Bitcoin is considered as halal by Sharia Law - page 5.

Kulafu

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Quote from: meanwords on April 27, 2018, 04:45:20 AM

This I think is one of the reason why Bitcoin has an upsurge of price lately. Now that cryptocurreny is now being legally traded and open for muslim, it could lead into a bull run which would benefit the entire globe. It's not everyday that a place makes Bitcoin legally traded which is why this news is a good news for everyone.There's a lot of Muslim rich investors that without doubt would buy Bitcoin without any hesitation anymore. Bitcoin is getting some names now and I hope there's more country to legalize it.

It could be. But there are lots of factors that could affect the price of BTC. Actually if you check the history the price hike on the second quarter.

meanwords

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This I think is one of the reason why Bitcoin has an upsurge of price lately. Now that cryptocurreny is now being legally traded and open for muslim, it could lead into a bull run which would benefit the entire globe. It's not everyday that a place makes Bitcoin legally traded which is why this news is a good news for everyone.There's a lot of Muslim rich investors that without doubt would buy Bitcoin without any hesitation anymore. Bitcoin is getting some names now and I hope there's more country to legalize it.

Rossy Akbar

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Activity: 532

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I haven't read the news actually, but anyway this news was I've been waiting so long, it does bitcoin really help my financial but I'm still find out is this halal or haram, well I knew the answer now. But to be honest I just think that what I do in bitcoin is always halal because I don't gambling, prostitute or any other bad way. So it's clear now and I was so excited.

Kemarit

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Quote from: BrewMaster on April 18, 2018, 09:50:14 AM

Quote from: hatshepsut93 on April 18, 2018, 09:06:42 AM

Quote from: Kulafu on April 18, 2018, 08:22:52 AM

Since the Muslim community can now trade/hold/invest legally on Cryptocurrecy especially BTC. Do you think it can uplift the price of BTC and concurrency as a whole?

Dubai is very active on Cryptocurrency. It's hosting many of cryptocurrency forum.
We all know that there are a lots of Arabs that are really rich.

If I remember correctly, it was just some study by one muslim scholar, so it's far from being "officially declared" for all muslims in the world. Some other scholars might even later declare it haram for some reasons. But regardless, I don't think that it will have any significant impact on Bitcoin's price, those muslims that wanted to buy Bitcoin earlier most likely did it regardless of its status and Bitcoin is also not that popular in arabic countries to make a big impact on Bitcoin's price, just like bans in some countries have almost no effect too.

that is right, this was just an scholar publishing something. but bitcoin was never haram according to Islamic leaders and i have checked! Muslims have been investing in bitcoin long before this news came out... maybe someday as bitcoin gains more popularity some of the leaders release some official statements also but so far as i know there is nothing wrong with it to this day.

Correct, this is just a study of one Muslim scholar but it doesn't mean it represents the dogma that all Muslims around the world should follow. Allthough I believed that there are a lot of Muslims already joined the bandwagon earlier before this statement and I don't think it will change their perspective as to how they see crypto in general. Again, bitcoin has no boundaries and it makes sense for our Muslim brothers to readily accept it without having it deemed as illegal.

ropyu1978

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Quote from: Kulafu on April 18, 2018, 08:22:52 AM

Since the Muslim community can now trade/hold/invest legally on Cryptocurrecy especially BTC. Do you think it can uplift the price of BTC and concurrency as a whole?

Dubai is very active on Cryptocurrency. It's hosting many of cryptocurrency forum.
We all know that there are a lots of Arabs that are really rich.

I think not, however bitcoin is still a controversy for some countries that embrace sharia law. but what you say can not be a benchmark in bitcoin growth even though there are many Arabs who have abundant wealth.
there are some strong factors that make me very berimbel with your opinion. surely you can trace this understanding by discussing with many btt users

ExtremeFacials.com

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I recognize this news as significant for the future of cryptocurrencies, becouse of the significance of arab countries in this world.

mornabo

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Quote from: gabmen on April 26, 2018, 07:55:23 AM

Well that's good news and it probably had a big effect with bitcoin's 1k usd surge last week since this news came in almost the same time as that certain surge. And knowing how muslims abide by their islamic laws, this certainly gives btc a big boost to have muslims trading without any issue

First it will give a clear picture to Muslim users that using bitcoin as currency is not a wrong thing because it has been halal by sharia law. but for trading where there is a bet of luck there it can be said that its haram. because Islam forbids something that can harm you and bet with luck. that's what my professor says. but I don't really care about that because it's my job

hrz

full member

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if in can from the results of gambling or support for projects that smells of gambling is obviously haram, but if there is no gambling element and does not promote food or beverages are in forbidden right, maybe not a problem.

mitchr4

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In my country also had a debate about Bitcoin halal or haram. Many of them Muslim figures say Bitcoin is haram because its use can harm anyone and not transparent and also some of them say halal. Until now still debated about its use for Muslims. Moreover, Muslims are afraid to use if bitcoin is haram. But at least with this statement the Muslims in my country can calmly use Bitcoin.

