The basis of cryptocurrencies

Abstract

Abstract: The world is in continuous development as the wheel of life turns very quickly, so we notice from time to time the emergence of different explorations or inventions, casting their shadows on various areas of life, and technological development has become an inevitable matter imposed by the necessities of contemporary life, as the progress of countries is measured by the extent of their technological development, and the strength of countries is measured by economic strength and what they possess of hard currencies and gold reserves, and recently what is known as cryptocurrencies appeared in the monetary arena, as a result of the technological development that has affected the world, which has become aimed at converting everything electronic, and cryptocurrencies were first shown according to studies to an American mathematician, but the most prominent appearance was at the hands of a computer programmer named (Satoshi Nakamoto) and then it had a wide echo and was addressed by research and studies, and it became acceptable as a means of exchange as a currency, and by referring to the different doctrines, we find that the socialist doctrine did not accept it because it does not conform to its ideas and theories, while in the individual doctrine you find its basis because it calls for freedom and getting rid of the dominance of the state and central banks in the monetary and financial fields From a legislative perspective, we find that most legislations have not yet regulated it and have taken the path of criminalization, as is the case with the Iraqi legislator, and he explicitly indicated this when the Central Bank issued a law criminalizing dealing with it and considering it a form of money laundering.