Fatwa

Buying and selling bitcoin

Question

ASWWB

Can we invest in bitcoins or other crypto products?

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

Fiat currencies are accepted as legal tender by countries. Bitcoin in particular has been accepted as legal tender in two countries, El Salvador and the Central African Republic. It is also a mode of payment accepted by many companies throughout the world.

It is permissible to buy and sell bitcoin as it is considered to be an asset of value though not necessarily a currency. However, we cannot issue a ruling for the numerous other crypto currencies and products available on the market. Each needs to be analysed and studied before a judgement can be passed.

And Allah Ta’āla Knows Best

Mufti Bilal Pandor

Concurred by
Mufti Muhammad IV Patel

Darul Iftaa Mahmudiyyah
Lusaka, Zambia

www.daruliftaazambia.com