Is trading Bitcoins/Altcoins Halal or Haram? (sunni view)
The permissibility of trading Bitcoins and Altcoins in Islamic law is a subject of debate among scholars, particularly within Sunni scholarship.
According to Sunni views, the Qur'an provides guidelines on trade and usury (riba). For instance, it states: Those who swallow usury cannot rise up save as he ariseth whom the devil hath prostrated by (his) touch. That is because they say: Trade is just like usury; whereas Allah permitteth trading and forbiddeth usury.
2:275. This verse establishes that legitimate trade is permissible, contrasting it with usury, which is explicitly forbidden.
Additionally, it is noted that It is no sin for you that ye seek the bounty of your Lord (by trading).
2:198. This highlights the acceptance of trading as a means to earn a livelihood, as long as the trade is conducted in a lawful manner.
Scholars who argue for the permissibility of cryptocurrencies like Bitcoin and Altcoins often point out that these digital currencies can be used for legitimate trade and transactions, aligning with the principles found in the Qur'an regarding business practices. They emphasize that as long as the trading does not involve elements of speculation akin to gambling or usury, it could be considered halal.
However, some scholars express concerns about the speculative nature of cryptocurrencies, viewing them as a form of gambling, which is prohibited in Islam. They argue that the volatility and unpredictability associated with trading such digital currencies may lead to financial harm, thus rendering the practice haram.
In summary, while there is a basis for considering the trading of Bitcoins and Altcoins permissible under specific conditions, the opinions vary among scholars, and those interested in this matter should consult knowledgeable authorities to get guidance tailored to their specific situations.
Sources
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2:275 · Al-Baqara
2:275 · Muhammad Marmaduke Pickthall
ٱلَّذِينَ يَأْكُلُونَ ٱلرِّبَوٰا۟ لَا يَقُومُونَ إِلَّا كَمَا يَقُومُ ٱلَّذِى يَتَخَبَّطُهُ ٱلشَّيْطَٰنُ مِنَ ٱلْمَسِّ ۚ ذَٰلِكَ بِأَنَّهُمْ قَالُوٓا۟ إِنَّمَا ٱلْبَيْعُ مِثْلُ ٱلرِّبَوٰا۟ ۗ وَأَحَلَّ ٱللَّهُ ٱلْبَيْعَ وَحَرَّمَ ٱلرِّبَوٰا۟ ۚ فَمَن جَآءَهُۥ مَوْعِظَةٌۭ مِّن رَّبِّهِۦ فَٱنتَهَىٰ فَلَهُۥ مَا سَلَفَ وَأَمْرُهُۥٓ إِلَى ٱللَّهِ ۖ وَمَنْ عَادَ فَأُو۟لَٰٓئِكَ أَصْحَٰبُ ٱلنَّارِ ۖ هُمْ فِيهَا خَٰلِدُونَ
Those who swallow usury cannot rise up save as he ariseth whom the devil hath prostrated by (his) touch. That is because they say: Trade is just like usury; whereas Allah permitteth trading and forbiddeth usury. He unto whom an admonition from his Lord cometh, and (he) refraineth (in obedience thereto), he shall keep (the profits of) that which is past, and his affair (henceforth) is with Allah. As for him who returneth (to usury) - Such are rightful owners of the Fire. They will abide therein.
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2:198 · Al-Baqara
2:198 · Muhammad Marmaduke Pickthall
لَيْسَ عَلَيْكُمْ جُنَاحٌ أَن تَبْتَغُوا۟ فَضْلًۭا مِّن رَّبِّكُمْ ۚ فَإِذَآ أَفَضْتُم مِّنْ عَرَفَٰتٍۢ فَٱذْكُرُوا۟ ٱللَّهَ عِندَ ٱلْمَشْعَرِ ٱلْحَرَامِ ۖ وَٱذْكُرُوهُ كَمَا هَدَىٰكُمْ وَإِن كُنتُم مِّن قَبْلِهِۦ لَمِنَ ٱلضَّآلِّينَ
It is no sin for you that ye seek the bounty of your Lord (by trading). But, when ye press on in the multitude from 'Arafat, remember Allah by the sacred monument. Remember Him as He hath guided you, although before ye were of those astray.
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