The Sharia Compliance of Gold-Backed-Cryptocurrency: Analysis of Volatility and Risk

Proceedings of the 1st Universitas Kuningan International Conference on Social Science, Environment and Technology, UNiSET 2020, 12 December 2020, Kuningan, West Java, Indonesia Pub Date : 2021-03-02 DOI:10.4108/EAI.12-12-2020.2304995

Fauziyah Adzimatinur, Vigory Gloriman Manalu, F. Rahimi

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引用次数: 4

Abstract

. Cryptocurrency in the perspective of Islam has currently become a subject undergoing intense study among researchers. The Islamic perspective of money, has specific characteristics and requirements, such as stability and is based on assets. These characteristics also applied to the Cryptocurrency as it becomes the latest trend of payment. There are several Cryptocurrencies that has gold back up. This research aims to evaluate the volatility and risk possessed by the gold-backed Cryptocurrencies compared to other cryptocurrencies (Bitcoin and Ethereum), S&P500, and gold. The stability of Gold-Backed-Cryptocurrency is analyzed using ARCH-GARCH method. The data used in this research is daily data of Gold-Backed-Cryptocurrency price for a year. The results will show us how close the gold-backed-cryptocurrencies to the Sharia Compliance. The results show that gold-backed-cryptocurrencies are more volatile than Bitcoin, Ethereum, S&P500. This shows how unstable they are and greater risk they possess. The results conclude that gold-backed-cryptocurrencies are nowhere close to the sharia compliance. Other characteristics have to be fulfilled such as authorities and free of speculation.

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黄金支持的加密货币的伊斯兰教法合规:波动性和风险分析

．目前，伊斯兰教视角下的加密货币已经成为研究者们研究的热点。伊斯兰教的货币观，具有特定的特征和要求，如稳定性和以资产为基础。这些特征也适用于加密货币，因为它成为最新的支付趋势。有几种加密货币有黄金支持。本研究旨在评估与其他加密货币(比特币和以太坊)、标准普尔500指数和黄金相比，黄金支持的加密货币所具有的波动性和风险。采用ARCH-GARCH方法对黄金加密货币的稳定性进行了分析。本研究使用的数据是黄金支持的加密货币一年的每日价格数据。结果将向我们展示黄金支持的加密货币与伊斯兰教法的合规性有多接近。结果表明，黄金支持的加密货币比比特币、以太坊、标准普尔500指数更不稳定。这表明他们是多么不稳定，他们拥有更大的风险。结果表明，黄金支持的加密货币与伊斯兰教法的合规性相去甚远。其他特征必须满足，如权威和自由投机。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Proceedings of the 1st Universitas Kuningan International Conference on Social Science, Environment and Technology, UNiSET 2020, 12 December 2020, Kuningan, West Java, Indonesia

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