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The future of money: cryptocurrency is the way to go in Malaysia / Dr. Zuraidah Mohamed Isa, Dr. Dahlia Ibrahim and Dr. Mohamad Hanif Abu Hassan

Digital currencies are sophisticated trading instruments that use blockchain technology and encryption to facilitate private and secure transactions. They are, to put it simply, very modern forms of electronic money. Despite a few cycles of digital currencies over the years, it was in the late 2000s...

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Main Authors: Mohamed Isa, Zuraidah, Ibrahim, Dahlia, Abu Hassan, Mohamad Hanif
Format: Book Section
Language:English
Published: Universiti Teknologi MARA, Kedah 2022
Subjects:
HG Finance
Money
Online Access:https://ir.uitm.edu.my/id/eprint/99715/1/99715.pdf
https://ir.uitm.edu.my/id/eprint/99715/
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spelling my.uitm.ir.997152024-09-27T13:38:56Z https://ir.uitm.edu.my/id/eprint/99715/ The future of money: cryptocurrency is the way to go in Malaysia / Dr. Zuraidah Mohamed Isa, Dr. Dahlia Ibrahim and Dr. Mohamad Hanif Abu Hassan Mohamed Isa, Zuraidah Ibrahim, Dahlia Abu Hassan, Mohamad Hanif HG Finance Money Digital currencies are sophisticated trading instruments that use blockchain technology and encryption to facilitate private and secure transactions. They are, to put it simply, very modern forms of electronic money. Despite a few cycles of digital currencies over the years, it was in the late 2000s that Bitcoin made a substantial contribution to their growth. There are other new cryptographic payment mechanisms available at the moment, but Bitcoin is by far the most wellknown, with Ethereum a close second. Cryptocurrencies are digital and virtual currencies supported by cryptographic techniques that enable secure online payment systems without the involvement of middlemen such as RENTAS or Duit Now, which are currently employed in online instant transfer systems. Since its inception in 2009, cryptocurrency is now available in over 20,000 different types. The most valuable cryptocurrency is Bitcoin; however despite its prominence, the market is abound with thousands of cryptocurrencies. Each cryptocurrency claims a unique function and specification, with Bitcoin being the most widely traded cryptocurrency. Cryptocurrency uses complex coding, including encryption, to validate transactions. Blockchain technology is tough to hack because of its nature as a more secure method of payment. According to Narayanan et. Al (2016), digital money is a combination of cryptography and money, with the "use of cryptography providing a component to safely embed the principles of a digital money framework within the framework itself." Cryptocurrency is a system that uses computers to mine it, where mining requires the solution of several mathematical algorithms. As a result, the algorithms are incomprehensible to the vast majority of hackers. During the 117th Muzakarah Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam, the respective board concluded that cryptocurrency is allowed under Islamic law. The Mufti of Perak's office even issued statements on the digital money or cryptocurrency problem. This issue has sparked debate, or Muzakarah, among Malaysian scholars. The Perak Mufti Department (2022) concurred with the 117th Muzakarah Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam, which stated that the law for digital currency transactions or any form of it is permissive (Harus). Universiti Teknologi MARA, Kedah 2022 Book Section NonPeerReviewed text en https://ir.uitm.edu.my/id/eprint/99715/1/99715.pdf The future of money: cryptocurrency is the way to go in Malaysia / Dr. Zuraidah Mohamed Isa, Dr. Dahlia Ibrahim and Dr. Mohamad Hanif Abu Hassan. (2022) In: FBM INSIGHTS. Universiti Teknologi MARA, Kedah, Universiti Teknologi MARA, Kedah, pp. 40-41. ISBN 2716-599X
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic HG Finance
Money
spellingShingle HG Finance
Money
Mohamed Isa, Zuraidah
Ibrahim, Dahlia
Abu Hassan, Mohamad Hanif
The future of money: cryptocurrency is the way to go in Malaysia / Dr. Zuraidah Mohamed Isa, Dr. Dahlia Ibrahim and Dr. Mohamad Hanif Abu Hassan
description Digital currencies are sophisticated trading instruments that use blockchain technology and encryption to facilitate private and secure transactions. They are, to put it simply, very modern forms of electronic money. Despite a few cycles of digital currencies over the years, it was in the late 2000s that Bitcoin made a substantial contribution to their growth. There are other new cryptographic payment mechanisms available at the moment, but Bitcoin is by far the most wellknown, with Ethereum a close second. Cryptocurrencies are digital and virtual currencies supported by cryptographic techniques that enable secure online payment systems without the involvement of middlemen such as RENTAS or Duit Now, which are currently employed in online instant transfer systems. Since its inception in 2009, cryptocurrency is now available in over 20,000 different types. The most valuable cryptocurrency is Bitcoin; however despite its prominence, the market is abound with thousands of cryptocurrencies. Each cryptocurrency claims a unique function and specification, with Bitcoin being the most widely traded cryptocurrency. Cryptocurrency uses complex coding, including encryption, to validate transactions. Blockchain technology is tough to hack because of its nature as a more secure method of payment. According to Narayanan et. Al (2016), digital money is a combination of cryptography and money, with the "use of cryptography providing a component to safely embed the principles of a digital money framework within the framework itself." Cryptocurrency is a system that uses computers to mine it, where mining requires the solution of several mathematical algorithms. As a result, the algorithms are incomprehensible to the vast majority of hackers. During the 117th Muzakarah Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam, the respective board concluded that cryptocurrency is allowed under Islamic law. The Mufti of Perak's office even issued statements on the digital money or cryptocurrency problem. This issue has sparked debate, or Muzakarah, among Malaysian scholars. The Perak Mufti Department (2022) concurred with the 117th Muzakarah Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam, which stated that the law for digital currency transactions or any form of it is permissive (Harus).
format Book Section
author Mohamed Isa, Zuraidah
Ibrahim, Dahlia
Abu Hassan, Mohamad Hanif
author_facet Mohamed Isa, Zuraidah
Ibrahim, Dahlia
Abu Hassan, Mohamad Hanif
author_sort Mohamed Isa, Zuraidah
title The future of money: cryptocurrency is the way to go in Malaysia / Dr. Zuraidah Mohamed Isa, Dr. Dahlia Ibrahim and Dr. Mohamad Hanif Abu Hassan
title_short The future of money: cryptocurrency is the way to go in Malaysia / Dr. Zuraidah Mohamed Isa, Dr. Dahlia Ibrahim and Dr. Mohamad Hanif Abu Hassan
title_full The future of money: cryptocurrency is the way to go in Malaysia / Dr. Zuraidah Mohamed Isa, Dr. Dahlia Ibrahim and Dr. Mohamad Hanif Abu Hassan
title_fullStr The future of money: cryptocurrency is the way to go in Malaysia / Dr. Zuraidah Mohamed Isa, Dr. Dahlia Ibrahim and Dr. Mohamad Hanif Abu Hassan
title_full_unstemmed The future of money: cryptocurrency is the way to go in Malaysia / Dr. Zuraidah Mohamed Isa, Dr. Dahlia Ibrahim and Dr. Mohamad Hanif Abu Hassan
title_sort future of money: cryptocurrency is the way to go in malaysia / dr. zuraidah mohamed isa, dr. dahlia ibrahim and dr. mohamad hanif abu hassan
publisher Universiti Teknologi MARA, Kedah
publishDate 2022
url https://ir.uitm.edu.my/id/eprint/99715/1/99715.pdf
https://ir.uitm.edu.my/id/eprint/99715/
_version_ 1811598123691147264
score 13.211869

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