Yakapo

newbie

Activity: 203

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I dont think Bitcoin is anything close to being Halal by any means, its just a business transaction legitimate as others that require lots of attention, If it was considered Halal then it probably would have not been legalized in the few Isalmic Countries its legalized in

faithofb

newbie

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This a welcome development if its actually true as they will be more demand from those arabian which will cause bitcoin' to skyrocket..

micheal wang

jr. member

Activity: 212

Merit: 3

A good news, I live in a country where almost 80% is Muslim. With the news like this will be a consideration for the government to adopt bitcoin as a legal currency and can be made as a place of investment and trading. With this news I am sure bitcoin prices will rise again, considering many Muslims are afraid of investing in bitcoin on the resson bitcoin is haram.

supermine

hero member

Activity: 826

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People are confused with the technology of bitcoin,and the people who don't know anything about bitcoin spreads the news that bitcoin is a ponzi scheme but the people who understands the technology behind it will never consider this as a Haram in muslim.BUt still some idiotic people refuse to take the bitcoin because of the fear that they will go to hell.LOL. Tongue

mekusproj

newbie

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Quote from: Kulafu on April 18, 2018, 08:22:52 AM

Since the Muslim community can now trade/hold/invest legally on Cryptocurrecy especially BTC. Do you think it can uplift the price of BTC and concurrency as a whole?

Dubai is very active on Cryptocurrency. It's hosting many of cryptocurrency forum.
We all know that there are a lots of Arabs that are really rich.

We all know that Cryptocurrencies are innovations created to ease modes of payment from traditional means of payment and its purpose also is to reduce cost of funds transfer between two parties. There is no hidden agenda in Cryptocurrencies that goes against any religious or moral stance. The acceptance is good, not just for them but also for us all. This also means that Crytocurrencies are here to stay and more acceptance will also come.

CryptoProphet

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Quote from: Kulafu on April 18, 2018, 08:22:52 AM

Since the Muslim community can now trade/hold/invest legally on Cryptocurrecy especially BTC. Do you think it can uplift the price of BTC and concurrency as a whole?

Dubai is very active on Cryptocurrency. It's hosting many of cryptocurrency forum.
We all know that there are a lots of Arabs that are really rich.

Removing restrictions and influx of new people always have a good effect on the bitcoin, but if you closely follow the market, it does not always guarantee a big increase.

rhayot

newbie

Activity: 351

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Ever since, bitcoin is not haram because it is not came from a gambling or anything else, like you have a bitcoin and you will sell it in a triple price, then that's the time usury will enter and that is haram for the muslims. The money that you earned is from your hard work like joining bounty campaigns and airdrop. It will be haram if it is use in a negative way, as long as you know that you are doing good and you know the rules in sharia law there will be no conflict for that.

umar22pk

full member

Activity: 602

Merit: 100

I heard some news about Bitcoin, some scholars from arab countries declare bitcoin as haram, they gave some reasons that nobody knows where this money can be used.
But if bitcoin could be used in negative activities then who can give guarantee that paper money can’t be used in this kind of activities?
In the selling & buying of Bitcoin you have to bear loss & profit both….if there is no guarantee of loss & profit then how bitcoin becomes haraml/forbid?

gabmen

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Well that's good news and it probably had a big effect with bitcoin's 1k usd surge last week since this news came in almost the same time as that certain surge. And knowing how muslims abide by their islamic laws, this certainly gives btc a big boost to have muslims trading without any issue

Marcus Kohen

newbie

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This will have a very positive impact on the market, but not so fast. For Muslims, Sharia is considered a very important teaching. Therefore, the official permission on religious grounds will give a huge race to cryptocurrencies in the Arab world. Well, in addition to the UAE, there are very rich investors. Such as Qatar, Kuwait and Saudi Arabia.

avdeeva

newbie

Activity: 32

Merit: 0

Sad to see this happening at current times, I guess the law is because of popularity of bitcoins. I see many Muslim guys betting on cricket matches without any worries.

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