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KOHENOOR KEN
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Bloodbath again! Nothing to worry about if you are a long term holder. For medium term holders in the spot, it won't cause much pain either but for short term holders: it is time to uninstall the apps and sleep well! Future traders with long trades open should await their assets to count as zero and short openers should close to book profits. Swaying stuff on the charts! Pullbacks are fun! Cheers!

Bloodbath again! Nothing to worry about if you are a long term holder. For medium term holders in the spot, it won't cause much pain either but for short term holders: it is time to uninstall the apps and sleep well! Future traders with long trades open should await their assets to count as zero and short openers should close to book profits. Swaying stuff on the charts! Pullbacks are fun!

Cheers!

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There is confusion regarding cryptocurrencies and whether trading them is permissible in Islamic Shariah or not! We are a Mudharba based company and have access to multiple sources for getting the most authentic verdicts and research oriented opinions of scholars. References may be provided if someone needs. Based on that we respond to the two basic queries as follows: 1. Blockchain based Cryptocurrencies with DeFi as the base model to govern them is thoroughly permissible in Islam. Like all technologies, it is the use that defines the ends and not the technology itself. The decentralized model is rather preferred by Islam. There are dozens of verdicts (فتاویٰ) available on web including one from the Senior Saudi Jurist that cryptocurrencies as well as trading them in spot, with or without a broker, is permissible. 2. Trading in the spot markets is permissible whereas on leverage, the opinions are slightly different. The popular opinion rejects trading in margins and futures declaring both prohibited based on the ground that the two violate the fundamental principles. One is the principle of ownership prior to selling and the other is of course Riba-free trading. The less popular opinion upholds that the rules of the game in cryptocurrencies differ from stock exchanges and money markets. The rules that are applied to fiats cannot be applied to digital assets. As long as the interest (Riba) is not explicitly involved in financing for margins and futures, none can declare such trading as prohibited. The group of jurists upholds spot trading but dislikes margins and futures instead of tagging them as prohibited. #Islamic
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