I have lived in Saudi Arabia for 2 years because of my work. I know that they abide by the Sharia Law which is their constitution. Many knowledgeable people in religion which there are called "ulemma" have spoken against bitcoin.
This is not their fault though, the fault is to those who have explained wrong bitcoin to them. They have told that bitcoin has no real value and only gold or silver have value to keep your investments in. I think that the reason to ban bitcoin is because it can facilitate illegal trades or illegal things, this is most common with fiat currency, so only ignorance can forbid Bitcoin in Islam.
In Islam itself bitcoin which is a form of money is allowed otherwise they the Saudis should stop operating all banks there as they are operating with foreign currency which can also be used to facilitate illegal trades or things.
Topic: Is Bitcoin Forbidden In Islam? Why? - page 3. (Read 1534 times)
As a payment network YES, Bitcoin is halal. In fact, Bitcoin goes beyond what more conventional closed banking networks offer. Unlike conventional bank networks which use private ledgers where there's no guarantee that the originator actually owns the underlying assets, Bitcoin guarantees with mathematical certainty that the originator of the transfer owns the underlying assets. Conventional banks operate using the principle of fractional reserve, which is prohibited in Islam.
As far as I know Egypt’s top imam has endorsed a ban on trading in BTC, declaring the cryptocurrency “forbidden” under Islam.The imam argued that BTC carries risks of “fraudulence, lack of knowledge, and cheating,” Egyptian daily Ahram reported. Allam likened the trading of the cryptocurrency to gambling, which he said is also forbidden under Islam “due to its direct responsibility in financial ruin for individuals.”
BTC is the first decentralized digital currency, operating without a central bank or single known administrator.
I personally disagree with what the theologian say about bitcoin, the theologian forbid bitcoin and according to what the theologian say about bitcoin by its prohibition is something that does not make sense and I think the ban comes at a time when bitcoin prices are on the moon. So the theologian do not know anything about bitcoin and they forbid it without knowing the truth.
Part of reality which they do always take actions directly without even re-considering or even bother out themselves on checking out first before making any decision.Those kind people/organization etc. do have a very close minded perception into any kind of thing as long it is new into their ears and awareness they do make such conclusion without any strong basis. In towards religion its most likely money matters would really have an issue but i cant see that bitcoin would really be considered or to be included.It might have disadvantages but cant really be considered generally as a bad thing. 
After a bit of research about the topic (which I found really interesting), I think this is just another case related to legitimacy. I mean: in those countries where religion is really important, it can be the tale of the political speech and be used to legitimize any action the government choose.
Of course, any religion, any sacred book, has many possible lectures, so the meaning of its words is based on interpretation. Even when usury is totally forbidden on the Coran, the use of BTC is not strictly related to the act of usury, but the interpretation they give of bitcoin takes the possibility, for only by this way you can convince the people to stop using it (for they will go to hell!!).
Religion is meant to legitimize every imaginable thing. This is been used this way for centuries!!
Of course, any religion, any sacred book, has many possible lectures, so the meaning of its words is based on interpretation. Even when usury is totally forbidden on the Coran, the use of BTC is not strictly related to the act of usury, but the interpretation they give of bitcoin takes the possibility, for only by this way you can convince the people to stop using it (for they will go to hell!!).
Religion is meant to legitimize every imaginable thing. This is been used this way for centuries!!
Islam believes that buying and selling digital currency is incompatible with religion for this period because its value is exposed to speculation and not under the supervision of the empire and audit, as well as easy to use for illicit activity.
Well, am yet to see which part of the Holy quran that condemn crypto currency because I cannot find any link from your submission that bitcoin and crypto currency in general is forbidding in Islam.
I personally disagree with what the theologian say about bitcoin, the theologian forbid bitcoin and according to what the theologian say about bitcoin by its prohibition is something that does not make sense and I think the ban comes at a time when bitcoin prices are on the moon. So the theologian do not know anything about bitcoin and they forbid it without knowing the truth.
Never thought about that. Saw the topic and became very interested in it =) as far as I know, BTC shouldn't be restricted
As a payment network YES, Bitcoin is halal. In fact, Bitcoin goes beyond what more conventional closed banking networks offer. Unlike conventional bank networks which use private ledgers where there's no guarantee that the originator actually owns the underlying assets, Bitcoin guarantees with mathematical certainty that the originator of the transfer owns the underlying assets. Conventional banks operate using the principle of fractional reserve, which is prohibited in Islam.
the majority of scholars agree that gold and silver imposed usury law because it has status as a medium of exchange and measuring the value of other objects. So in that condition is not focused on the intrinsic value of the object but its usefulness.
