The Integration of Cryptocurrencies into the Financial Systems in the Light of Developments in Information Technologies

Cryptocurrencies, in particular, Bitcoin have been a phenomenon topic in recent years. The dollar system that settled after the Second World War is being tested with new generation currencies like Bitcoin. The possible compatibility and the consistency of the cryptocurrencies system including Bitcoin to the settled dollar system are examined in different dimensions. Nevertheless, because of Bitcoin’s exponential and fluctuating increase in value, the topic of its integration into today’s financial system is continuing. From this point of view, the integration of cryptocurrencies into the financial system has become an issue worth considering, especially in terms of the structure of Bitcoin. Cryptocurrencies are a fairly new topic, especially in areas of Islamic finance in terms of their development potential. The need for studies that will bring financial technologies and information infrastructure together in the field of cryptocurrencies is increasing day by day. Thus, this study delves into certain aspects of Bitcoin’s integration into the international financial systems. Eventually, it is argued that the integration of Bitcoin, which brings an entirely new system namely Blockchain to the existing international financial systems, is not possible without compromising on its way of work and structure.