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Will there be a Halal Bitcoin coming soon?

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#1 [Permalink] Posted on 1st November 2017 15:04

After this thread Bitcoin NOT Permitted and its conclusion by some Ulama that it is not permitted, we now have a possible Muslim version to create further confusion and many more questions.

The fact that they have called it Halal bitcoin, it kind of implies that Muslims don't consider bitcoin to be permitted.

 

 

www.rt.com/business/408455-muslims-awaiting-halal-cryptoc...

'Halal' bitcoin may be coming to a Muslim community near you

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#2 [Permalink] Posted on 1st November 2017 16:19
Every form of haram is being halal.
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#3 [Permalink] Posted on 1st November 2017 18:09
I think it's dangerous to keep implying something as Haraam when there's not much understanding of it.

The following coincides with with what I have learnt about this currency and I also found this to be more Halaal than modern currency. Worth a read...

Matthew J. Martin (American Muslim based in Indonesia)

Quote:
“As a payment network, 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.”


What is more Bitcoin may be more Halal than modern fiat money. Matthew puts it quite clearly as he remarks, “Bitcoin is more halal than any currency in wide circulation today but probably still falls short of the strict and narrow definition of money in Islam. Modern sovereign currencies are based on debt with usury - this is strictly prohibited in Islam. Therefore, all modern money is not halal. Bitcoin, on the other hand, is not based on debt - it's based on a proof of work - and this is at least not haram (impermissible).”

cointelegraph.com/news/is-bitcoin-halal-how-cryptocurrenc...
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#4 [Permalink] Posted on 3rd March 2021 03:37
https://www.youtube.com/watch?v=Jj8RZ-IDkaA

Mufti Saeed Khan Sahab (HA) of Pakistan on cryptocurrencies

Summary

The Ummah has produced three great thinkers -- Ibn Sina, Shahabuddin Suhrawardi, and Mulla Sadra. How I wish the Ummah produces a fourth thinker of their caliber, who is able to tackle the intellectual challenges faced by the Ummah today. When TV first became popular, our ulama ruled it haram. We should have thought about how we can make beneficial use of it. Television made its way to every home, and we could do nothing to prevent it. If we had found some positive uses for it in its early days, we would not have missed a great opportunity to counter its harms.

When a mufti gives a fatwa, it is obligatory on him to study what effect his fatwa will have on society in general, good or bad.

Europe outlawed concubines. This created a problem for men whose wives would not, or could not, satisfy their needs. We should have thought deeply about this problem and proposed solutions.

To solve the challenges that the modern world continually throws our way, we require the deep insight of a mujtahid. Such a person needs to have three qualities -- he should be well versed with what is going in the modern world, and his knowledge should be very comprehensive in breadth and depth, and he should be submerged in the Love of Allah SWT. If we do not have people of such qualities, we will see that every new invention/discovery is declared haram, and the world moves on without us. People do not adhere to the fatwa, and that new idea or product becomes entrenched in society.

After having looked into the issue of BitCoin, I have come to the conclusion that it is permissible, and we should not be opposing it with such ferocity. We should devise solutions to the problems of interest associated with it. Who is going to solve these problems of interest? I do not have the time or energy to look into it now. If this issue had come up 20 years ago, I would have devoted myself to it. I do not have much time left before I make my journey to the Hereafter.

When fiat currency was first introduced, the Ummah was faced with a similar situation. At the time, silver and gold coins were the means of trade and transaction. The ulama declared paper currency to be impermissible, because gold and silver had intrinsic value, but paper money could be canceled, and we would lose our investment if we held only paper currency. Knowledgeable and pious ulama from all over India assembled in Delhi to discuss the issue of paper currency. Maulana Abdul Haq Haqqani RH chaired the meeting, which began right after fajr. When the first speaker's address had gone on for a while, Maulana Haqqani RH called one of the organizers and asked him about breakfast. The speaker became upset and said, "You are concerned about breakfast, and we are here discussing an important issue that affects us all." Maulana Haqqani RH apologized and asked the speaker to continue. When the first speaker had finished, and the second speaker started his address, Maulana RH once again asked about breakfast. The second speaker also reprimanded Maulana Haqqani RH, and Maulana again apologized. This happened again with the next few speakers, until finally breakfast was served. After breakfast, Maulana Haqqani RH said, "Whatever fatwa you arrive at after all this deliberation, I will only say that fiat currency is here to stay."

If China is able to leverage its debts, and Turkey is given a chance to make use of its economic means, BitCoin will become an established currency worldwide. This is my informed opinion.
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