Why are cryptocurrencies acceptable under Sharia Law?

10 000 question challengeCategory: Profits (trading, ICO, mining)Why are cryptocurrencies acceptable under Sharia Law?
HowToToken Team Staff asked 3 years ago
1 Answers
HowToToken Team Staff answered 3 years ago

Muhammad Abu Bakar, a certified Mufti (Muslim legal expert) explains in his article for Blossom why cryptocurrency could be considered Halal.

1) Cryptocurrencies are not controlled by a centralized system what makes them more secure than other current money systems
2) Cryptocurrencies are widely accepted; hence, it is money

However, Abu Bakar marks that while cryptocurrencies are halal in most cases they are not halal at all. For instance, they are not halal is jurisdictions they banned. He also stated that it is not advisable to use cryptocurrencies for investments purposes.