RATE Group | Islamic Scholars Certify Swiss Crypto Firm X8’s New Cryptocurrency
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Islamic Scholars Certify Swiss Crypto Firm X8’s New Cryptocurrency

19 Nov Islamic Scholars Certify Swiss Crypto Firm X8’s New Cryptocurrency

Posted at 02:16h in Cryptocurrency News by

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Koran crypto



The issue of Islamic classification of cryptocurrency has been ongoing since the rise of bitcoin’s popularity, with debate over whether or not bitcoin and other cryptocurrencies are considered halal (permitted) or haram (forbidden).

This is due to the stringent guidelines regarding monetary classification laid out in the Muslim faith, with conditions forbidding usury (the act of lending for profit on interest) as well as currency backed by nothing considered to be of value. The fractional reserve banking practices which led to the 2008 global financial crisis and the collapse of the US housing market, for example, are completely forbidden by Islamic law, and Muslim bankers and financial professionals cannot engage in them in accordance with their faith.

CCN has covered previous cryptocurrency developments in Islam such as the first ever mosque in Britain to accept cryptocurrency for alms-giving and the declaration that bitcoin…

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