Post
Topic
Board Altcoin Discussion
Re: Staking is not for Muslims
by
KryptoKings
on 23/03/2021, 08:25:49 UTC
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

I see that similar discussions happened in Islamic world and they have a point actually. Staking is too similar to lending and you get interest as a reward. But if you think about mining, staking is like mining but you don't consume energy like mining. So there are controversies about that. Since staking is only here for less than 10 years we can't talk about that for sure. Everybody should do their own research and if they don't feel alright they shouldn't touch staking coins at all.
Let me remind you, holding and trading staking coins are okay. It is only when you out them on stake, it is forbidden.
Just like fiat. If you own fiat, there is nothing wrong with it.
But you are not allowed to lend then for interest.
In Islam giving loan is allowed if it is interest free. In fact Islam encourage to give interstate free loans to people who ask for it.