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Furthermore, since it’s not regulated by any governmental bodies or financial institutions it can open itself up to being used more widely for criminal activities on the dark web. An Overview” for more details. Unfortunately because of this lack of oversight cryptocurrency may remain seen as haram by many Islamic institutions. Some believe that cryptocurrencies, such as Bitcoin, are not permissible because they are not backed by tangible assets and their value is speculative. Read the Research Paper “Is Bitcoin Halal or Haram in the Islamic Banking and Finance? Islamic scholars have different opinions on the permissibility of using cryptocurrencies in Islamic finance.

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The unique features of cryptocurrency provide users with enhanced security, faster transactions, and lower fees compared to traditional methods of transferring money. Whether cryptocurrency is halal or haram is a hotly debated topic, as these digital assets often challenge assumptions around existing financial systems and moral frameworks. However, in the earlier days, cryptocurrency was used for purchasing haram things like gambling, making it haram for Muslims. One primary concern revolves around implications for riba, or interest-based transactions, but many Muslim countries have created regulations around this particular issue. Is Cryptocurrency Halal or Haram? Although the general consensus from Islamic scholars seems to be that crypto is suitable for Muslims to use, there are several financial risks and moral concerns associated with digital assets.

While there is some debate on the matter, it seems that cryptocurrency is halal as long as it is not used for illegal purposes and as long as the investor does not speculate with the intention of making a profit. Some may feel comfortable investing while others may prefer to wait until the Islamic rulings on crypto become more clear. Is cryptocurrency halal or haram? Tell us in the comments section below. Of course, investing in cryptocurrencies is a decision that each person must make for themselves. How do you feel?