Sharia Law Advisor Concludes Bitcoin is Permissible – Could Be Cause for Spike

Sharia Law Advisor Concludes Bitcoin is Permissible – Could Be Cause for Spike

Blossom Finance, a startup located within Indonesia, released a report by their Sharia advisor today that concludes that Bitcoin is generally permissible under Sharia law. This according to reports earlier today on April 12.

Bitcoin’s price skyrocketed more than $1000 this morning, in less than 30 minutes. This jump could be attributed to a substantial increase in Muslim crypto traders due to the release of this report.

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Abu Bakar, a certified Mufti (Muslim legal expert) summarizes that the various definitions in Islam for both property and currency on deciding whether or not cryptocurrency falls under the halal (permissible) or haram (prohibited) categories.

Other analysts have tried to prohibit cryptocurrency as it’s not considered to be legal tender, which is the main point in labeling Bitcoin as haram (prohibited).

Bakar ‘s explains that cryptocurrency is widely accepted, thus its legality as tender does not prohibit it from being monetary. He also states that cryptocurrency, like Bitcoin, is not controlled by a central authority and that blockchain is more secure than current monetary systems in place.

Abu Bakar concludes that he considers cryptocurrency to be halal in most cases, however crypto traders should not purchase cryptocurrency for investment purposes.

“Rather, it is advisable to utilize cryptocurrency networks as a payment system in the cases where cryptocurrency network offer specific benefits and advantages over conventional systems.”

Abu warns Muslims to be aware of ICO scams that promise fixed returns.

Noorcoin, a certified Sharia Certified cryptocurrency from the World Sharia Advisory Committee has been touted as “the world’s first sharia compliance utility token”. The coin is clearly targeting Muslims and is noting that it’s sharia compliance will allow Muslims worldwide to enter the crypto sphere.

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