Bitcoin from the point of view of Islamic authorities

Bitcoin from the point of view of Islamic authorities

We all know that Bitcoin is the most widely used as well as the most popular digital currency in the world. But what do Islam and imitators think about bitcoin transactions? Is it permissible to conduct daily transactions and large transactions with Bitcoin? In the following, we will get acquainted with the opinion of religious leaders in this regard.

Is there a difference between Ramzarz and Bitcoin in terms of Sharia law?

Gholam-Ali Masoumi Nia, a member of the Jurisprudential Council of the Stock Exchange and the head of the Islamic Banking Department at Kharazmi University, said: “We need to differentiate between Ramzarz and Bitcoin.” Encryption is money that is recognized by an entity. After the religious dimension, it differs from digital currencies such as Bitcoin. Today, the common currency among people has become completely electronic and there is no such thing as gold backing for them. Today’s money has no support other than government credit.

What is the Shari’a of Bitcoin?

Ayatollah Mehdi Hadavi Tehrani says about the legal ruling of Bitcoin: in order to be known around the transaction, control of all transactions and their registration by the Bitcoin protocol and the almost certain possibility of domination of global arrogance over it, Bitcoin has no religious value and tax. . Therefore, it is forbidden to log in to its system to purchase these cryptocurrencies and transfer and extract them legally. They also added that if someone is forced to own a bitcoin, for example, by inheritance, they should try to convert it into currency or other goods as soon as possible. But this conversion should not be accompanied by the transfer of Bitcoin to a Muslim or the withdrawal of this asset from the assets of the Islamic Ummah.

What does it mean to be proud of Bitcoin?

One of the meanings of pride is deception. Experts say it is very likely that bitcoin will fall in value. This allows some to attract a lot of bitcoin and then manipulate its price quickly. So bitcoin transactions are volatile and fundamentally void.

Comments from various sources about Bitcoin

In this section, we briefly present the views of various authorities on the legal status of Bitcoin. Ayatollah Makarem Shirazi: “Due to the many ambiguities that Bitcoin has, it is difficult to deal with it.” Ayatollah Nouri Hamedani: “There is a problem in entering into these transactions.” Ayatollah Vahid Khorasani: “Buying and selling it is void.” Ayatollah Safi Golpayegani: “It is haraam and invalid to own property. God knows best. “Ayatollah Sabiri Zanjani:” If the use of such currencies is typically corrupt or against the law, it is wrong to buy and sell it. ” Ayatollah Hashemi Shahroudi: “Given the many ambiguities in this type of transaction, it is not permissible to buy or sell it.”

Opinion of the Supreme Leader

The Supreme Leader’s Office has not commented negatively or positively on Bitcoin’s religious ruling. That is, they do not command sanctity or activity.

Aug 03, 2020 iMiner Blog
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