Islamic scholars have long had major issues with whether cryptocurrency is permissible, and is it equal or more appropriate to Islamic finance than Fiat?

All Monotheism religions have strict rules around finance, and it historically defines currency as commodities with intrinsic value — gold, silver, metals, tradable products, etc.

Some may argue that government-issued fiat currencies do not have any intrinsic value and may be incompatible with a careful interpretation of Sharia law. This would pose a problem for the burgeoning Islamic finance industry, which aims to produce financial returns in compliance with religious law.

While this argument has been discussed, the majority of the religious rulings on cryptocurrencies and the use of blockchain based monetary systems are still ambiguous at best. The system in some instances is seen as a gamble and as such, many such currencies are platforms are not permissible under any Monotheism law.

Several platforms have attempted to tap into the Islamic finance space, although have failed to…

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