Sharia law cryptocurrency

Cryptocurrency is a form of virtual currency that is based on blockchain technology. Cryptocurrency is a digital asset, and the vast majority of cryptocurrencies are based on decentralised networks. This means that the currencies exist outside of centralised structures such as governments and banks. The blockchain technology makes it virtually impossible for the system to be duplicated, hacked, or cheated, and acts as a centralised ledger of the currency. Digital assets such as bitcoin are still relatively new assets on the global financial markets.

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Content:

• TheJakartaPost
• Working With Islamic Finance
• Cryptocurrency in Islamic Law Perspective
• Indonesia’s National Religious Council forbids the use of cryptocurrency for Muslims: Report
• The Shariah Factor in Cryptocurrencies & Tokens.
• Bitcoin ban for Muslims: here’s what happened
• Islam and cryptocurrency, halal or not halal?
• Crypto is forbidden for Muslims in world’s biggest Islamic country
• Bitcoin The Virtual Currency Between Halal And Haram In Islamic Finance

WATCH RELATED VIDEO: Bitcoin And Sharia Law: Iran's Plan To Develop A Muslim Cryptocurrency To Evade U.S Sanctions

TheJakartaPost

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This essay provides an overview of historical and modern Islamic conceptions of commodities and property, money, and contract of sale laws, and how they relate to cryptocurrencies such as Bitcoin. Finally, I show the consequences of different lines of argument for the sharia compliancy of cryptocurrencies in a case study of four cryptocurrencies: Bitcoin, OneGramCoin, Steemit and Nexo. Reference Works.

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Working With Islamic Finance

Reports say bitcoin, dogecoin and ethereum are considered assets in Indonesia which can be traded but cannot be used as means of payment. Indonesia's Islamic organisation Nahdlatul Ulama in East Java has issued a "fatwa" against the use of cryptocurrency in the country declaring it forbidden under Islamic law. The religious body reached the decision after a discussion as it reportedly said the use of cryptocurrency is not legal under Islamic Sharia law. The move comes as Indonesians have shown a huge interest in the new digital currency as reports claim the country will not ban cryptocurrencies , however, it will ensure it is not used for illegal activities. Indonesia's minister of trade Muhammad Luthfi had asserted that although it wouldn't prohibit cryptocurrencies but the regulations will be tightened. Also Read: South Korea to clamp down on cryptocurrency phishing activity.

Cryptocurrency in Islamic Law Perspective

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Indonesia’s National Religious Council forbids the use of cryptocurrency for Muslims: Report

IFG have been getting a flurry of cryptocurrency queries from our readership over this past year, increasingly more and more panicked as they watch the bitcoin price hurtle into the stratosphere and want to get Shariah sign-off. There is lots to be said about the whole area of cryptocurrency and the blockchain technology generally. We propose to discuss various aspects in a series of articles to help break things down. This article will focus on cryptocurrencies, such as Bitcoin, and whether or not they are shariah compliant. As ever, this is not a definitive fatwa on the matter and should not be relied on as such; it is designed to discuss the area from a well-informed position following extensive research of the actual technology and the Islamic position, and we hope to contribute to the debate through this.

The Shariah Factor in Cryptocurrencies & Tokens.

A local start-up company is offering a gold-backed cryptocurrency. The company, called OneGram, opened last year. Its offer is part of efforts to persuade Muslims that cryptocurrency investments are acceptable under Islamic law. The worldwide interest in bitcoin and other cryptocurrencies has moved into the Gulf and Southeast Asia, the main centers of Islamic finance. But many Muslims are uneasy with such investments because they are products of financial engineering and objects of risk.

Bitcoin ban for Muslims: here’s what happened

Egypt's top imam has endorsed a ban on trading in Bitcoin by declaring it "forbidden" by Islam. Sheikh Shawki Allam, the Grand Mutfi, said the digital crypto-currency carried risks of "fraudulence, lack of knowledge, and cheating". The Grand Mufti said risks could arise because the virtual currency was not subject to surveillance by any centralised authority. In August , Egypt's first bitcoin exchange was opened. The crypto-currency was declared illegitimate by the authorities last month. Last month, a New York-based woman was charged with laundering Bitcoin and other crypto-currencies and wiring the money to help so-called Islamic State.

Islam and cryptocurrency, halal or not halal?

Religious leaders in Indonesia have forbidden Muslims from using bitcoin and other cryptocurrency. Follow our live coverage of the crypto market. This is why many young investors are choosing crypto over other types of investment. Bitcoin has faced various regulatory challenges in its history but its decentralised nature means it is relatively immune to bans.

Crypto is forbidden for Muslims in world’s biggest Islamic country

RELATED VIDEO: A critical Shariah analysis of Cryptocurrency

Jakarta: A 'fatwa' has been issued by Islamic organization Nahdlatul Ulama in East Java, Indonesia against the use of cryptocurrencies Cryptocurrency in the country. It calls the use of cryptocurrencies banned under Islamic law Shariah. The religious body has taken this decision after a long discussion. During its discussions, it reportedly said that the use of cryptocurrencies is not valid under Islamic Sharia law. The move comes at a time when Indonesians have shown great interest in the new digital currency.

Bitcoin The Virtual Currency Between Halal And Haram In Islamic Finance

The status of cryptocurrency in Islam, one of the most controversial topics in Islamic Finance. To understand the underlying reason behind the acceptance of digital currencies in the Islamic world, we must understand the history of currencies in Islam and what makes a business transaction permissible or impermissible in Shariah Islamic Law. Join us in showcasing the cryptocurrency revolution, one newsletter at a time. Many currencies were used before the 7th century CE. Even after the origin of Islam, people used many forms of currencies for trades in markets.

In a report by Bloomberg , MUI labelled cryptocurrency trading as haram because it contains elements of uncertainty, gambling or wagering, and harm. According to Asrorun Niam Sholeh, head of fatwa at MUI, cryptocurrencies as commodities or digital assets should follow Shariah rules and result in clear benefits before they allow trading. The decision is not yet an official decree and will not prevent all crypto trading in Indonesia, but it will probably discourage Muslims from participating and make local institutions reconsider issuing cryptocurrencies.