PROSPECTS FOR THE APPLICATION OF CRYPTOCURRENCIES FOR CROSS-BORDER SETTLEMENTS IN ACCORDANCE WITH THE NORMS OF ISLAMIC LAW AND THE LEGISLATION OF THE RUSSIAN FEDERATION

The article is dedicated to the development of a Russian Islamic digital financial instrument “CryptoSarf”, designed for cross-border settlements. The process of conducting export-import operations using cryptocurrencies and smart contracts is described in detail. The fundamental element is the observance of the Shari’ah standard AAOIFI №1 «Currency Trading», which is achieved through the use of atomic transactions in the blockchain, ensuring the transfer of ownership rights without the need for physical presence of the parties. The key component of the model is a cryptocurrency exchange that must be under the control of an expert advisory body of Muslim scholars. This ensures compliance of all operations with Shari’ah norms and expands opportunities for cross-border trade, including attracting investments from countries with strict adherence to religious principles. Additional advantages of the instrument include the possibility of hedging currency risks without interest and providing interest-free loans to stabilize exchange rates. This makes the proposed model attractive for market participants, especially in conditions of instability of cryptocurrency exchange rates. The article represents a comprehensive analysis of the development of a financial instrument that not only meets religious requirements but also uses advanced technologies to increase transaction efficiency and security.