Contemporary digital currency: Its nature and relevant jurisdictions

Abstract

Encrypted digital currencies have emerged in the modern era and have spread rapidly in the financial markets, which is a new and disturbing phenomenon in the economic medium worldwide. Its emergence has called for evaluating their repercussions at all levels. The opinions were divided into two: those who see them as the new future of money and those who see them as a global economic bomb throughout history .However, they have gained widespread fame in recent times, which requires clarifying the rule of dealing with it legally. The most important results of the research are presented in the following points. First, the digital currencies are a type of currency available only in digital form and have no actual existence. Second, the right of monetary issuance is a special assignment of the State in accordance with its applicable laws. Third, the digital currencies contain the disease of high pricesand therefore they are subject to the provisions of the legitimacy related to cash. Fourth, they also face economic, technical and legal risks, and dealing with them includes ignorance and risk.Therefore, it is not permissible for people to deal with these digital currencies, which do not meet the criteria that are considered legitimate and legal so as to stand against fraud, especially if the ban is supported by a judgment rendered by official authorities that invalidate their wish.