Voidable (Safahī) Transactions in the Cryptocurrency Market with an Emphasis on Imam Khomeini’s Viewpoints

فقه و اصول (Fiqh va uṣūl)

Article 10, Volume 55, Issue 4 - Serial Number 135, March 2024, Pages 265-292   

Document Type: Original Article

DOI: 10.22067/jfiqh.2022.72432.1187

Authors

Ahmad Ali Yosefi¹; Ahmad Mohammadi^{* 2}; Zahra Vatani³; Hamed Haji Ali Mirzaei⁴

¹Associate Professor at the Institute of Islamic Culture and Thought

²PhD Candidate, Imam Khomeini and Islamic Revolution Research Institute, Tehran, Iran

³Assistant Professor, Imam Khomeini and Islamic Revolution Research Institute, Tehran, Iran

⁴Assistant Professor, Supreme National Defense University

Abstract

The ongoing transactions in the society and the potential losses that may affect the parties involved in transactions has inspired jurisonsults to extract some criteria for regulating transactions to prevent financial loss. The absence of each of these criteria leads to the voidability and nullification of transaction. The criteria include: The power over surrender, value of the price and the priced item, rational benefits for both parties, ownership of transaction subject, clarity and specificity of the price and the priced item, and irrational prices, which are considered common phenomena in today’s market. The cryptocurrency market, which has emerged with relatively specific features, has characteristics that can reinforce the suspicion of voidability on their own. Therefore, aligning the mentioned criteria in juriconsulting books with the cryptocurrency market and analyzing their specific features revels that the criteria for the voidability of transactions in the cryptocurrency market is missing and the market’s specific features do not lead to their voidability. Rather, it’s entering the market without a scientific background that leads to the voidability of some transactions. Therefore, in order to eliminate the grounds for the voidability of transactions in the cryptocurrency market, we should acquire knowledge on the topic.

Keywords

voidable (Safahī) transactions; cryptocurrency; Imam Khomeini

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