09-26-2024, 06:06 AM
The ruling on trading in virtual electronic currencies
With the technological development, virtual electronic currencies have emerged, which are a digital form of currencies that are developed by encrypting some data, and hence the difference between jurists, as some see that they are in line with the Islamic concept of currencies as a means of payment and exchange, other than that they are not made of paper and are based on digital encryption and data storage, and there are those who see that these currencies do not have a real existence and therefore cannot be used in exchange, which is a condition for the validity of financial transactions in Islam.
حكم التجارة في العملات الالكترونية بالعراق
There are those who see the prohibition of investing in electronic currencies based on the statement of Imam Ibn Taymiyyah that when money is traded for the purpose of profit and investment, this is contrary to the eight objectives of money, and therefore Islamic law has forbidden interest, and this is also the logic that drives many scholars to prohibit electronic currencies because they violate the principles of financing in Islam, as these virtual currencies are highly volatile, which leads to making huge profits or incurring huge losses for their owners, and therefore they are an investment tool and not a currency.
With the technological development, virtual electronic currencies have emerged, which are a digital form of currencies that are developed by encrypting some data, and hence the difference between jurists, as some see that they are in line with the Islamic concept of currencies as a means of payment and exchange, other than that they are not made of paper and are based on digital encryption and data storage, and there are those who see that these currencies do not have a real existence and therefore cannot be used in exchange, which is a condition for the validity of financial transactions in Islam.
حكم التجارة في العملات الالكترونية بالعراق
There are those who see the prohibition of investing in electronic currencies based on the statement of Imam Ibn Taymiyyah that when money is traded for the purpose of profit and investment, this is contrary to the eight objectives of money, and therefore Islamic law has forbidden interest, and this is also the logic that drives many scholars to prohibit electronic currencies because they violate the principles of financing in Islam, as these virtual currencies are highly volatile, which leads to making huge profits or incurring huge losses for their owners, and therefore they are an investment tool and not a currency.