Bitcoin is considered as halal by Sharia Law

[ohlawdy]

I thought this was generally known already, at least i saw some people say they asked their imam who said it should be halal. So i think the news has more influence on the pirce then that it is really halal.

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[Pursuer]

I thought this was generally known already, at least i saw some people say they asked their imam who said it should be halal. So i think the news has more influence on the pirce then that it is really halal.

true. it was already known to Muslims that bitcoin is "halal", in fact that is why they have been investing in bitcoin all along! but this is more of a public acknowledgement of bitcoin by Muslim scholars and it will do two main things.
first of all it will resolve any possible confusion that any one might have had and it can guide them into investing in bitcoin.
second it is considered a good news like anything else which can lead to a rise which I think it is already priced in.

[Kulafu]

Lots of Arabic countries wanted to create their own currencies to avoid usd. Now this is their chance to become free)

Yeah. Duabai they already started their own.  I saw successful ICO that there are a muslim on their group. It will greatly contribute to the market.

[Zeddyn]

This will have a very good impact on bitcoin prices, because we understand that Islam is the greatest people in the world, and if bitcoin halal it will make the spirit of Muslims to buy very profitable bitcoin prices rise.

[Bitfling]

Since the Muslim community can now trade/hold/invest legally on Cryptocurrecy especially BTC. Do you think it can uplift the price of BTC and concurrency as a whole?

Dubai is very active on Cryptocurrency. It's hosting many of cryptocurrency forum.
We all know that there are a lots of Arabs that are really rich.

Dubai already known for their ambition in financial industry. Cryptocurrency already halal for muslim and i am believe money from middle east will flooding market. Hope that will happen because if that happen, cryptomarket market cap will increasing

[x xurtjati]

now many Muslims use bitcoin and invest because Muslims teach us to trade positively besides bitcoin bring benefits and not harm others.

the meaning of halal is good and does not harm others whether bitcoin has hurt you

[Paractor]

But since gambling is considered haram for the muslim faith.
Wouldnt the liability of the big jump up and down of price of bitcoin be just this?
A gamble
Because you can not doubt the price of what you buy it for today will not be the same tomorrow as with the majority of fiat money or precious metals are for that matter.

[imstillthebest]

But since gambling is considered haram for the muslim faith.
Wouldnt the liability of the big jump up and down of price of bitcoin be just this?
A gamble
Because you can not doubt the price of what you buy it for today will not be the same tomorrow as with the majority of fiat money or precious metals are for that matter.

Buying or investing in bitcoin is not really a gamble because a gambling means to play or place a bet and take as much as risk as you can in order to possibly won a profit but investing in btc is just an act of holding but with a risk also although it is just a minimal and chances of loosing is only less when compared to an actual gambling.  I thought the word halal is only for products like food , soap , vitamins ,etc because afaik halal means safe and approved by the Bureau of Food and Drugs administration.

[Denker]

This will have a very good impact on bitcoin prices, because we understand that Islam is the greatest people in the world, and if bitcoin halal it will make the spirit of Muslims to buy very profitable bitcoin prices rise.

Oh boy!
Islam is a religion and not people.
Furthermore it isn't better than any other religion on this planet!
And I believe there were already plenty of moslems buying BTC regardless Bitcoin being halal or not. I for instance know a few who did so. Beside that they also eat pork if they feel they would like to, because it tastes good.

[Thanasis]

This will have a very good impact on bitcoin prices, because we understand that Islam is the greatest people in the world, and if bitcoin halal it will make the spirit of Muslims to buy very profitable bitcoin prices rise.

Oh boy!
Islam is a religion and not people.
Furthermore it isn't better than any other religion on this planet!
And I believe there were already plenty of moslems buying BTC regardless Bitcoin being halal or not. I for instance know a few who did so. Beside that they also eat pork if they feel they would like to, because it tastes good.

Religion is only for some people,many people in the world only follows what they want,whatever profitsbale for the they will do.BUt bitcoin can't be considered as forbidden in Islam because it is just currency not an interest.So the Haram or Hala will be depend on how we use that bitcoin or which money we used to buy them.

[Kulafu]

But since gambling is considered haram for the muslim faith.
Wouldnt the liability of the big jump up and down of price of bitcoin be just this?
A gamble
Because you can not doubt the price of what you buy it for today will not be the same tomorrow as with the majority of fiat money or precious metals are for that matter.

Huh!? How do you come up an idea of gambling? And how do you inserted BTC as gambling!? If you mean trading and gambling is the same, do you only trade depending on your perception on the market and you can predict the outcome of the market while gambling is all about luck.

[squatz1]

This was done for the news, as I highly doubt muslim people cared when they thought they could make some  good money in bitcoin before the December bitcoin (and crypto) Bullrun. I would think that these people put their religion to the side for  a second (and asked for forgiveness later) to attempt to change their lives, which I would assume some of them did if they sold RIGHT BEFORE the bullrun crashed.

So yeah, this was for the news and maybe it swayed some people.

[Kulafu]

This was done for the news, as I highly doubt muslim people cared when they thought they could make some  good money in bitcoin before the December bitcoin (and crypto) Bullrun. I would think that these people put their religion to the side for  a second (and asked for forgiveness later) to attempt to change their lives, which I would assume some of them did if they sold RIGHT BEFORE the bullrun crashed.

So yeah, this was for the news and maybe it swayed some people.

It could clarify for those conservative Muslims wanted to invest on cryptocurency. It's wipe their doubts. 

[Aufar]

Thanks for the insight. This is more reliable because it comes from a believing Muslim.

I think the word halal is only for products like food, soap, vitamins, etc. Because halal afaik means safe and approved by the Food and Drug Administration Bureau.

[vilello]

Of Course, it's halal. I'm muslim too and I don't find anything that can make Bitcoin haram/forbid. It's like to forbid you to invest in gold or anotherl ike that.

[mariayaz]

Bitcoin is like a gold, it fluctuate, rise and fall all the time, its value is not fixed so yes its halal according to sharia law which is a good sign. Many muslim countries will adapt crypto now.

[vilello]

Thanks for the insight. This is more reliable because it comes from a believing Muslim.

I think the word halal is only for products like food, soap, vitamins, etc. Because halal afaik means safe and approved by the Food and Drug Administration Bureau.

I think halal word not only for product. Check Halal Word

[avdeeva]

Sad to see this happening at current times, I guess the law is because of popularity of bitcoins. I see many Muslim guys betting on cricket matches without any worries.

[Marcus Kohen]

This will have a very positive impact on the market, but not so fast. For Muslims, Sharia is considered a very important teaching. Therefore, the official permission on religious grounds will give a huge race to cryptocurrencies in the Arab world. Well, in addition to the UAE, there are very rich investors. Such as Qatar, Kuwait and Saudi Arabia.

[gabmen]

Well that's good news and it probably had a big effect with bitcoin's 1k usd surge last week since this news came in almost the same time as that certain surge. And knowing how muslims abide by their islamic laws, this certainly gives btc a big boost to have muslims trading without any issue