Dr. Al-Salmi added that the Sharia ruling differs according to the types of digital currencies, as they are divided into three categories:
If it is based on forbidden transactions such as gambling or alcohol, then it is not permissible and forbidden.
If it is done through usurious transactions: If it is done through platforms that deal in usury, it is not permissible to acquire it or deal with it.
If it is based on a permissible basis: it was used by traders and investors as storage or long-term investment without speculation, then it is permissible and there is nothing forbidden in it.
Are cryptocurrencies halal?
Dear reader, we believe that we have explained to you the ruling on cryptocurrencies in the previous paragraph, but in this title we will add some details to answer some questions that may be on your mind now. They are:
Sharia standards for trading digital currencies
Dear reader, we deduce from the opinion of Dr. Abdullah Al-Salami, which we presented in the previous paragraph, the legal standards for trading digital currencies, which, when available, become permissible to deal with, and when absent, become forbidden. These standards are divided into:
The digital currency must be independent: it must not be issued or used for prohibited purposes, such as alcohol and gambling.
The currency must be available on a platform that does not involve usurious transactions: and must be free of any financial transactions of an usurious nature.
The currency is considered a commodity that can be bought and sold like any other commodity: it can be acquired and kept on platforms, without speculation or gambling on its value.
