue, a model that is not agreed upon has not, yet, been put forth, and therefore there is a need to conduct more studies on it. -- Significance of the Study: In the study, a practicable cryptocurrency model that is suitable for Islamic money and financial system has been proposed. The most important advantage of this model, which contains different elements from those stated in studies available in the literature and which is thought to meet the monetary criteria of Islam, is that it is possible to apply it immediately and that it offers a proposal that enables it to be included in this developing monetary system of the Islamic world. ---

Calismanin Amaci: Gunumuzde finans dunyasinda onemli bir hacme ulasan kripto paralarin Islami finans sistemi icerisindeki durumunu ortaya koyarak Islami para ve finans sistemine uygun Turkiye icin uygulanabilir kripto para model onerisi gelistirmek amaclanmistir. -- Calismanin Metodolojisi: Yapilan calismada oncelikle paranin ilk icadindan gunumuze kadar olan seyri ortaya konmus, bu seyir icerisinde insanligin ve Islam aleminin ilk zamanlardan bugune kadar ortaya cikan durumlar ve bu durumlar karsisinda ortaya koyduklari tepki ve cozum yollari incelenmistir. Bu tespitler isiginda uygun bir model gelistirilmeye calisilmistir. -- Calismanin Bulgulari: Yapilan literatur calismalarinda kripto paralar konusunda cok fazla calismanin oldugu Islami kripto para konusunda ise calismalarin sinirli sayida oldugu gorulmustur. Islami kripto para konusunda yapilan calismalarin halen yeterli olgunluga ulasmadigi, sistem uzerinde halen tartismalarin devam ettigi, uzerinde uzlasilan bir modelin ortaya konulamadigi ve bu nedenle de uzerinde calisma yapilmaya ihtiyac oldugu gorulmustur. -- Calismanin Onemi: Calismada Islami para ve finans sistemine uygun kullanilabilir bir kripto para modeli onerilmistir. Literaturde yer alan calismalardan farkli unsurlari iceren ve Islam'in para kriterlerini tasidigi dusunulen bu modelin en onemli avantaji modelin hemen uygulanabilmesinin mumkun olmasi ve Islam dunyasinin gelisen bu para sistemi icerisinde yer almasini mumkun kilabilecek bir oneri sunmasidir.