Halal or Haram: The Future of Cryptocurrency in Muslim Communities

[kreslik.news]

For most BTC holders outside of the Islamic world, the philosophical nuts and bolts of whether BTC is permissible for a practicing Muslim may not seem very important. However, when you consider that at least 1.6 billion people on the face of the planet are Muslim, the connection between the philosophical debate and the price of Bitcoin becomes clear.

In mid-April, a report called ‘Is Bitcoin Halal or Haram: a Sharia Analysis’ was published by certified Muslim legal expert Muhammad Abu Bakar. The report analyzed whether Bitcoin was acceptable under Islamic law (and thus ‘halal’) or forbidden by Islamic ... (read more)