 Polemic use of digital currency or cryptocurrency keeps rolling. Not only about security and economy, but also into the realm of religion. Then this raises the question, whether the digital currency, such as bitcoin for example, halal or haram based on the teachings of Islam? A recent study by Muhammad Abu-Bakar of investment firm Blossom Finance in Indonesia explains how the law of digital currency in the eyes of Islam has its own definition of money function. In a journal entitled "Shariah Analysis of Bitcoin, Cryptocurrency, and Blockchain," Abu-Bakar first explores the function of money and explains in more detail the bitcoin. He then explains why people today are of the view that bitcoin is haram. Many state authorities are of the view that bitcoin is haram or not allowed, such as Egypt, Turkey, Palestine and Britain. They have the same view that bitcoin is too much speculation, intangible, and can be easily used for illegal activities. "Bitcoin is easy to use for illegal activities, so people use bitcoin for illegal and non-Shariah purposes to avoid and hide from government and related authorities," Abu-Bakar wrote.  The law of bitcoin is the same as any other currency The South African Islamic fatwa center, Darul Uloom Zakariyya, takes the position that bitcoin meets mall or halal conditions is therefore allowed to trade. However, they note that to qualify as a currency, it should be that the cryptocurrency type must be approved by the relevant government authorities. From a Shariah point of view, Abu-Bakr explains that bitcoin is like any other currency. "The author agrees with the second view that bitcoin is allowed in principle like bitcoin is treated as valuable as reflected in market prices in global exchanges and it is accepted for payment in various traders." Furthermore, he explains under bitcoin can not be declared unlawful based on the fact that bitcoin has a lot of speculation and has illegal purposes, such as money laundering, fraud, and illegal trade. Because, trading in gold, silver, US dollars and the euro also experienced a similar thing. "In general, the use of something legitimate for purposes that violate the law does not apply the object itself becomes invalid," he said.  Bitcoin kosher or haram follow the rules of the local country In this study deciding the status of halal or haram bitcoin, called must meet certain classification requirements in a country, and follow the rules made by local authorities. "Jurisdiction where the use of cryptocurrency is explicitly prohibited, then in such jurisdictions, it is not allowed to deal with cryptocurrency." The thing to note is that trading of bitcoins and other cryptocurrencies has a higher risk than other currencies. Therefore, many state authorities are taking a position not to suggest that citizens make cryptocurrency an investment, especially for the layman who has no investment experience.
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<p>Congratulations! This post has been upvoted from the communal account, @minnowsupport, by muzzlealem from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the <a href="https://discord.gg/HYj4yvw"> Peace, Abundance, and Liberty Network (PALnet) Discord Channel</a>. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.</p> <p>If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=minnowsupport&vesting_shares=102530.639667%20VESTS">50SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=minnowsupport&vesting_shares=205303.639667%20VESTS">100SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=minnowsupport&vesting_shares=514303.639667%20VESTS">250SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=minnowsupport&vesting_shares=1025303.639667%20VESTS">500SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=minnowsupport&vesting_shares=2053030.639667%20VESTS">1000SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=minnowsupport&vesting_shares=10253030.639667%20VESTS">5000SP</a>. <br><strong>Be sure to leave at least 50SP undelegated on your account.</strong></p>
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Yupz
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good
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