A Comparative Analysis of the Concept of Property in Relation to Bitcoin in the Jurisprudence of Islamic Schools and the Legal System of Iran

Abstract

Bitcoin, as the first decentralized digital currency, has brought about a fundamental transformation in the global financial system since its introduction in 2008 by Satoshi Nakamoto. This blockchain-based digital currency, by eliminating intermediaries and central banks, enables users around the world to conduct secure, rapid, and transparent financial transactions. With features such as decentralization, transparency, scarcity, high security, and international transferability, Bitcoin offers numerous advantages including financial freedom, reduced transaction costs, and resistance to censorship. However, challenges such as price volatility, high energy consumption, and regulatory gaps have also emerged around it. In the jurisprudential and legal analysis of Bitcoin, the central issue is its classification as "property" (māl). Islamic jurisprudential sources provide multiple definitions of property, most of which emphasize two key elements: exchange value and economic value with rational utility. Based on these criteria, Bitcoin—given its public acceptance, transferability, real economic value in the market, and potential for legitimate rational utility—undoubtedly qualifies as property. A comparative review of the perspectives of both Sunni and Shi'a jurists also confirms that Bitcoin possesses all the pillars and conditions required for classification as property under Islamic jurisprudence. Therefore, according to authoritative jurisprudential and legal standards, Bitcoin is considered property, and there exists no effective doubt concerning its property status.