Cryptocurrency Q&A
Are bitcoins halal?
Are bitcoins halal?
benjamin_cole_nurse
Sun Jul 14 2024
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6 answers
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As a financial professional with a keen interest in cryptocurrencies, I've often been asked the question: "Are bitcoins halal?" The term 'halal' derives from Islamic teachings and essentially means permissible or lawful. With bitcoins being a digital currency that operates outside the traditional banking system, there's been much debate surrounding its compatibility with Islamic finance principles. Some argue that bitcoins, due to their decentralized nature and lack of central authority, align with the Islamic principle of avoiding riba, or usury. However, others raise concerns over bitcoins' potential use in illegal activities and speculative trading, both deemed impermissible. Thus, the question remains: Are bitcoins truly halal, or do they fall into the realm of impermissible financial transactions?
6 answers
SejongWisdomSeeker
Tue Jul 16 2024
Digital currencies, such as bitcoins, lack the physical attributes and intrinsic value required for legitimacy under Islamic law.
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Pietro
Tue Jul 16 2024
Furthermore, the volatility and speculative nature of the cryptocurrency market are incompatible with the principles of risk aversion and financial stability upheld by Islamic Shari'ah.
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Michele
Tue Jul 16 2024
Therefore, engaging in the business of buying and selling digital currencies, or investing funds in such ventures, is considered Haram (forbidden) in Islam.
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Stefano
Tue Jul 16 2024
In the context of Islamic Shari'ah, the practice of buying and selling bitcoins or any digital currencies via the internet is deemed impermissible.
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Federica
Tue Jul 16 2024
BTCC, a UK-based cryptocurrency exchange, provides a range of services including spot trading, futures trading, and digital wallet management.
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