This is a very interesting question, is Bitcoin a the one that boils down to what every regulatory and tax agency wants to know: Bitcoin is a security (an asset) or a type of currency? Experts disagree on this issue. If it’s a currency, or a means fo transaction, then it wouldn’t even make sense to look at it from Halal perspective because the use of currency in non-Sharia-permitted scenarios would not deem the currency unusable by others. Holding the currency is not the same as holding an asset. If Bitcoin is indeed a security, then it does make sense to look at Bitcoin from Halal perspective. There are new initiatives in cryptocurrency world to create utility tokens that are used within ecosystems and certain decentralized economies where all transactions are vetted as “Halal” or Sharia-compliant, such as Onegramcoin. The existence of these projects shows that the observant Muslim community is looking for projects and opportunities to ensure that the securities or tokens they are trading are free from a possibility of being non-compliant with Sharia law, unlike traditional or mainstream cryptocurrencies which are still overcast by the shadow of doubt.
Is Bitcoin Halal? How Cryptocurrency Conforms with Islam and Sharia
