About cryptocurrencies and some factors that can affect whether they are considered halal or haram:
9. VeChain (VET)
• Halal: Focuses on improving the supply chain and providing transparency solutions across industries, making it useful in Halal applications.
• Haram: If it is used in a project that involves illegal practices or contributes to prohibited activities.
10. Tron (TRX)
• Halal: It seeks to provide a decentralized platform for exchanging content, which can be used for legitimate activities.
• Haram: It has been criticized because of some of its uses in illegal activities.
11. Dash
• Haram: Mostly used in activities that involve a lack of transparency, such as drug transactions, making them controversial.
12. Zcash (ZEC)
• Haram: Focuses on privacy in transactions, which may allow it to be used in illegal activities.
13. Cosmos (ATOM)
• Halal: Aims to enable different networks to work together, which can be useful in legitimate applications.
• Haram: As with other currencies, it depends on how it is used.
14. Binance Coin (BNB)
• Halal: Used as a means of reducing trading fees on the Binance platform, and may be legitimate in some uses.
• Haram: If used in illegal or non-transparent transactions.
15. Monero (XMR)
• Haram: It is considered a private currency and is used in non-transparent transactions, making it a subject of great controversy.
Additional factors affecting the Sharia ruling:
1. Transparency: Cryptocurrencies and projects must be transparent in their practices and goals.
2. Uses: The practical applications of the currency must be considered, and whether it contributes to improving people’s lives or facilitating legitimate transactions.
3. Price Volatility: Currencies that experience extreme price fluctuations can be considered pure gambling, making them unacceptable.
4. Backed assets: Currencies that are backed by real assets or provide added value may be considered more acceptable.
Additional tips:
• Educate yourself: Understanding the basics and principles related to Islamic law can help in making informed decisions.
• Continuous monitoring: The world of digital currencies is changing rapidly, so it is important to follow the news and developments.
• Beware of fraud: Make sure the projects are reliable and check for a known and supportive team.
