What is The Ruling on Buying Digital Currencies?
Ruling on buying digital currencies… After the rise in the price of digital currencies and the tendency of many people to buy digital currencies, especially Bitcoin, as a type of investment via the Internet, many people fell into great confusion about the legal ruling on digital currency trading, and there were many fatwas and opinions on this subject.
What is the ruling on buying digital currencies?
Ruling on treating Bitcoin and other digital currencies as a currency with a purchase value (it is treated entirely as cash for buying and selling).
With which I can buy some money online (I’m paying for the goods, not in EUR or USD).
What are the rules for buying bitcoin and other cryptocurrencies to store for price increases (not buying or selling)?
In order to use it as a currency, I must first create an online digital wallet and then top up the balance I want.
And the wallet has a minimum fee (for example, the wallet may not be charged less than $100, the minimum value varies from site to site.
I don’t know if there is a minimum, if I want to withdraw the balance from my wallet to convert it into USD.
But after top up, I can just use the items I need and keep the remaining money in the wallet for future use.
The opinion of the jurists in the purchase of currencies
Regarding the digital currency (Bitcoin), which is not issued by a country and is not a large amount of currency.
Many countries prohibit the use of currency due to the deception, ignorance and fraud of their banks, standards and values.
This type is not dealt with on the stock exchange or elsewhere.
Our fatwa prohibits dealing with it, whether it is buying or selling.
And invest in the stock market, stocks and recognized currencies (not including digital currencies such as Bitcoin).
The previous investment is halal and haraam, and for it to be a halal investment, some conditions must be met, including:
*. The investment must be halal.
*. And to be done in companies with halal activity.
*. Don’t sell anything until he owns it, enter his account and guarantee it.
*. If it is a coin, gold or silver, it must be a real exchange or a judicial exchange at the same time to enter.
*. He bought it in his account to dispose of it and withdraw the price from his account.
*. Prevent him from using the money for speculation, such as loans or interest-bearing deposits.
*. It is the income that the mediator receives before resting, many times his capital.
*. Or through the virtual digital currency you are talking about, such as (Bitcoin).
*. That the company engage in prohibited activity.
*. Sell something before you own it and get a guarantee.
*. Trading derivatives, indices or short selling.
*. And that through imaginary international commodities.
We have a digital currency (Bitcoin) that is forbidden to be traded, whether it is buying or selling.
Muslims should study Islamic teachings for advanced control over stock trading, whether it sells itself directly, or through a broker.
Ruling on buying digital currencies
We mentioned the opinion of one of the scholars who forbids buying digital currencies, but there are some jurists regarding the ruling on buying digital currencies, so they permitted it.
And it was said in these fatwas that if digital currencies are bought in other currencies of different genders, then this is a type of exchange.
And that this is not considered a taboo as long as the arrest is real and not imaginary.
With regard to digital currency mining, it was said that it is legally authorized if there is no fraud, deception or fraud involved.