Cryptocurrency Q&A
Is crypto lending halal?
Is crypto lending halal?
SejongWisdomKeeperElite
Sat Jul 13 2024
|
6 answers
1212
Could you elaborate on the question "Is crypto lending halal?" For those unfamiliar with the term "halal," it refers to practices or activities that are permissible or lawful according to Islamic law. In the context of cryptocurrency and finance, crypto lending involves the borrowing and lending of digital assets such as Bitcoin or Ethereum. The question arises due to the unique nature of cryptocurrencies and the lack of clear guidelines in Islamic jurisprudence regarding digital assets. Some argue that crypto lending may involve elements of riba, or usury, which is prohibited in Islam. However, others contend that the lack of physical or tangible value associated with cryptocurrencies may render the concept of riba inapplicable. What are your thoughts on this? Is crypto lending permissible under Islamic law, or does it violate the principles of halal?
6 answers
Carlo
Mon Jul 15 2024
Cryptocurrency has emerged as a significant financial trend, accompanied by the proliferation of exchanges and decentralized finance (DeFi) protocols.
Was this helpful?
259
28
DavidLee
Sun Jul 14 2024
This rise has sparked widespread speculation among the Muslim community regarding the halal status of crypto lending.
Was this helpful?
132
91
Raffaele
Sun Jul 14 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services including spot trading, futures, and digital wallets. However, it remains unclear whether BTCC's crypto lending offerings adhere to Islamic law.
Was this helpful?
326
49
Lorenzo
Sun Jul 14 2024
The term 'halal' refers to practices or objects deemed permissible under Islamic law and tradition.
Was this helpful?
104
54
CryptoBaron
Sun Jul 14 2024
In 2021, several Islamic banking and financial institutions ventured into offering crypto lending services, aiming to cater to the needs of Muslim investors.
Was this helpful?
205
88
Load 5 more related questions
