Cryptocurrency in urdu
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Content:
- Islam and cryptocurrency, halal or not halal?
- Canada: Tax Assistance
- From Banning to Regulating: Unexpected Journey of Cryptocurrencies in India
- Pakistan’s Sindh High Court Gives 3 Months to Government for Cryptocurrency Regulation
- Binance Blog
- Cryptocurrency And Regulation Of Official Digital Currency Bill
- Level 1 – Cryptocurrencies
Islam and cryptocurrency, halal or not halal?
Cryptocurrency is essentially a digital means of currency exchange and digital payments platform that uses blockchain technology. The technological and digital revolution over the last few decades has meant that innovative payment systems have been created and utilised, and cryptocurrency is one of the major breakthrough payment systems for business and personal use.
Although there are over 2, cryptocurrencies on the market now, Bitcoin is probably still the most known form of cryptocurrency in the market, and was the first cryptocurrency coin to go mainstream. For Muslims, the question arises as to whether crypto payment platforms are deemed to be halal in the eyes of Allah and in accordance with Shariah principles, and this guide will address the use of the cryptocurrency market, and whether it is permissible under Islamic laws.
He considered arguments that crypto itself was speculative, but his view was that all currencies have a speculative element and this did not automatically deem crypto as haram. Another reason Muslim scholars argue that crypto is halal is that the concept of blockchain and cryptocurrency is inherently anti-interest. Islamic laws are also anti-interest so the blockchain technology, pricing, and buying and selling of cryptocurrency is deemed halal by many Islamic scholars.
Blockchains act as a system of record and the reason this form of technology is so important is that it is virtually impossible to hack, change or cheat the blockchain platform or marketplace. With the use of blockchain technology, centralised financial institutions and establishments are not needed as no central control is required.
According to many Islamic scholars, cryptocurrency is deemed permissible and halal under Islamic Sharia law, and this has unlocked the crypto investment market to a global Muslim audience with increasing numbers of Muslims wanting to buy crypto and use it as a form of currency.
Mal refers to possession and effective storage, and cryptocurrencies meet the criteria required as they can be possessed and stored and have commercial value Mutaqawwam. Crypto is a real and viable digital asset, its worth and value lies in what is paid for it, and it is capable of being owned and traded commercially so the Shariah requirements are satisfied.
The principles of Shariah law should be applied to the financial systems we operate in and there has been some discussion about whether rules devised centuries ago can still be applied to a technologically modern digital financial marketplace.
The answer quite simply is yes, Shariah principles can be applied to modern crypto analysis as they are based on social justice, accountability and ethics which transcend all forms of financial transactions.
As long as there is no illegal activity, then trading or investing in crypto should not be deemed to be contrary to Shariah principles. Critics of Bitcoin also argue that it is not legal tender as it is not backed by any central government that assigns its value and maintains regulatory standards, and it is therefore deemed to be speculated trading.
However, Islamically the use of an item that is deemed halal for an unlawful purpose does not make the original item halal. This means that investors can take part in trading as and when they want, retaining control of their assets. As mentioned above, the publication of the working paper conducted by Mufti Muhammad Abu Bakr clearly identified that cryptocurrency is permissible under Shariah rules. For Muslims worldwide this could have huge implications for the payment of Zakat monies that are made to the poor and to charities globally.
This means that it can operate in legally diverse and unpredictable environments, often making it more accessible than mainstream finance options. Although vulnerable to market changes, crypto coins such as Bitcoin and Ethereum are deemed to be a legitimate medium of exchange, available for use in transactions and trading. The development of Shariah compliant cryptocurrency guidelines provides Muslims with the opportunity for ethical investments.
From a financial perspective, Islamic charities could benefit hugely from Zakat and other donations as a result of crypto investment and trading. Many banks and financial establishments globally are recognising crypto as a financially viable medium of exchange, and this makes it easier for investors to continue to trade, buy and sell cryptocurrency.
In terms of whether contracts relating to crypto are Shariah compliant, given that the contractual relationships in crypto are based on smart contracts using blockchain technology, this means that the process can be made increasingly secure and automated. This not only reduces administrative complexities, confusion and errors, but also ensures that banks are more likely to accept the contractual relationships created. In demonstrating Shariah compliance, cryptocurrency is earning legitimacy across the Islamic finance world.
This adds further legitimacy to the rulings that cryptocurrency is halal and can be utilised by Muslims and Islamic financial institutions. Qardus uses cookies which are essential for the site to work. Any data collected is anonymised.
