Is Cryptocurrency halal to invest?

Discussion in 'Smalltalk' started by sherkhan, Oct 12, 2017.

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  1. Inwardreflection

    Inwardreflection Well-Known Member

    Someone needs to look into this and not think that this phenomenon is in some distant future like 200 years from now. In fact, I think the signs point to adoption of crypto currencies to replace paper money as something that is on the verge of becoming a reality in the next few years. The advancement of this new "Tech"era will bring with it a new financial status quo so we need to know from now the rulings related to these things.
     
  2. sherkhan

    sherkhan Veteran

  3. Inwardreflection

    Inwardreflection Well-Known Member

    yes but what is the answer- yes Halal or no Haram?
     
  4. sherkhan

    sherkhan Veteran

    Just discovered an old thread here, which seems to have gone off-track without really discussing the legality.
     
  5. abu Hasan

    abu Hasan Administrator

    we started discussing it here: http://sunniport.com/index.php?threads/bitcoin-and-about-murtaddeen.11688/#post-47112

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    i will cut/paste the same here:


    so the question is: how do you deal with bitcoin as "thaman" or should it be deemed "thaman"?

    laws concerning its commerce and financial capacity as a "currency".

    the lament of the anarchist in this post is evidently justified: http://dailyanarchist.com/2013/01/30/is-bitcoin-sharia-compliant/

    http://www.maxkeiser.com/2013/04/is-bitcoin-sunnah-money/

    https://bitcointalk.org/index.php?topic=370994.0

    https://bitcointalk.org/index.php?topic=358172.0

    http://www.bitcoinobserver.com/news/Bitcoin-and-Islamic-Finance--Jan-Bergstra.pdf

    http://islam.stackexchange.com/questions/7961/is-bitcoins-a-halal-investment-instrument

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    the key point that i am trying to make is that - most islamic scholars are unaware of what's happening in tech (and the world). whether bitcoin or apple pay. sadly, scholars from the subcontinent seem to be the farthest and least interested.

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    bonus point: you can discuss bitcoin on our forum.

    UPDATES:
    many forums and communities are discussing this.

    http://www.islamiceconomist.com/?p=1488

    https://alkhilafaharidat.files.wordpress.com/2014/07/btcedit-21.pdf

    http://forums.islamicawakening.com/f20/is-bitcoin-halal-what-is-bitcoin-57471/index9.html

    https://www.igot.com/?gclid=CLOTvaep18ACFQcHwwodzr8AsA




    DISCLAIMER: the links above do not mean that i endorse those PoVs.
     
  6. sherkhan

    sherkhan Veteran

    With the crypto-currencies (bitcoins etc.) in a seeming bubble, it is probably worthwhile to deliberate if these are halal to invest in. Please ignore the investment/economic rationale and set aside safety/prudence considerations for the time being.

    Cryptos have come a long way from being dark-web currency. Are these too speculative, prone to market manipulation? Too artificial to be called money/currency? More than currencies, should these be viewed as stocks/shares (at least these don't have the taint of business engaging in haraam activities)?

    Any thoughts?
     
    Last edited: Oct 12, 2017

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