Is crypto currency halal or haram? Know what is being discussed in Muslim countries

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The UAE Fatwa Council scholar stated, "At this time, we have a 'tawaquf' stance; we cannot tell if it is halal or haram, but we suggest it is better to stay out of it.

The emergence of cryptocurrency trading in the United Arab Emirates has prompted inquiries over its legal standing and legitimacy under Sharia law. As of right now, the nation's Sharia law views bitcoins as "neither halal nor haram." In contrast, proponents of cryptocurrencies referred to it as the "most Islamic form ever" during a recent Abu Dhabi conference.

"Our current stance is 'Tawaquf,' we cannot say whether it is halal or haram, but we say it is better not to get involved in it," stated a scholar from the UAE Fatwa Council. He clarified that the problem is complicated because there are numerous approaches to crypto analysis. Its speculative nature raises issues because its prices change a lot over night. This makes people view it as an investment, and although some have profited, there are additional risks, which is why it is not advised at this time.

Proponents of cryptocurrencies contend that the bitcoin revolution is not reaching the Muslim world. According to Arish Ehsan, a financial expert, Sharia counselor, and anti-money laundering specialist, governments worldwide are becoming more and more interested in bitcoin. According to him, the next most well-known defense of bitcoin is that, in contrast to fiat money, it is not subject to governmental regulation. According to him, each government would have varied levels of control over it if its popularity keeps rising.

"The issues caused by a flawed banking system are not related to a specific currency," he stated, asserting that bitcoin is more halal than fiat money, which is created when fresh loans are issued and entails riba (interest, which is forbidden in Islam). The entire economy and all exchangeable currencies are impacted by these issues.