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Canada: Tax Assistance
From housewives looking to earn a side income to wealthy investors wanting to buy cryptomining hardware, many barely understand traditional stock markets but all are eager to cash in. Pakistan has seen a boom in trading and mining cryptocurrency, with interest proliferating in thousands of views of related videos on social media and transactions on online exchanges. While cryptocurrency is not illegal in Pakistan, the global money laundering watchdog, the Financial Action Task Force FATF , has called on the government to better regulate the industry. The relevant bodies in the government who need to get things done are supporting it, and the promising thing is nobody wants to stand in the way of technical innovation. Baqir declined to comment to Reuters on the topic.
From Banning to Regulating: Unexpected Journey of Cryptocurrencies in India
By Matthew Sparkes. Bitcoin is a digital currency which operates free of any central control or the oversight of banks or governments. Instead it relies on peer-to-peer software and cryptography. A public ledger records all bitcoin transactions and copies are held on servers around the world. Anyone with a spare computer can set up one of these servers, known as a node. Consensus on who owns which coins is reached cryptographically across these nodes rather than relying on a central source of trust like a bank. Every transaction is publicly broadcast to the network and shared from node to node. Every ten minutes or so these transactions are collected together by miners into a group called a block and added permanently to the blockchain. This is the definitive account book of bitcoin. In much the same way you would keep traditional coins in a physical wallet , virtual currencies are held in digital wallets and can be accessed from client software or a range of online and hardware tools.
Pakistan’s Sindh High Court Gives 3 Months to Government for Cryptocurrency Regulation
The top cryptocurrencies began to rally in overnight trading after strong earnings from Amazon. Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image. You are now subscribed to our newsletters.
Binance Blog
Cryptocurrency is essentially a digital means of currency exchange and digital payments platform that uses blockchain technology. The technological and digital revolution over the last few decades has meant that innovative payment systems have been created and utilised, and cryptocurrency is one of the major breakthrough payment systems for business and personal use. Although there are over 2, cryptocurrencies on the market now, Bitcoin is probably still the most known form of cryptocurrency in the market, and was the first cryptocurrency coin to go mainstream. For Muslims, the question arises as to whether crypto payment platforms are deemed to be halal in the eyes of Allah and in accordance with Shariah principles, and this guide will address the use of the cryptocurrency market, and whether it is permissible under Islamic laws. He considered arguments that crypto itself was speculative, but his view was that all currencies have a speculative element and this did not automatically deem crypto as haram. Another reason Muslim scholars argue that crypto is halal is that the concept of blockchain and cryptocurrency is inherently anti-interest.
Cryptocurrency And Regulation Of Official Digital Currency Bill
In a major announcement, Finance Minister Nirmala Sitharaman in her budget speech said that income from virtual digital assets will be taxed at 30 per cent. Also, in order to bring such properties into the tax net, the finance minister proposed 1 per cent TDS tax deducted at source on transactions in such asset classes above a certain threshold. The Finance Minister said that any loss caused by virtual digital assets cannot be compensated by other gains. The FM also said that gifts of virtual digital assets will also be taxed in the hands of the recipient. Crypto transactions have seen a rapid increase over the past year, amid discussions over whether to ban them altogether or allow them in some form.
Level 1 – Cryptocurrencies
In a world-first case in Australia, Andrew Forrest takes aim at scam ads that used his image. It is the latest major economy to announce its own virtual currency, as China trials the digital yuan. Assets of the cryptocurrency project, launched two-and-a-half years ago as Libra, are sold. Last year Kazakhstan became the second biggest crypto-currency mining country in the world.
People trading in cryptocurrency are being identified. Your browser does not support the video tag. Director FIA Babar Bakht Qureshi has confirmed the development and said that cryptocurrency is being used for money laundering. Qureshi revealed that a list of individuals involved in the trade of cryptocurrency is being prepared. Qureshi also hinted at actions against individuals leading the campaign to promote cryptocurrencies in Pakistan. He also said that his ministry is introducing degrees in blockchain technology in three universities.
Crypto appears to be everywhere these days. But is it just a passing fad or is it here to stay? Our experts are here to help illuminate the possibilities and dispel the myths surrounding crypto. The growing acceptance of crypto by the investment professionals suggests it is not simply a passing trend and there are strong arguments in favour of its inclusion within portfolios. After a very strong , the crypto market has fallen dramatically in the first month of
Digital currency is a form of currency that is available only in digital or electronic form. It is also called digital money, electronic money, electronic currency, or cybercash. Digital currencies do not have physical attributes and are available only in digital form.
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