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Cryptocurrencies are a financial innovation that led to a revolution in the world of finance. The repercussions have reached countries around the world on the economic and legislative levels. This has been the case after dealing with these currencies has reached more than the size of the economies of individual countries. In this study, we seek to understand the reality of these currencies through an expressed model, “Bitcoin” whereby we present what they are, their characteristics, the mechanism of work, the position of Arab countries on them, and other related matters. The study aims to identify cryptocurrencies, their types and characteristics, reveal the extent of the impact of this currency from an economic point of view, and monitor the possible financial effects if adopted on a larger scale. The study has reached conclusions including that cryptocurrencies have tangible effects on financial policies through their impact on the volume of tax revenues and government spending. Cryptocurrencies’ effect is positive for the countries of the world that most use them. They also contribute to increasing tax evasion for their secrecy if government agencies cannot impose control over the various actions of these cryptocurrencies.