Is trading in cryptocurrencies permissible in Islam?

The permissibility of trading in cryptocurrencies in Islam is a matter of much debate among scholars. Some argue that since cryptocurrencies are not backed by any physical assets and their value is highly volatile, they are akin to gambling and therefore prohibited in Islam. Others believe that as long as trading in cryptocurrencies is done in a way that adheres to Islamic principles, such as avoiding uncertainty (gharar) and unfairness (zulm), it can be considered permissible. Ultimately, individuals should consult with knowledgeable scholars and make informed decisions based on their own understanding of Islamic principles.

This mind map was published on 26 February 2024 and has been viewed 111 times.