Is Cypto Haram or Halal? Opinion of Shariah Scholars on Cryptocurrency & Bitcoin - AIMS Education

The question of whether cryptocurrency is halal or haram has sparked significant debate among scholars and the wider community. "Is crypto haram?" and "is crypto halal?" are queries that many Muslims ask when considering investment in digital currencies. To address these concerns, one must examine the principles of Islamic finance, which prohibit elements like riba (interest) and gharar (excessive uncertainty). Cryptocurrencies, such as Bitcoin, often elicit the question, "is bitcoin halal?", due to their speculative nature and the lack of regulation. While some scholars argue that the underlying technology of decentralized ledgers is permissible, others contend that the ambiguities surrounding its use make it inherently haram. Therefore, the answer to "is cryptocurrency halal?" remains complex and varied, necessitating further in-depth analysis and scholarly consensus to provide clear guidance.
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OPINION OF SCHOLARS ON BITCOIN IN ISLAM:

MUFTI TAQI USMANI:
“Currencies are originally a medium of exchange, and making them a tradable commodity for profit earning is against the philosophy of Islamic economics. In Shariah, there is no valid reason to accept Bitcoin or other Cryptocurrencies as a currency. It is just an imaginary number, which is generated through a complex mathematical process. It is purchased for Gambling or Speculations, and used in illegal or unlawful transactions”.

MUFTI SHAWKI ALLAM:
“Trading in Virtual Currency is haram. This is because it is not approved by legitimate bodies, such as Treasury Departments of States, as an acceptable interaction of exchange. Such currencies lead to ease in contrabands trade & money laundering, and they have amounted to Gambling”.

DIRECTORATE OF REGIONAL AFFAIRS, TURKEY:
“Since cryptocurrencies are open to speculations, mostly used for illegal deads, and far from state auditing and supervision; their trading is not appropriate at this point, in the light of Shariah”.

SHAYKH ASSIM AL-HAKEEM:
“Bitcoins remain anonymous when you deal with them. Cryptocurrencies facilitate money laundering, drug money, and haram (forbidden) money. Hand-to-hand exchange of currencies is permissible in Islam, however, in virtual currencies, you don’t have this”.

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