Abstract:
In contemporary times, Cryptocurrencies of its various types are gaining wider acceptance in the financial world and mostly championed by the youth. The case is not indifferent in Nigeria as the government recently lifted the ban on the use of the digital currency for financial transactions, though with some regulations. Crypto enthusiasts who are Muslim Youth are concerned with the effects and compatibility of the practice of cryptocurrencies with Islamic teachings and Law, since the religion of Islam caters for all aspects of life. Using analytical methodology, this paper studied the practice of cryptocurrencies among the Muslim Youths in Ilorin Metropolis, a city of Islamic Scholarship in Nigeria, and analyzed such practices from the Islamic viewpoints. The study also examined the social, economic, moral and religious implications involved in the practice of cryptocurrencies by Muslim youths in the study area, with the objectives to find out how Muslim Youths in Ilorin practice Cryptocurrencies and point out the effects involved in the practice of cryptocurrencies by Muslims Youths in Ilorin. The paper concluded that the practice of cryptocurrencies is quite implicative, and Islamic finance experts and scholars need to enlighten the Muslim community about the Islamic principles and ethics guiding any kind of trade or business transactions in Islam.