Well, not only is the issue of legality still debated, but in Islam the law of bitcoin is still a very interesting topic and still in debate.
Then, in my view, As a payment network, bitcoin is halal. In fact, Bitcoin goes beyond what the more conventional banking networks offer.
Unlike conventional bank networks that use private ledgers where there is no guarantee that the originator actually has an underlying asset, bitcoin guarantees with mathematical certainty that the transfer initiator has an underlying asset.
Conventional banks operate using the principle of fractional reserves, which are prohibited in Islam.
Conventional currency is based on debt with usury that is strictly prohibited in Islam. Therefore, all modern money based on usury is not lawful. on the other hand, bitcoin is not based on debt. Bitcoin is based on work evidence, and this is at least not unlawful.
Then, in my view, As a payment network, bitcoin is halal. In fact, Bitcoin goes beyond what the more conventional banking networks offer.
Unlike conventional bank networks that use private ledgers where there is no guarantee that the originator actually has an underlying asset, bitcoin guarantees with mathematical certainty that the transfer initiator has an underlying asset.
Conventional banks operate using the principle of fractional reserves, which are prohibited in Islam.
Conventional currency is based on debt with usury that is strictly prohibited in Islam. Therefore, all modern money based on usury is not lawful. on the other hand, bitcoin is not based on debt. Bitcoin is based on work evidence, and this is at least not unlawful.
At this moment if we think more deeply, we will be confused about the reason for banning bitcoin (like the quotes that you convey). Don't judge a thing from one point of view only. Currently bitcoin has proven to be able to improve the local economy.
Islamic teachings are in accordance with the times just because bitcoin is a new technology does not mean bitcoin is forbidden, unlawful, and incompatible in Islam. that is the wrong question. the most important bitcoin gives more benefit to many people and it makes bitcoin required so I think there is no ban in Islam for bitcoin 
At this moment if we think more deeply, we will be confused about the reason for banning bitcoin (like the quotes that you convey). Don't judge a thing from one point of view only. Currently bitcoin has proven to be able to improve the local economy.
Why is bitcoin banned only in Islam? That's not so. There is no country in the world that recognizes the use of bitcoins as a currency. Governments in Islamic countries are more autocratic. For this reason, they can afford to make strong-willed decisions and to act with their citizens by force. Other non-Muslim countries do the same, but more covertly.
Republican mufti Councellor Magdy Ashour issued a Fatwa (Islamic ruling) that deems the Bitcoin virtual currency as forbidden by Islam, accusing Bitcoin of being used to fund terrorism.
The mufti based his fatwa on the fact that there is no guarantee on where the money is going because it is not covered by the Central Bank of Egypt (CBE).
Moreover, he pointed to the lack of set rules for Bitcoin; the problem with which, in Islam he claims, a transaction of funds is like a contract with set rules. Due to this not being the case with Bitcoin, Islam will consider the currency forbidden, he says.
Ashour is not the only one to issue such a perspective, Assim al-Hakim, a Saudi minister, also announced in a video on Carbonated website, that the Bitcoin is forbidden because it is a cryptographic form of money that is “vague and gives namelessness to crooks.”
The mufti based his fatwa on the fact that there is no guarantee on where the money is going because it is not covered by the Central Bank of Egypt (CBE).
Moreover, he pointed to the lack of set rules for Bitcoin; the problem with which, in Islam he claims, a transaction of funds is like a contract with set rules. Due to this not being the case with Bitcoin, Islam will consider the currency forbidden, he says.
Ashour is not the only one to issue such a perspective, Assim al-Hakim, a Saudi minister, also announced in a video on Carbonated website, that the Bitcoin is forbidden because it is a cryptographic form of money that is “vague and gives namelessness to crooks.”
Assim al-Hakeem, a Saudi minister has announced that cryptographic forms of money are entirely disallowed under Islamic law. This is on account of they are both vague and give namelessness to crooks. He made this declaration on Ask Zaad, as Bitcoin costs shot above $12,000 for the first run through.
This decision comes after the best religious body in Turkey likewise expressed that Bitcoins were contradictory with Islam in light of the fact that the estimation of them is 'available to theory' and can be utilized as a part of 'illicit activiies'.
A great deal of this is a direct result of the Bitcoin action on darknet commercial centers, where they trust that clients are utilizing the cash in return for medications and weapons, which has raised various diverse doubts about the virtual cash.
In only one year, the estimation of Bitcoin has raised fundamentally from only $1000 toward the begin of the year, to more than $12,000 now. This sensational ascent has isolated the monetary group, with many trusting that the money may soon come smashing down once more.
