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
Topic: Is Bitcoin Forbidden In Islam? Why? - page 4. (Read 1543 times)
I don't agree with such a categorical conclusion. Bitcoin has no full legalization anywhere. Islamic countries have always been distinguished by their autocracy. The governments of the Islamic countries want the total control over citizens. In democracies, it is difficult to do so. In Islamic countries, a single decree is sufficient.
trading in bitcoin is not valid or prohibited under Islamic sharia law. Bitcoin is the virtual currency used for payments. Bitcoin is also called crypto currency which is a digital payment tool. in a "virtual currency" trading is not allowed because it is not considered or recognized by a legitimate institution as an 'acceptable interface exchange'.
The Muslim follow Islamic Canonical Law also known as Sharia when in comes to banking. In this law, one of the prohibitions is called Riba. The Blockchain Management Systems (BMS) like Bitcoin can conform with the prohibition of Riba as cited by Charles W. Evans in his paper "Bitcoin in Islamic Banking and Finance". As to the question if Bitcoin is Halal? Mathew J. Martin explains and I qoute "“As a payment network, 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.”
To be honest, this is a bit ridiculous as it can be applied to any other currency.
Bitcoin is not banned in Islam, just like any other virtual money. all affected how you get bitcoin. Bitcoin is prohibited if bitcoin from corruption or stealing, so it is not appropriate for bitcoin to be banned in Islam.
BITCOIN is a tool, or BITCOIN is a digital currency,, halal, or haram, in my opinion, depends on its use.
If for drug transactions or arms transactions, it should not, and the government will ban it,
based on my country's law, '' BITCOIN according to MUI '' (HALAL)
(IT IS OKAY)
If for drug transactions or arms transactions, it should not, and the government will ban it,
based on my country's law, '' BITCOIN according to MUI '' (HALAL)
(IT IS OKAY)
I think it's can't be compare with religion because they are different , they just an asset that have risk , that's all !
Bitcoin's value depend on supply and demand so that's why their value too volatile meanwhile Islam can't judge because for investment aspect except your government using islam perspective for judging bitcoin !
Bitcoin's value depend on supply and demand so that's why their value too volatile meanwhile Islam can't judge because for investment aspect except your government using islam perspective for judging bitcoin !
I don't understand as to why some people here claiming that bitcoin or cryptocurrencies are forbidden in Islam because I know some countries that even allows the trading of it. Providing a good and exact reference should be done before saying that it is not allowed.
Yes, I agree. Sometimes I am also surprised at all of this. What causes them to say that Bitcoin is banned in Islam. And I wondered to myself. What am I doing wrong? Is joining Bitcoin a sin? 
I don't understand as to why some people here claiming that bitcoin or cryptocurrencies are forbidden in Islam because i know some countries that even allows the trading of it. Providing a good and exact reference should be done before saying that it is not allowed.
It has no logic and no sense to ban crypto currency only on the grounds that its theory of vagueness and crypto currency can be used by criminals because it is largely anonymous. Most likely, the rulers of Islamic states are afraid of losing control over cash flows, since the crypto currency allows free movement of money without effective control around the world.
Although not among the moslem brother here in the forum but the who claim that Bitcoin is haram should have provide us all the reference in the kuran in other to backup or support his claim that Bitcoin is a haram.
Bitcoin and other cryptos are considered as all other currencies dolar, euro.. so what are halal for all other currencies is halal for bitcoin and what are not halal for them is not halal for bitcoin.
Bitcoin's position as a means of exchange according to Islamic law is permissible, but provided that there must be a handover (taqabudh) and the same quantity if the same type.
Holy shit, I did not know this. This makes me hate religion even more.
You must learn about religion if you hate religion, because it lives away from the teachings of religion so you have this kind of thinking. And the view of Islam on bitcoin is still unclear, some are forbidden and some are not. I believe that bitcoin is halal, because to make bitcoin as a means of transaction it depends on the bitcoin value itself. If we do transactions with people who know biitcoin and believe bitcoin is valuable then Islam is legally valid. Take a look at the days of the prophet's tool of transactions that depend on objects of value.
Those mullahs speaking in the name of Islam are total ignorants and obscurantists. Real (so-called Quranic) Islam has nothing in common with current medieval Islam of some nations.
So it is total BS.
So it is total BS.
Holy shit, I did not know this. This makes me hate religion even more.
It's not forbidden. There are PoS cryptocurrencies that have some kind of ''interest'' but even that is debatable. Riba is more about interest earned in immoral ways as far as I know.
I think islamic banking is bad for the economies of islamic countries, if it would also deny bitcoin then they're fucked.
I think islamic banking is bad for the economies of islamic countries, if it would also deny bitcoin then they're fucked.
I think every believer understands that trading an asset is permitted in Islam, just as a loan, lottery, gambling is forbidden.
These statements are a bit incomprehensible, because if there is a ban on Islam in this segment (in the coming years), it will in fact cause a backlog of the economy, people making such statements should study this market in more detail
I don't think that it is prohibited in Islam since, I haven't heard them with what is their stance about cryptocurrency, I don't think that it is against their belief or what we are just over thinking of what it is, even in Christian country their religion is not hitch to do crypto it is not prohibited to them. These statements are a bit incomprehensible, because if there is a ban on Islam in this segment (in the coming years), it will in fact cause a backlog of the economy, people making such statements should study this market in more detail
I think every believer understands that trading an asset is permitted in Islam, just as a loan, lottery, gambling is forbidden.
These statements are a bit incomprehensible, because if there is a ban on Islam in this segment (in the coming years), it will in fact cause a backlog of the economy, people making such statements should study this market in more detail
These statements are a bit incomprehensible, because if there is a ban on Islam in this segment (in the coming years), it will in fact cause a backlog of the economy, people making such statements should study this market in more detail
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