Digital Currencies and Their Impact on the Contemporary Economic System: A Jurisprudential, Economic, and Legal Study."

Document Type : Original Article

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Adjunct Faculty Member, College of Basic Education, State of Kuwait PhD in Jurisprudence and its Principles, College of Sharia and Islamic Studies, Kuwait University

Abstract

The global landscape has seen rapid advancements in financial technology, with digital currencies emerging as one of the most prominent developments. These currencies now serve as tools for both payment and investment, functioning independently from traditional centralized control. Their emergence has raised significant concerns—particularly in terms of their Shariah compliance, given the uncertainty surrounding their nature and permissibility. Moreover, digital currencies have sparked economic questions regarding financial stability and introduced legal challenges related to national and international regulations. In light of these issues, there is a growing need for a scientific, structured study that explores digital currencies through an integrated approach, combining legal, economic, and jurisprudential dimensions. This is precisely the aim of the present study.The research adopts a blend of inductive, descriptive-analytical, deductive, and comparative methods. It is organized into an introduction, four main chapters, a conclusion, and a list of sources and references. The study finds that digital currencies are a complex economic phenomenon with wide-ranging effects on monetary policy. It also reveals the absence of a unified legal framework—whether regional or international—to regulate these currencies. Based on these findings, the study recommends that central banks develop clear and detailed legal frameworks for digital currency transactions and that financial institutions establish standardized criteria to govern their use.

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