Is Bitcoin Halal or Haram? Opinion of Scholars & Fatwa on Cryptocurrency | AIMS UK
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 Published On Apr 2, 2020

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There is no definitive answer to this question as there is no explicit mention of cryptocurrency in Islam. However, some Islamic scholars have looked at the issue and have come to different conclusions. Some believe that cryptocurrency is permissible, while others believe that it is not. Most of Islamic Scholars believe that cryptocurrency is not permissible, because it is a form of gambling. They argue that since it is not possible to know what the future value of a cryptocurrency will be, buying it is akin to gambling. This is not allowed in Islam.

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OPINION OF SCHOLARS ON BITCOIN IN ISLAM:

MUFTI TAQI USMANI:
“Currencies are originally a medium of exchange, and making them a tradable commodity for profit earning is against the philosophy of Islamic economics. In Shariah, there is no valid reason to accept Bitcoin or other Cryptocurrencies as a currency. It is just an imaginary number, which is generated through a complex mathematical process. It is purchased for Gambling or Speculations, and used in illegal or unlawful transactions”.

MUFTI SHAWKI ALLAM:
“Trading in Virtual Currency is haram. This is because it is not approved by legitimate bodies, such as Treasury Departments of States, as an acceptable interaction of exchange. Such currencies lead to ease in contrabands trade & money laundering, and they have amounted to Gambling”.

DIRECTORATE OF REGIONAL AFFAIRS, TURKEY:
“Since cryptocurrencies are open to speculations, mostly used for illegal deads, and far from state auditing and supervision; their trading is not appropriate at this point, in the light of Shariah”.

SHAYKH ASSIM AL-HAKEEM:
“Bitcoins remain anonymous when you deal with them. Cryptocurrencies facilitate money laundering, drug money, and haram (forbidden) money. Hand-to-hand exchange of currencies is permissible in Islam, however, in virtual currencies, you don’t have this”.

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