07-15-2024, 03:39 AM
Ruling on trading in unofficial digital currencies
Jurists agreed that it is not permissible to deal using unofficial cryptocurrencies that are not recognized by the governments of countries. This is because of its reliance on creating money from nothing. This is considered one of the forms of usury. Since exchange is one of the conditions for exchange in Islamic law. It prevents the money creation process on which cryptocurrencies are based. It was stated in an authentic Prophetic hadith that gold is for gold, silver is for silver, and barley is for barley. And so on from the Prophet’s hadith, which emphasizes the condition of exchange by reciprocity, which prevents usury. Usury and the creation of money are forbidden in Islamic law.
حكم التعامل بالعملات الرقمية
Also because digital currencies are fake money that is not real. Enormous wealth is created in the hands of a limited number of people who can only find those currencies. This means achieving extreme wealth for a number of people and great poverty for the rest. It is also one of the things forbidden in Sharia law, just like usury.
Jurists agreed that it is not permissible to deal using unofficial cryptocurrencies that are not recognized by the governments of countries. This is because of its reliance on creating money from nothing. This is considered one of the forms of usury. Since exchange is one of the conditions for exchange in Islamic law. It prevents the money creation process on which cryptocurrencies are based. It was stated in an authentic Prophetic hadith that gold is for gold, silver is for silver, and barley is for barley. And so on from the Prophet’s hadith, which emphasizes the condition of exchange by reciprocity, which prevents usury. Usury and the creation of money are forbidden in Islamic law.
حكم التعامل بالعملات الرقمية
Also because digital currencies are fake money that is not real. Enormous wealth is created in the hands of a limited number of people who can only find those currencies. This means achieving extreme wealth for a number of people and great poverty for the rest. It is also one of the things forbidden in Sharia law, just like usury.
