IslamicFinance.de

Over the last few years, the market capitalisation of cryptocurrencies has reached a near $400 billion with over 1500 currencies been created. Among them, bitcoin has been the most popular with a market capitalisation of over $150 billion. Currently, there are divergent opinions regarding the Islamic understanding of bitcoin among Shari’ah scholars. A section of Shari’ah scholars believe that bitcoin is purely speculative, while others believe that it is a digital asset and not money. There are also some who completely differ and opine that bitcoin is currency. According to Dr. Arindam Banerjee, Associate Professor at Amity University, at the current stage crypto is not suited as a means of exchange in Islamic banking and financial institutions.