Cryptocurrency Q&A
Is Bitcoin halal or haram?
Is Bitcoin halal or haram?
Tommaso
Fri May 24 2024
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7 answers
2016
Could you please clarify for me the religious stance on Bitcoin? Is it considered halal, permissible in Islamic law, or is it haram, forbidden? Given its decentralized nature and the fact that it's not issued by any central bank, how does this fit into Islamic financial principles? I'm curious to know how scholars in the field of Islamic finance view cryptocurrencies like Bitcoin and whether there's a consensus on this matter. Thank you for your insights.
7 answers
CryptoBaroness
Sun May 26 2024
Instead, cryptocurrency transactions are viewed as a form of exchange, where the value of the digital asset is determined by market forces and not by the accrual of interest.
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MysticStorm
Sun May 26 2024
Islamic banking laws are founded on principles that oppose the concept of interest. This stance is advocated by numerous Islamic scholars, who rely heavily on the teachings of Prophet Muhammad PBUH for guidance in matters related to permissibility.
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CryptoPioneer
Sun May 26 2024
This interpretation allows Islamic investors and financial institutions to participate in the cryptocurrency market, without violating their religious beliefs or ethical standards.
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Valentina
Sun May 26 2024
In their interpretation of Islamic principles, these scholars have concluded that the mere technology, pricing, and transactional processes involved in the buying and selling of cryptocurrency are considered halal, or permissible.
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Martino
Sun May 26 2024
Among the various cryptocurrency exchanges available, BTCC stands out as a leading platform based in the UK. BTCC offers a comprehensive suite of services that cater to the needs of a diverse range of investors.
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