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Author: Admin | 2025-04-28
Of Bitcoin– Some believe that the instability of the Bitcoin value, the high risks associated with it, and the spread of illegal transactions through using it are inseparable fundamental features associated with Bitcoin. Others argue that these matters are temporary and could affect the efficiency of Bitcoin in general, but they don’t cancel its consideration. In this regard, a researcher from Australia mentioned an estimation of the illegal transactions using Bitcoin (Prostitution, narcotics, weapons) to be almost 50%.– Nevertheless, other reports indicate the decline of illegal transactions using Bitcoin for many reasons including the evolvement of the mechanisms used by authorities and the emergence of new methods that may allow uncovering the identity of illegal users .3. Official FatwasA Summary of the fatwas issued by the Religious Affairs in Turkey that consider Bitcoin impermissible.– “Cryptocurrencies are not under any central authority, and therefore, they are not under the State’s guarantee. In this context, they could be used in speculations and money laundering which make dealing with them inappropriate”.– Despite that virtual currencies are used by some people for exchange, the facts that these currencies carry no stamp/signature or authorization from any central monetary institution, and not having the State’s guarantee or the government’s credit, don’t make them a type of money . In addition, being open to speculation because of their volatility (to lose or gain value) allows them to be easily used in illegal businesses like money laundering and businesses that are not under the State’s control. For all those reasons, buying and selling such currencies in inappropriate from a religious perspective.”A Summary of the fatwa issued by Palatinate Fatwa House to consider Bitcoin impermissible:– The fatwa mentions: (The Supreme Council for Fatwa is in line with the opinion of considering mining Bitcoin an impermissible act as it contains excessive uncertainty (gharar) and carries the meaning of gambling. Buying and selling Bitcoin is not allowed also because it is still a currency with an anonymous source and no guarantor for it, besides being too volatile and risky and could be affected by stealing its keys, and because it allows: fraud, deception and cheating. Therefore, it is not permissible to deal with it, mining it, selling or buying it.)A Summary of the fatwa issued by Egyptian Fatwa House to consider Bitcoin impermissible:– The fatwa mentions “it’s impermissible in Shariah to exchange Bitcoin by selling, buying and renting or other acts,
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