Cryptocurrency Is Not Halal, What Are Your Thoughts?

Trading of cryptocurrencies like Bitcoin has been declared forbidden for Muslims by the national council of Islamic scholars in Indonesia, as the popularity of digital currencies grows in the world's largest Muslim-majority country.

During a recent online forum, Indonesia's quasi-governmental Ulama Council declared a fatwa, or a non-binding religious ruling, that cryptocurrency is haram — forbidden under Islamic law.

An Ulama is a Muslim scholar who is recognised as having specialised knowledge in Islam.

According to Islamic law, a transaction should follow certain requirements, such as having a physical form and definite value.

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.

However, Mr Sholeh added that although cryptocurrencies as a currency is forbidden, it could be traded as a commodity or digital assets if they meet requirements.

rest of the article here(https://amp-abc-net-au.cdn.ampproject.org/v/s/amp.abc.net.au…)

Comments

  • +31

    So no cryptocurrency snack packs? :-(

    • Like is like a cryptocurrency snack pack

      Because nobody will ever know what in the world goes into it, what it is, or whether we eat it or store it forever

  • +4

    sooooo not halal mode :(

  • +1

    Just refer to it as 'cryptocommodity' then all is good.

    • I dunno why but this one liner is all I need to laugh this morning

      Thanks for that

  • +2

    This isn’t the only area where sharia law differs from ‘conventional’ financial practices in non-Muslim countries eg loans https://www.abc.net.au/news/2021-08-05/islamic-banking-nab-h… . I guess it’s up to each Muslim person how they take that on. There’s lots of social, cultural and other nuances as to how people manage their finances all over the world.

  • +25

    Who cares?

    • -6

      ThIs doeSnT diReCtLy AffEct Me REEEEEEEEEE

      • +17

        It doesn't affect anyone. If muslims don't want to use crypto, they don't have to. I'm sure they will find a way around it, the same way they do around not charging interest.

        • +5

          a non-binding religious ruling

          Seems like a way around it…

  • +1

    Their country, their rules.

  • +8

    +1 who cares

  • +12

    But what about my newly created 'halal' coin?

    "However, Mr Sholeh added that although cryptocurrencies as a currency is forbidden, it could be traded as a commodity or digital assets if they meet requirements.

    rest of the article here…"

    Lols, reminds me of how they say that usury (interest on loans) is 'haram' so Islamic banks wont charge interest on loans, they just charge 'fees' that by a huge coincidence end up being the same amount as the interest would have been. :)

    • +27

      Surely you aren't suggesting that religions are full of hypocrisy, tricks and lies?

      • +2

        Anywhere there is authority of any kind… :)

        • +1

          All said and done, "HalalCoin" is actually a genius idea….

      • +3

        Maybe they could just hover their finger over the buy button and have someone jump on the bed so technically they're not pushing the button.

  • +12

    Applying ancient rules to modern life is counter-intuitive.

  • +5

    I don't care about pork or whatever not being halal. Neither do I care about cryptocurrency not being halal. Pointless arbitrary rules as far as I'm concerned.

  • +1

    It does have a physical form, in the form of zeros and ones on the HDD platters or SSDs. It's a tangible product and can be used to hedge against inflation; although arguably there are other mineral like products that are more favourable.

    You can choose to download that blockchain as "physical evidence", but you don't need to.

    It definitely looks like it meets the Halal definition if you look more closely. Fiat money itself is Haram.

    By these same definitions Litecoin is Halal. Ripple which was premined is Haram.

  • I have some pretty religious friends who are still ok with Crypto as they say the ruling only refers to speculation. So investing in crypto like an asset like gold is OK in their eyes.

    I'm interested as they're OK with certain elements of defi too (which I would think would be haram).

  • +10

    ahhhh… religion again… awesome shit aint it LMAO

  • +5

    Sounds like they just want to launch their own holyhalalcoin.

  • oh no! people might make money with out those in traditional financial institutions taking their skim.

  • +1

    Some genius will create a Halal coin one day.

    Or maybe that sketchy sounding council are already on to it.

  • +1

    So when fiat goes fully digital and no longer in "physical form" then that is banned too?

  • 🇮🇩 ngmi

    🇸🇻 wgami

    El Salvador to Create ‘Bitcoin City,’ Use $500M of Planned $1B Bond Offering to Buy More Crypto
    The issuance of the tokenized bond, which was developed by Blockstream, will be processed by Bitfinex.
    By Andrés Engler
    Nov 21, 2021 at 3:54 p.m.
    Updated Nov 21, 2021 at 4:10 p.m.

    The city will have no income, property, capital gains or payroll taxes.
    https://www.coindesk.com/business/2021/11/21/el-salvador-to-…

  • +3

    so why does Dubai hold some of the biggest BTC conference's then? pretty confident that Muslims love money

  • Depends how you slice it.

  • +1

    Pinging this guy so he can invent a Halal certified Crypto.

  • +5

    Since crypto is apparently only about 10 years old, in keeping with Islamic practices, you are permitted marry it or have sex with it, just don't transact it..

    I'll see myself out.

  • Everyone is entitled to his/her opinions, but no one should force others to follow his/her opinions.

  • Caizcoin has been out for a while. had fatwa certification. has gone 4x since I was looking at it. https://caizcoin.com/

  • +2

    Crypto has been around for a long time. These idiots decide it is not halal now?
    WHO CARES!?!

  • +1

    Ill have my bitcoin with bacon.

  • +1

    Anyone who understands the core fundamentals if cryptocurrency and it's affects on the decntralisation of power see's this for what it is… establishment is threatened so they use one of the most effective levers of control to pull people back in line. Sad that people can't believe in an almighty creator without buying into these obviously man conjured ideaologies.

    • +1

      Satoshi, the creator did a great job in gifting his brilliance to the whole 🌍 to enjoy.

      An asset, a currency, a medium of exchange, the hardest money, a store of value, the key and tool that will chip away the foundation of modern-day slavery block by block.

  • -1

    WTF? This is Oz Bargain correct?
    This is definitely not a bargain & it sure as hell ain't Oz.

    • +3

      any topic can go in the forum plus its related to money isn't it

    • This is about money and freedom. It totally belongs on OZB.

  • This has to be one of the most ridiculous things I've ever heard.
    So what about swiping their Visa card ?
    What about electronically transferring money to a loved one over seas?

    See how "stupid" - "stupid" people can be!

  • Who cares? We just buy as needed. Australia is a free country

  • Just to clarify interest isn't Halal either.

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