"Cryptocurrency as currency is forbidden because it has elements of uncertainty, harm and doesn't meet the Islamic requirement according to Shariah [law]," KH Asrorun Niam Sholeh, the council's head of religious decrees, said in the forum.
Cryptocurrencies have perplexed Muslim scholars for several years now. But cryptocurrencies typically aren't backed by physical assets, and people can make massive profits through interest, causing a stir within the Islamic finance community. Sep 3, 2019
Is Dogecoin halal?
It's halal. Because you're investing money on the machines to generate it and then you get some profit.
Which cryptocurrency is halal?
In 2018, scholars from the Sharia Review Bureau in Bahrain stated that investment in cryptocurrency and coins such as Ethereum and bitcoins were permissible under Sharia law and halal. Their view was that bitcoin could be considered property (maal), and did not contain any form of interest.
Is it haram to buy and sell cryptocurrency?
According to many Islamic scholars, cryptocurrency is deemed permissible and halal under Islamic Sharia law, and this has unlocked the crypto investment market to a global Muslim audience with increasing numbers of Muslims wanting to buy crypto and use it as a form of currency.Aug 4, 2021