FAQs for Cryptocurrency Fatwa

Why is there a fatwa on cryptocurrencies?

The reasons revealed behind the fatwa fall back to the same reasons why regulations on cryptocurrencies are being considered. Albeit these reasons are more religiously motivated than legally.

Is cryptocurrency Haram in Islam?

According to the fatwa, the use of Bitcoin and other such coins for investment and payment is considered haram. The Muhammadiyah Tarjih Assembly stated that “The Tarjih Fatwa stipulates that the legal cryptocurrency is haram both as an investment tool and as a medium of exchange”

Does Bitcoin and cryptocurrency comply with Shariah law?

In spite of the fact that premium, venture, and theory in Bitcoin and digital money have kept on soaring upward, there stays developing disarray among Muslims – which make up almost a fourth of the total populace – concerning whether Bitcoin and cryptographic forms of money conform to Shariah law.

Is cryptocurrency halal?

Their fundamental reasoning came from the simple principle that something is deemed halal unless proven haram by sharia (similar to what you hear in the movies, “innocent till proven guilty”). During his speech, he claimed that using cryptocurrency is halal as long as it is being used for mining and immediate transactions.

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