Determinants of cryptocurrency use and acceptance amongst Cape Town muslims

Abstract

Cryptocurrency is a relatively new concept that has proven to be controversial in its acceptance by the general populace and even more so by Muslims specifically. Due to the strictly ethical nature of Islamic finance and the volatile, unregulated and exploitable nature of cryptocurrency, the acceptance of cryptocurrency in the Muslim world is an uncertain subject. This raises the question of what factors determine its acceptance by Muslims. To answer this question, this research examines the determinants of the use and acceptance of cryptocurrency among Cape Town Muslims using a quantitative approach. It also evaluates the possible determinants of the legal acceptance of cryptocurrency among popular Islamic scholars by reviewing their fatāwa (Islamic legal edicts) using a qualitative approach. The study is mixed method in nature.