Shiba Inu (SHIB) is a cryptocurrency launched in 2020 on the Ethereum network, aiming to build a decentralized community that includes financial systems, digital games, and decentralized trading platforms such as ShibaSwap. The coin gained popularity as a "meme coin", but it has expanded to include projects that aim to promote community interaction and decentralized governance (DAO) through its other tokens such as BONE and LEASH.
Legal position
1. Projects and Activities: Shiba Inu projects do not involve usury-related transactions or clearly prohibited activities according to the available data. Most of its uses focus on decentralized platforms, games, and non-fungible tokens (NFTs)【11】【12】【13】.
2. Using leverage: If the currency is traded using leverage, the trading becomes impermissible according to Islamic law due to the connection to usurious contracts or selling what one does not own, which are prohibited in Islam.
3. Volatility and speculation: Cryptocurrencies in general, including SHIB, are known for their high volatility and reliance on speculation. Some may see this as “gambling” if the primary goal is to make a quick profit without a real assessment of the risks and projects supporting the currency【13】.
Shiba Inu Projects and Motivations
Shiba Inu aims to build an integrated ecosystem that includes a financial system via ShibaSwap and a blockchain-based gaming platform to provide true digital ownership and a self-governing community【11】【12】.
It has future projects aimed at enhancing transparency such as the use of Self-Self Identity (SSI), demonstrating the team's commitment to expanding its legitimacy in the long term【13】.
a summary
If SHIB is purchased and traded without the use of leverage or prohibited contracts, there is no clear legal impediment to this, based on the nature of its current projects.
However, if leverage is used or the intention is only to speculate to make a quick profit without conscious study, then this is considered impermissible.
It is recommended to consult a qualified forensic scholar for a more in-depth analysis.
