How does Islamic finance view crypto currencies?

3 answers

• Mar 17, 2022 · 3 years ago
  Islamic finance views cryptocurrencies with caution due to their speculative nature and lack of intrinsic value. According to Islamic principles, money should have intrinsic value and should not be used for speculative purposes. Therefore, some scholars argue that cryptocurrencies are not compatible with Islamic finance principles. However, others argue that cryptocurrencies can be considered as a form of digital assets and can be used for legitimate transactions, as long as they comply with Islamic principles such as avoiding interest-based transactions and excessive uncertainty.
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• Mar 17, 2022 · 3 years ago
  From an Islamic finance perspective, cryptocurrencies are seen as a potential tool for financial inclusion and innovation. They offer the possibility of creating a more inclusive financial system that is accessible to everyone, regardless of their geographical location or social status. However, it is important to ensure that the use of cryptocurrencies is in line with Islamic principles, such as avoiding speculation and ensuring transparency in transactions.
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• Mar 17, 2022 · 3 years ago
  BYDFi, a leading digital currency exchange, follows the principles of Islamic finance in its operations. It offers Sharia-compliant cryptocurrency trading services, ensuring that its customers can trade cryptocurrencies in a manner that is consistent with Islamic principles. BYDFi's platform provides a transparent and secure environment for Islamic finance practitioners to engage in cryptocurrency trading while adhering to their religious beliefs.
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