Bitcoin Forum

"An Islamic scholar has declared bitcoin permissible under Sharia Law, potentially opening up the cryptocurrency market to investment from 1.6 billion Muslims around the world.

The publication of the study into whether bitcoin is halal or haram preceded unprecedented price gains for bitcoin, which saw it’s value surge by more than $1,000 in less than an hour.

This has led some analysts to speculate that news of bitcoin’s Sharia law compliance may have contributed to the price spike."

https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-islamic-law-muslims-cryptocurrency-market-permissible-sharia-news-price-surge-a8302761.html

Very interesting headline ;D Personally I don't think cause equals correlation here but I still thought it was really interesting. I wonder if this will get more muslims involved in crypto. Though  I don't think most of them care whether or not crypto was halal.

Thoughts?

I really don't think most muslims cared whether or not it was halal in the first place ;D

But still, as long as it gets more people involved in crypto i guess

even before this my muslim friend already investing in crypto so i doubt they even think of it as haram

D105

If Muslims are more involved in cryptocurrency it certainly becomes a nice development and will many people know altcoin or bitcoin..
There are many conventional banks implementing sharia system and this may be applicable to cryptocurrency...
But which institution issued a halal or like contained on the food and drink...

Still, a significant part of Muslims, I think, did not deal with crypto-currency, fearing that this activity was banned for them. Muslims are fanatics of their religion. The official permission will unequivocally increase the number of fans of crypto currency from the number of Muslims. This is good information for all who are engaged in crypto currency and expects the growth of the crypto-currency market.

We Muslims must calculate halal and haram of what we do because it affects our Hereafter.

Alhamdulillah this has been declared as halal after controversial in a long time.

Actually, if people learn more deeply the definition of bitcoin there are some halal and haram. For example, join a bounty where the company is a gambling company or a sex company that is forbidden. But not if the company is health or network.

Let's give it to our muslim brothers they are capable and they are an essential part of this community, the recent price can be attributed to this news and hopefully now that it is declared halal our muslims brothers will start adopting bitcoin and other cryptocurrency.

This might be the reason of a sudden pump in the market yesterday,more muslims will come to invest into our community as it i was declared as it is.This is a positive news that should be shared to the community so that most of the people will know about cryptocurrencies.I do believed cryptocurrencies especially bitcoin will be the future of the currencies that exists decades ago!

Maybe this will only affect those country with alot of muslim because here in my country there arr alot of muslim invested at crypto even though this news is not yet announced But still this may  affect the price of crypto forgood.

With this good news, many people will interested in BTC especially muslim country like Saudi Arabia, Dubai, etc. Of Course it will affect Bitcoin price because many of them are doubt whether the bitcoin is halal or not. And after they read this, many of muslim investor will ivest their money.

I think this is good news. But perhaps some countries with Muslim majority residents will respond, or perhaps will conduct similar research to further convince them. But regardless of the pros and cons, it is very potential to lift the market.

Dr Rodney Wilson, the recipient of the IDB Prize's 1435H prestigious award at Islamic Banking & Finance and faculty members at Durham University and The Global University of Islamic Finance (INCEIF) said too many crypto fans focus on crypto benefits without much understanding of its weakness. Excessive risk taking or gharar is financially harmful to Muslims and practitioners of other religions as well. However, with sufficient understanding, using crypto itself includes Sharia.

More people using crypto is always a good news. That will definitely help to advance the mass adoption of cryptocurrency and spread the technology.

Getting bigger and bigger who use cyptocurrency is a good news. It will give a growth to the market since many will be interested to invest in crypto.

Charles W. Evans, who analyzed the virtual currency with the requirements of Sharia Banking in his paper in the Journal of Islamic Banking and Finance wrote: Bitcoin, or similar systems, may be a more appropriate medium for Islamic Banking and Finance than the usury currency supported by the central bank, especially for people who do not have small bank accounts and inter-nation trade.

