In the world of cryptocurrencies, not all that glitters is gold. There are some currencies that may be questionable in their legitimacy due to their association with usury, illegal activities, or gambling. It is imperative to be aware and look for currencies that comply with the principles of Islamic law to avoid falling into the forbidden. 🚫
Tips to avoid haram currencies:
1. Check the main purpose of the currency: If the currency supports gambling activities or is used in illegal operations, it is haram. 🎰
2. Watch for extreme volatility: Some currencies like Dogecoin are highly volatile and may be considered illegal bets. 📉
3. Avoid currencies backed by interest-based systems: such as BlockFi, which relies on interest-bearing loans, as interest is forbidden. 💸
4. Beware of unsupported currencies: such as BitConnect and OneCoin, which were scams. 🚫
How to verify the legitimacy of the currency:
Look for reliable sources: Check the fiqh testimonies of specialized scholars. 📚
Consult Sharia Experts: Before investing in any currency, always consult a jurist who specializes in cryptocurrency transactions. 🧑⚖️
🔒 Be careful and stay informed! Make sure the currencies you are trading are legitimate to protect yourself from financial and legal losses.
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