Post
Topic
Board Legal
Re: Is Bitcoin Forbidden In Islam? Why?
by
hacekd
on 24/03/2018, 09:12:08 UTC
As a payment network YES, Bitcoin is halal. In fact, Bitcoin goes beyond what more conventional closed banking networks offer. Unlike conventional bank networks which use private ledgers where there's no guarantee that the originator actually owns the underlying assets, Bitcoin guarantees with mathematical certainty that the originator of the transfer owns the underlying assets. Conventional banks operate using the principle of fractional reserve, which is prohibited in Islam.

the majority of scholars agree that gold and silver imposed usury law because it has status as a medium of exchange and measuring the value of other objects. So in that condition is not focused on the intrinsic value of the object but its usefulness.