Risks of dealing with virtual currencies: Bitcoin as a model.

• Main Authors: Abdulrahman Alkamali, Mohammed Abdulrahman Shafei, Rosman, Arieff Salleh
• Format: Article
• Language: English
• Published: Human Resource Management Academic Research Society (HRMARS) 2023
• Subjects: H Social Sciences (General)
• Online Access: http://eprints.utm.my/107205/1/MohammedAbdulrahmanShafeiAbdulrahmanAlkamali2023_RisksofDealingwithVirtualCurrenciesBitcoinasaModel.pdf; http://eprints.utm.my/107205/; http://dx.doi.org/10.6007/IJARBSS/v13-i7/17714
• Institution: Universiti Teknologi Malaysia

This research deals with the topic of the risks of virtual currencies and the possibility of investing in them, as it is one of the most important outputs of technological development in the last decade with a unique specification that some will accept as a method of payment. The research problem lies in the fact that virtual currencies are the subject of great controversy and disagreement in which there are many suspicions as it is fake and has no physical existence, from one hand, and in which you see the salvation from the control of the US dollar over the world, from the other hand. This is qualitative research the researcher relied on the descriptive, historical, and inductive approaches to answer the questions of this research and achieve its objectives. These approaches are characterized by flexibility in research and selection of appropriate tools in understanding, interpretation, and interpretation. This study reached several results, the most important of which is that there is no single legal framework within which Bitcoin and other cryptocurrencies are placed. The issue of their legality is still controversial among countries in the world, but their concept and mechanism of creation, work and exchange have become evident to everyone. The study reached several recommendations, the most important of which is that Digital currencies are growing day by day, and dealing with them may become a necessity. Therefore, jurists shall set rules that allow dealing with them after adhering to these rules. It also recommended developing a culture in society to raise awareness of the use of cryptocurrencies so that they are not exposed to any risks.