Previously Muslims were advised to stay away from cryptocurrency market from Muslim scholars because of speculation. According to Muslim Scholars there should be some solid object backing the currency like gold or silver even fiats are not considered purely halal according to Muslim Scholars.
Mufti Muhammad Abu Bakar who is a sharia adviser at blossom finance in Jakarta does think that bitcoin can be considered halal in certain cases. Muslim community is still confused they are however one fourth of a world population but they still do not consider bitcoin halal.
If Muslims will start investing in bitcoin after considering it halal then there are chances that its price will surge more quickly than last year as some of the richest investors live in Muslim countries.
One thing is sure that bitcoin purchase and selling does not involve usury and Mufti Muhammad Abu Bakar will discuss this in his paper. Let's hope for the best in the coming days. I as a Muslim hopeful that one day bitcoin will be accepted by every Muslim country as a halal asset and form of currency.
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Why do Muslims use fiat currency? I don't understand this argument for not using bitcoin because it isn't linked to a physical asset. Strictly speaking the assets it is linked to are the servers and mining rigs that process and store the blockchain.
True brother i am very happy when i red this news on social media. Thanks for sharing @hamza-arshad.
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