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Is trading in bitcoins and other crypto-currencies halal ?

QUESTION

Is trading in bitcoins and other crypto-currencies halal ?

ANSWER

الجواب حامداً و مصلياً


A digital crypto-currency is a means of trading value such as in the case of bitcoins. This decentralized form of digital currency is artificially created by individuals involving a complex 'mining' procedure and involves the recording of bitcoin transactions via a online self-regulating system (The Economist).

In terms of the Islamic ruling regarding such crypto-currencies, their current usage seems closer to being a form of gambling and thus should be avoided, in addition to the fact that one should avoid doubtful matters out of precaution (al-Bukhari and Muslim). And Allah knows best.

Islamic Reference:

وعن أبي عبد الله النعمان بن البشير رضي الله عنه قال سمعت رسول الله صلى الله

عليه وسلم: يقول: إن الحلال بَيِّن وإن الحرام بَيِّن، وبينهما أمور مشتبهات، لا يعلمهن كثير من الناس،

فمن اتقى الشبهات فقد استبرأ لدينه وعرضه، ومن وقع في الشبهات وقع في الحرام... رواه البخاري ومسلم

Answered by FCB Fatwa Department