Is Cryptocurrency Halal?


Many cryptocurrency investors share their interest in knowing just like me whether crypto is halal? Is cryptocurrency halal or haram?

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Proton 3 months 1 Answer 68 views 0

Answer ( 1 )

  1. According to the Islamic finance community, the exact meaning of a cryptocurrency is yet to be defined whether it is a halal or not.

    Halal according to the Islamic community means those that are according to Muslim religion or those that are licit.

    So basically, the cryptocurrencies are categorized into halal or haram based on their nature of legitimacy according to the Muslim religion.

    Shariyah is a review bureau that specializes in Islamic finance and is authorized by the central bank of Bahrain.

    According to Shariyah, bitcoins can be categorized as halal because it has the transparency in trade and is based on the real economy. But there are other communities that believe Bitcoin to be illicit according to Koran, as it can harm the country’s economic and social security.

    Islam defines a currency based on the concept of whether it’s lawful or sinful, to be categorized under halal or haram. According to this community, a currency is everything that possesses intrinsic value and their contractual parts is fulfilled.

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