Many Muslims are unsure whether or not cryptocurrencies are halal. I’d like to ask a simple question before answering the question. Is the knife permissible or prohibited?
The knife can be used for a variety of purposes, but it is clearly haram if used with the intent to cause harm.
In essence, we can’t say whether the knife is Halal or Haram; it’s just a tool for whatever purpose it’s designed to serve.
The same rule applies to fiat currency as it does to cryptocurrency.
Any currency used for illegal purposes, such as usury (Riba), is considered Haram.
For a more eloquent explanation, please watch Sheikh Joe Bradford’s video.
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