Because of the limited number of sharia references that discuss crypto money, I do not intend to say about the halal illegitimate crypto money, even though there are certain fatwa on cryptocurrency halal in Malaysia. But I am limited to conveying characters from various perspectives related to crypto money so that competent scholars can study them and give fatwas if the people need them.
As long as there are no specific fatwas related to crypto money in this country, this paper can also be a trigger for users to explore further the intricacies of new technologies that the Word Economic Forum (WEF) will represent 10% of world GDP by 2025. the side of Islam cannot be left behind in the race for mastery of technology, on the other hand this congregation still has its own standard guidelines about what is lawful and what is unclean.
Kriptogafi which later underlies the birth of a new technology called the blockchain must also be very controlled by these people so that the context in giving birth to the modern civilization of the ummah also determines its direction.
Actually blockchain technology is not only related to money or criptocurrency, it is also one of the technological enablers for the birth of industry 4.0, becoming an effective technology for identity management, becoming the basis for reliable asset registry management and various other benefits.
But for this paper I limit the discussion only to the use of this technology for the birth of a new currency. I separate the currency into three basic functions: as a medium of exchange, as a unit of account (a unit of registration or a fair scale) and as a store of value. then these three functions are the three types of crypto money on the market today, which I group into three types.
First is what I call criptocurrency itself, it is purely a medium of exchange produced through cryptography. He has no reference to standard values. Its value is solely determined by supply and demand in the market. Because of this, criptocurrency can rise dramatically and so does its decline.
Crypto money such as bitcoin for example, its value is now down by less than one third compared to its highest value last year. Other money which was originally anticipated would exceed Bitcoin, which is etherium, the value of which is now more or less one-sixth of the value earlier this year.
Because of the high fluctuations in value in such a short period of time, holding this money contains a high level of prestige.
Therefore this type of cyprocurrency money is unfair to use as a muamalah tool that is not cash, for example borrowing and borrowing can be very detrimental to the borrower if the value rises dramatically and vice versa is very detrimental to lending if the value drops dramatically.
Because of this nature, criptocurrency is also not recommended for store of value or store of value. You must be a big loss if you buy bitcoin or etherium late last year and still hold it up to this.
The second is what I call criptocommodity. This is for the use of cryptography for raw materials or semi-finished materials or commodities generally including modern commodities such as digital commodities, server time, hosting capacity and so on.
The point that I grouped in cryptocommodity is all forms of physical commodities such as gold, silver, wheat and other agricultural products that are generally called ribawi objects (fungible goods), which are then digitized or other forms that were originally already digital, such as server time and hosting capacity.
Because this criptocommodity value represents real objects or commodities that have intrinsic value, the value cannot change drastically. Commodities such as gold, for example, the value of purchasing power proved to be relatively stable for a very, very long period of more than 1400 years.
If at the time of the Prophet Muhammad ﷺ one goat could be bought with 1 dinar gold (4.25 grams), the same dinar which is currently valued at 2.3 million rupiahs is still enough to buy a goat. In addition to the relatively stable purchasing power in the long run, gold also has a global market value that moves at any time 24 hours a day with a relative level of fluctuationslow.
Other commodities such as silver, wheat, corn, rice and various mining products and other agricultural products also have intrinsic values that are relatively stable in the long run. So that these commodities are also much safer to be digitized into digital assets or those that are more specifically cryptocommodity compared to criptocurrency which has no intrinsic value.
Because of its nature, cryptocommodity can be an actualization in the present day about buying and selling hadiths that say "Buying and selling gold with silver, silver, wheat with wheat, wheat rice with wheat rice, dates with dates, and salt with salt must be from the hand into the hands and the same weight, if the different types do everything you want (as agreed) from hand to hand ".
With characters like this, cyptocommodity can be money nowadays that is in line with the hadith mentioned above. He becomes a medium of exchange and a unit of account that is complete.
To be criptocommodity's store of value, I give a special note, which can be used on a limited basis. This is because there is a ban on hoarding gold, silver, wheat and so on in the Qur'an (At Taubah: 34).
So if the physical stockpile is banned, digitally hoarding which means also demanding the same backup assets also fall into this category.
However, storing a limited amount of enough to cover future needs is also permitted. In the Qur'an this example is given when the Prophet Yusuf was ordered to save a portion of the harvest in anticipation of a long drought (Q.S Yusuf: 48).
The third is what I call kriptotoken, which is the digital representation of assets for products of goods or services that can be enjoyed directly by users.
Examples are such as telephone credit, flight tickets, residence rights or home / apartment use rights and so on that can be digitized or tagged with blockchain technology.
The third form or kriptotoken can be used for medium of exchange or exchange, it can also be a unit of account, but its use is limited to fellow users of the product or service that is tagged. The kriptotoken function is more towards securing the need for the goods or services that are tagged for the future. So the store of value function is more dominant.
I give an example like this, if I have a factory and factory, I need a lot of electricity, it becomes very difficult to predict my production costs in the long run because the price of electricity can go up at any time.
If only the electrical energy provider can order the product and can sell it to me in the form of a long-term valid token, I will be safe to buy the electricity token for a long period of time. Thus the cost of my production which is strongly influenced by electricity costs can I secure so that the price of my final product becomes more predictable.
With the above explanation, it is hoped that it will become clear to us now, if we miss the 1.0 to 3.0 industrial era, in the 4.0 industry this community still has the opportunity to catch up with mastering and using technologies that will form a negative 4.0 triggered by industry 4.0 which among others is facilitated by enabler technology, one of which is blockchain technology.
With the differences in the characteristics of the various types of crypto money above we must be clever to choose their use according to our needs. For example, if I only use it as a cross-border transfer tool for my child who studies abroad then the choice is I can use cryptocurrency or criptocommodity.
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