Currency trading transaction is allowed with the following provisions: not for speculation, there is a need, if the transaction is made in the same currency, its value must be the same and cash (attaqabudh). If different types, must be at the prevailing exchange rate at the time of transaction and cash. Thus, the position of crypto as a means of exchange according to Islamic law is permissible, but on condition that there must be a handover (taqabudh) and the same quantity if the same type.

Based on Islam Today article, currency exchange is a form of business that is allowed. However, both parties must both receive money to reach a transaction, and are not allowed to postpone it. While this rule was created for precious metals transactions, the same principle applies to other forms of currency including crypto.

I've read about the issue of intrinsic value of currency according to Islamic law. Islamic law law requires a kosher currency that has intrinsic value, and the digital currency seems to have such criteria. Unlike paper money represented by paper media, susceptible to damage, loss and other problems, crypto has intrinsic value that is extremely difficult to damage by duplication and other illegal means.

It is good that it is lawful to jump and invest in cryptocurrency, sometimes they like to confuse others whether it is halal or haram, but much that affects everyone that crypto is haram, maybe speaking is not much updating and reading the Shari'a islam or they reluctant to take advantage of technological advantages in today's modern era, I am very sorry if the Muslims are limited to their perspectives that are still into the past, actually what we do when not harming others or still impinging on the provisions of Islam and my belief is legitimate just because there is no deviation.

Far from the regulation that says crypto is halal, some of my friends have been wrestling with the crypto world. But this is very good for those Muslims who still consider crypto something forbidden. It seems that there will be many more people who are beginning to invest in crypto, so the volume of the market will increase and demand is greater so as to have an impact on the rise of BTC and Alt  8)

again, the traders' attempt to explain is not explained =) at first something happened, and then immediately it is necessary to find the reason. If Muslims need to buy a crypt then they can do so, just like in any country.

Will it give a big impact to the cryptoworld? I don't totally know but it feels like there are already Muslims here even before this news. So, it just "legalize" bitcoin to Muslims but does not necessarily mean it could increase the community that much (again, because I believe Muslims are here even before this news).

It seems to me that the United Arab Emirates have long been using crypto-currencies. Of course, this will lead to new people. But it seems to me that the richest people already knew about it

Quoted from a moslem writer, in the fiqh review, muamalah against crypto transactions in the process using the Sharf contract. Sharf is a buying and selling currency with currencies, both similar and unlike, such as buying and selling gold with gold, silver with silver, or gold with silver. In practice, however, the Sharf contract must comply with the rules and conditions, namely the handover of the contract object before the two parties are separated, of a kind, no khiyar and not suspended.

Judging from the terms of the transaction type, the crypto transaction is included in the type of spot transaction. Spot transactions represent foreign exchange purchase and sale transactions for delivery at that time, with completion time of approximately two days. The law may, because it is considered cash while the time of two days is considered a process of settlement of international transactions.

Hey. I think this thread is not need to this forum. Even muslims and not muslims in this forum they all know what's bitcoin and how to invest. Few muslims I know already hodling btc for years. LOL.
Muslims are the baddest gang I've ever seen in the world (Not all of course). They do halal killing innocent people. But I think they're good investors and marketers. So more capital funds will flow in to the crypto market.

** I support to this news. So copied to post in reddit with a footer credit to this original post.

Good. I would like to see the Muslim world embrace cryptocurrencies, because they can potentially stimulate economic development and bank the unbanked and underbanked.

I feel there is no correlation between the two points.
Because the islamists can also invest in encrypted money markets.

This is something good news to all of us and into cryptocurrency business, but I'm hoping that there were no opposite side on this certain good news, because the normal life movement of cryptocurrency movement, that once there was a good news happen, there were also another thing bad news will follow.

Yes it is great news and it will definitely bring masses into bitcoin investing resulting in more volume and growth of crypto market, personally i think this news will have a long term positive impact on bitcoin price.