Bitcoin was made about 10 years back, to fill in as an other option to government provided monetary forms. Exchanges including Bitcoin can consider finish obscurity, which has made it unbelievably prevalent among the individuals who wish to keep their money related action and their personality private.
Bitcoin digger work PC ranches, where they can check client's exchanges by settling complex scientific riddles. These mineworkers are paid in Bitcoin, which would then be able to be changed over into a conventional cash.
The utilization of digital forms of money have changed as of late. While at first they were utilized as a technique for installment, all the more as of late they have turned into an extremely prevalent venture opportunity.
This decision comes after the best religious body in Turkey likewise expressed that Bitcoins were contradictory with Islam in light of the fact that the estimation of them is 'available to theory' and can be utilized as a part of 'illicit activiies'.
A great deal of this is a direct result of the Bitcoin action on darknet commercial centers, where they trust that clients are utilizing the cash in return for medications and weapons, which has raised various diverse doubts about the virtual cash.
In only one year, the estimation of Bitcoin has raised fundamentally from only $1000 toward the begin of the year, to more than $12,000 now. This sensational ascent has isolated the monetary group, with many trusting that the money may soon come smashing down once more.
Bitcoin was made about 10 years back, to fill in as an other option to government provided monetary forms. Exchanges including Bitcoin can consider finish obscurity, which has made it unbelievably prevalent among the individuals who wish to keep their money related action and their personality private.
Bitcoin digger work PC ranches, where they can check client's exchanges by settling complex scientific riddles. These mineworkers are paid in Bitcoin, which would then be able to be changed over into a conventional cash.
The utilization of digital forms of money have changed as of late. While at first they were utilized as a technique for installment, all the more as of late they have turned into an extremely prevalent venture opportunity.
If Bitcoin is really a contradict to the teachings of this religion then so be it the people of Islam should avoid this investments as they may punish and be branded as an infidel of this religion. Good thing that i was a Christian ang can freely join Bitcoin activities in my country.
I'm not aware on this though , but islam tolerate bitcoin we can't actually say it is forbidden on my opinion cause bitcoin is not wrong and not forbidden on islam. So I think why they will forbidden bitcoin if the btc doesn't affecting them on somehow. And on the other hand bitcoin is a currency a crypto not a sin.
As far as I know it is forbidden in Islam in some area just like in Egypt, where they banned bitcoin, but no idea at all if all the countries related to Islam does have the same, they don't want bitcoin because they thinks that it would have a negative effect to those investors and traders. 
I'm not aware on this though , but islam tolerate bitcoin we can't actually say it is forbidden on my opinion cause bitcoin is not wrong and not forbidden on islam. So I think why they will forbidden bitcoin if the btc doesn't affecting them on somehow. And on the other hand bitcoin is a currency a crypto not a sin.
As I know Bitcoin in Islam still tolerates. Every country regulation about Bitcoin is different. Bitcoin actually digital money for people and can't replace or change cash money. I believe we still need cash money sometimes. I think nothing wrong with bitcoin.
Bitcoin is something new, where Islam always tolerates every situation.
The law of bitcoin of each country is different because there are organizations of Islamic scholars who must make an agreement on this, should be supervised by the government apparatus and the final agreement will be submitted to the local government for official decisions.
My country has also issued a law to the Muslim population, that bitcoin does not matter as long as it does not take the rights of others, no one is harmed.
The law of bitcoin of each country is different because there are organizations of Islamic scholars who must make an agreement on this, should be supervised by the government apparatus and the final agreement will be submitted to the local government for official decisions.
My country has also issued a law to the Muslim population, that bitcoin does not matter as long as it does not take the rights of others, no one is harmed.
While Saudi minister Assim al-Hakeem declared bitcoin is haram, president of Chechen Republic Ramzan Kadirov says: "Prohibition of bitcoin in Egypt and Saudi Arabia does not spread to russian muslims. Cryptocurrency related questions may be solved by group of islamic scientists (!) under control of chechen mufti sheikh Salakh Khadji Mejiev"
Thanks creator I am not religious, such situation may confuse anyone
Thanks creator I am not religious, such situation may confuse anyone
You have people trying to interpret Bitcoin according to a book which was written thousands of years ago. When regulators who are abreast of recent developments in technology find it difficult to decide whether Bitcoin is a currency or commodity, how would these so called 'Islamic scientists' decide? Islamic scientist is an oxymoron, if you ask me. No wonder different groups of people are coming to different conclusions.
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