For Muslims across the Islamic world, the question arises as to whether crypto payment platforms are deemed to be halal or haram in the eyes of Allah and in accordance with Shariah principles, and whether as a currency it prevents money laundering.
I was also sceptical of the money laundering aspect, but I can assure anyone that money laundering is everywhere, even with fiat. So, it should not be a basis to reject a project as good as crypto. However, I have Muslim friends dealing with it, so it might be about what they believe.
One of the defining aspects of cryptocurrency is that there is no central authority such as a Government that authorises it or records it.
This is the main reason I adopt it, and will always keep me increasing my dealing and stakes in it. The only people that should be concerned are the ones using it for illegality.
A comprehensive Islamic law interpretation, one that sparked a massive rise in Muslim investment in Bitcoin and Ethereum in 2018, was provided by Sharia advisor Mufti Muhammad Abu-Bakar (former advisor to Blossom Finance) who looked at the question of is cryptocurrency halal as a money supply. He argued that Bitcoin is permissible under Islamic principles.
I believe this person is more exposed.
Islamic banking laws are also anti-interest so the technology, pricing, and buying and selling of cryptocurrency money is deemed halal by many Islamic scholars who rely on the teachings of Prophet Muhammad PBUH when seeking guidance about permissibility (ultimately, only Allah knows best).
You have said it all, "only Allah knows best. Yet, cryptocurrency is a non-interest investment as I'm concerned, you only gain or lose if you hold it (investment). This is just like buying shares/stocks in any company, Islamic banks are doing this, so why not crypto? Who is paying the crypto interest? I believe it's about what you use your crypto for.
