What Makes a Crypto Halal or Haram?
There is no definitive answer, as there is still much debate and discussion on blockchain technology and crypto trading among Islamic scholars across the world. However, some key factors that are considered include whether the currency is backed by a physical asset, whether it is used for speculative purposes or for actual goods and services, and whether it complies with Islamic banking and finance principles.
For example, some scholars argue that Bitcoin is haram because it is used primarily for speculation and does not have a physical asset backing it. Others say that it is halal because it can be used to purchase goods and services, and because it complies with principles of Islamic finance such as the prohibition of riba (interest).
Ultimately, it is up to each individual Muslim investor to make their own decision on whether to invest in cryptocurrencies or not. However, it is essential to do your research and seek guidance from a qualified Islamic scholar before making any decisions. Our halal crypto list should be used as a reference and questioned.
Haram Cryptocurrency Should Be Avoided by Muslims At Any Cost.
Halal, FeAmanillah
