Digital currencies between artificial intelligence algorithms and the controls of contemporary Islamic thought – Bitcoin as a model

Abstract

Currencies are a dynamic medium of exchange, constantly evolving to keep pace with developments in financial and economic policy within a society. Their form, appearance, and value change according to their needs and uses, from bartering goods to the modern digital revolution, which has led to the emergence of digital and encrypted electronic currencies. Artificial intelligence algorithms and software are now responsible for generating, monitoring, managing, and transferring digital currencies, particularly Bitcoin and blockchain bots, especially on the dark web. This occurs without regard for legitimate methods of acquisition and earning, leading to the monopolization of capital by certain individuals who have absolute control over trading. This is the approach adopted by economic systems such as capitalism and socialism, among others, but it is rejected and refuted by Islamic thought. Islamic thought operates according to a specific economic system stemming from its vision of managing financial policies to achieve social justice and freedom in production and distribution, within the framework of the rights of individuals, society, and the state.