Is Cryptocurrency halal to invest?

Juwayni said:
Why are ribawi financial orgs who many consider "authorities" such as securities exchange commissions and the like are taken by some as sources dictating the legitimacy or lack thereof for cryptos? These are the same organizations that allowed and continue to allow the convoluted gharar and riba ridden speculatory systems that led to the 2008 crash.
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I have wondered about this too...

Could someone well versed share their opinions about this?

Is it really that problematic to store some of ones money in crypto currency as opposed to a normal bank? The value of it fluctuates anyway since the latter is a fiat currency...
 
So here we are 5 to 6 years later. Anyone who bought back then would be rich now. Has the narrative changed? What do we say about the permissibility of crypto today?
 
well, ulama don't permit it yet, crypto does not fulfill the requirements to be considered as goods/commodity that can be traded.
 
Regarding bank notes Ala Hazrat had his fatwa for its validity in the lines of it being a commodity so it doesn't matter how much value is put to it.

However in today's time irrespective of cryptocurrency we are only dealing with a digital currency that is simply a figure stored in the computer system of a bank. As we know the banks hardly back it up with physical assets, and for the banks to steal your money (sanctions?) they simply freeze this digital account.

So my question is how different is todays prevalent banking to cryptocurrency which in today's world might even be more sanction proof than your bank account?

I don't have the answer as I'm not a mufti. Just some things to ponder upon.
 
shahnawazgm said:
So my question is how different is todays prevalent banking to cryptocurrency which in today's world might even be more sanction proof than your bank account?
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Man,

Where I live cash is pretty much being phased out and all that remains is the digital currency, which is almost no different to 'crypto' without the bank being the custodian.

Oo, and the hassle of withdrawing your whole bank account in cash... And depositing...
Always being accused of money laundering in the process...

Almost certain that the fatwas will be revised and revisited in a few years as crypto becomes more mainstream & stable and cash disappearing in favor of digital currency.

Unless someone comes along and says digital currency loses its status as a commodity somehow since the ''physical aspect' is lost.
 
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