Is Bitcoin halal? BSV Global Blockchain Convention delves into Islamic finance on blockchain

Bitcoin’s status in the Islamic community has been widely debated, with some saying it’s haram as others argue that it depends on how it’s used. However, not much thought goes into how blockchain can enable a Shariah-compliant financial system. On Day 3 of the BSV Global Blockchain Convention, four experts share their insights on the intersection of Islam and blockchain.

Islamic finance puts emphasis on whether any element of the ecosystem adheres to Islamic teachings, Muhammad Mughal told the audience. For instance, it prohibits interest on loans, Mughal, who is the CEO of the AlHuda Centre of Islamic Banking and Economics, added. Other practices such as gambling are outlawed as well.

And while many non-Muslims may not be well-versed with what Islamic finance is, Mughal revealed that it has been growing rapidly and today, it’s practiced in at least 120 countries and is valued at over $3 trillion.

Source: https://coingeek.com/is-bitcoin-halal-bsv-global-blockchain-convention-delves-into-islamic-finance-on-blockchain/