Currencies that you should be careful and consider as a Muslim 🕌💻$ETH
a$XRP
Investing in cryptocurrencies depends on their compliance with Islamic Sharia principles. Sharia prohibits dealing with riba (interest) and gharar (unjustified risk), which makes some cryptocurrencies unsuitable for investment.
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Currencies to consider or avoid:
1. Gambling and betting based currencies 🎲:
Any currency associated with gambling platforms or games that encourage gambling, such as CasinoCoin (CSC).
Reason for staying away: Because it supports activities that are forbidden by Islamic law.
2. Currencies based on interest 📉:
Such as currencies that operate in interest-based lending systems, such as some financial protocols.
Reason for avoiding: Sharia law prohibits usury in all its forms.
3. Currencies used in unethical or illegal activities:
Such as currencies used on dark webs or to finance illegal activities.
4. Currencies that lack a clear project or rely on pure speculation 💥:
Like many meme coins it has no intrinsic value or real uses.
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How do you ensure that a currency is Sharia compliant?
Check out the coin project: Does it have useful and legitimate uses?
Make sure to stay away from currencies that are linked to interest or forbidden projects.
Consult scholars specializing in Islamic economics to ensure the legitimacy of the investment.
Important tips:
Invest in coins with clear project and technical goals, such as Bitcoin (BTC) and Ethereum (ETH) if you are convinced of their legitimate uses.
Spread your investments to avoid high risks.
> Disclaimer: This article is not considered a religious fatwa. It is best to consult Sharia scholars for an accurate ruling.