Loading...
tr eur-usd
EURO/USD
-0.04%
Euro US Dollar
1,04 TRY
btc
BTC
0.94%
Bitcoin
97.455,06 USDT
eth
ETH
2.29%
Ethereum
2.748,32 USDT
bch
BCH
3.36%
Bitcoin Cash
326,83 USDT
xrp
XRP
2.87%
Ripple
2,39 USDT
ltc
LTC
2.97%
Litecoin
104,70 USDT
bnb
BNB
2.53%
Binance Coin
586,23 USDT
sol
SOL
4.17%
Solana
197,46 USDT
avax
AVAX
3.49%
Avalanche
25,36 USDT
ada
ADA
3.97%
Cardano
0,73 USDT
dot
DOT
4.72%
Polkadot
4,70 USDT
doge
DOGE
2.48%
Dogecoin
0,25 USDT
shib
SHIB
2.43%
Shiba Inu
0,00 USDT
KriptoBoss.com
featured
  1. News
  2. Bitcoin News
  3. Bitcoin and Islam: Uncovering Why Experts Consider it the Most Islamic Form of Money

Bitcoin and Islam: Uncovering Why Experts Consider it the Most Islamic Form of Money

Share

Share This Post

or copy the link

Islamic Scholars Discuss Bitcoin and Islamic Finance at Abu Dhabi Conference

The Islamic Perspective on Bitcoin

Islamic View on Exchange of Money

In a recent conference in Abu Dhabi, experts discussed how Bitcoin could be seen as the most Islamic form of money ever invented. According to Islamic principles, the exchange of money should be done at spot value, which also applies to Bitcoin.

Interpretation of Hadith on Money Exchange

Some anti-Bitcoin Muslim scholars argue that money must have intrinsic value and be exchanged hand in hand to be considered halal. They cite a hadith by Prophet Mohammed emphasizing like-for-like exchange. However, this hadith is interpreted differently by others who believe it refers to spot trading at the agreed value at the time of exchange.

Bitcoin vs. Fiat Money

Riba in Conventional Banking

Experts also delved into the concept of riba (interest) in conventional banking, highlighting how fiat money is entirely based on this forbidden practice. Islamic banking, despite its intentions, still mirrors the creation of money through debt and fractional reserve banking.

Value Perception and Bitcoin

Islamic scholars have raised concerns about Bitcoin not having intrinsic value and being government-independent. However, proponents argue that value is subjective, and Bitcoin’s transparency in ownership eliminates ambiguity compared to fiat money.

Bitcoin Revolution and Acceptance

Historical Precedents on Innovation

The discussion also touched on past instances where new innovations were initially deemed haram, such as the internet and photography. Over time, perceptions evolved as these technologies became ubiquitous.

Benefits and Challenges of Bitcoin

Experts highlighted the potential benefits of Bitcoin in situations like cross-border transactions, where traditional banking systems may pose limitations. However, the volatility of Bitcoin and its evolving market dynamics were also acknowledged.

Conclusion

In conclusion, the panel emphasized the need for the Muslim world to engage with the Bitcoin revolution and explore its potential within the framework of Islamic finance. As opinions on Bitcoin continue to evolve, early adoption and understanding are key to maximizing its benefits.

0
i_like
I like
0
dikkatimi_ekti
Dikkatimi Çekti
0
do_ru_bilgi
Doğru Bilgi
0
e_siz_bilgi
Eşsiz Bilgi
0
alk_l_yorum
Alkışlıyorum
0
sevdim
Sevdim
Bitcoin and Islam: Uncovering Why Experts Consider it the Most Islamic Form of Money
Comment
Disclaimer:

The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
ADS Banner

Your email address will not be published. Required fields are marked *

ADS Banner