benjamin_cole_nurse
Sun Jul 14 2024
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6 answers
1174
Are bitcoins halal?
As a financial professional with a keen interest in cryptocurrencies, I've often been asked the question: "Are bitcoins halal?" The term 'halal' derives from Islamic teachings and essentially means permissible or lawful. With bitcoins being a digital currency that operates outside the traditional banking system, there's been much debate surrounding its compatibility with Islamic finance principles. Some argue that bitcoins, due to their decentralized nature and lack of central authority, align with the Islamic principle of avoiding riba, or usury. However, others raise concerns over bitcoins' potential use in illegal activities and speculative trading, both deemed impermissible. Thus, the question remains: Are bitcoins truly halal, or do they fall into the realm of impermissible financial transactions?
