Previously, there was a long debate about Bitcoin being halal or haram. An Islamic scholar has finally come to a conclusion under Islamic Sharia about the status of the cryptocurrency. Bitcoin has been declared Halal according to the final verdict!

This verdict has now opened cryptocurrency to over 1.6 million Muslim investors, who have rapidly made purchases, boosting the value of the currency to its 2-week highest!

Islamic scholar, Mufti Muhammad Abu Bakar published a paper in which he has addressed the issue of Bitcoin and other cryptocurrencies and whether they are halal or not.

Muhammad Abu Bakar said,

“In Germany, Bitcoin is recognized as a legal currency and therefore qualifies as Islamic money in Germany. In countries such as the US, Bitcoin lacks official legal monetary status but is accepted for payment at a variety of merchants, and therefore qualifies as Islamic customary money.”

The note further discloses;

“Bitcoin is permissible in principle as bitcoin is treated as valuable by market price on global exchanges and it is accepted for payment at a wide variety of merchants.”

Are you ready to experiment with this new market?

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