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Cryptocurrency in Malaysia: Navigating Islamic legal perspectives for economic innovation and resilience

Year: 2025

Type: article

Abstract: Cryptocurrency has emerged as a revolutionary financial instrument, transforming the global economy with its decentralised and borderless nature. In Malaysia, the compatibility of cryptocurrency with Shariah principles is a subject of intense debate. Through qualitative research methods, this paper explores the role of cryptocurrency within Malaysia’s economic framework, its implications for economic resilience, and the potential for incorporating cryptocurrencies into Malaysia’s Islamic finance sector. The findings suggest that cryptocurrency can boost economic innovation, lower transaction costs, and promote creativity. Malaysia might lead the global fintech sector by introducing bitcoin into Islamic financing, which could improve financial inclusion.

Source: Environment-Behaviour Proceedings Journal

DOI: 10.21834/e-bpj.v10isi28.6952

Authors: Mohammad Hidir Baharudin, Rahmawati Mohd Yusoff, Ros Hasri Ahmad, Muhamad Ismail Pahmi, Siti Masnah Saringat, Shafiee Md Tarmudi

Institutions: Universiti Teknologi MARA, Universiti Teknologi MARA System

Language: English

Topic: Islamic Finance and Banking Studies

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Industry, innovation and infrastructure

Open Access status: diamond

OpenAlex ID: W4411266550

FWCI:

Cites: 24

Cited by:

Related to: 10