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Author Topic: [2017-02-28] Bitcoin and Sharia Compliance: How Halal is Bitcoin?  (Read 465 times)
jholmes91
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February 28, 2017, 04:23:23 PM
 #1

As global bitcoin adoption is rising and bitcoin usage is expanding into markets such as the Middle East, Indonesia, Malaysia and other predominantly Muslim regions, the question of whether the cryptocurrency is compliant with the pillars of Islamic finance becomes more and more topical...

Read more Here:

https://btcmanager.com/bitcoin-and-sharia-compliance-how-halal-is-bitcoin/

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February 28, 2017, 06:55:02 PM
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" What that means is that a currency must have a use as opposed to being purely considered valuable because people say it is. The value of a currency must be backed up by an asset or tied to a commodity of actual value, and can also be shown by the difficulty of attaining it. Examples of currencies that are Sharia compliant are the gold Dinar and the silver Dirham. Sharia law also requires a currency to be tangible or to have evidence of existence. "

Ok, so I guess most of the Fiat currencies do not meet their standards then, because most of them are valuable, because their governments says

it is valuable and it is not backed by assets or tied to any commodities. It is also not difficult to obtain it, because these governments print it like

toilet paper. Bitcoin does have evidence that it exists... it is called the Blockchain and mining for it is damn difficult.  Wink

Spot available if you want to advertise something :->
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March 01, 2017, 01:18:04 AM
 #3

I agree with the author with three points that would Bitcoin halal in an "ideal" world:

- in some way it is backed up by an asset: Bitcoin's security depends on the hashrate of the miners. This hashrate can be viewed as a "real asset". The tie is even tighter as in most "traditional fiat" currencies.
- it is not tied to debt (most "traditional fiat" money, in some kind, is tied to debt)
- its existence can be proved (block explorers etc.)

But in the actual world characterized by greedy speculation, it has also heavy haram components because the main use of Bitcoin today is to get an advantage trading it. That is mentioned in the article, but I think that fact is much more important for religious people than the author thinks and would make it a no-go for conservative Muslims.

I also disagree with the author that Bitcoin is not necessarily deflationary, because its price can go down every time - be it because its use ceases because of a better competitor, a software bug or strict regulation.

PS: No, I'm not a Muslim nor a fan of Shariah. But it's interesting to think about these cultural issues.

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March 01, 2017, 03:35:53 PM
 #4

Quote
Sharia law also forbids investing into haram (illegal) industries such as pornography, prostitution, alcohol, pork and tobacco.

I think bitcoin would fail the halal test in this one.
It has been associated with pornography and drugs since early times.  Smiley


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March 01, 2017, 04:22:04 PM
 #5

If muslims don't like it, they are welcome to fork the code and make their religion-based coin.

Imposing some kind of progressive religious "test" on Bitcoin is a big fucking mistake. Its open source, which means each party can adapt it to their needs - not dictate what should be done at the expense of others.

So, in short -- fork it, or bugger off.

fortitudinem multis - catenum regit omnia
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