What is Crypto Halal?
• Crypto Halal is a report designed to decide which cryptocurrencies are compatible with Sharia Law.
• The paper identifies 56 assets as halal and 50 assets as haram.
• Major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are all classified as halal.
Cryptocurrency and Islamic Law
Cryptocurrencies have raised many questions among Islamic scholars regarding its compatibility with Sharia Law – the religious code of conduct that Muslims must follow. There is concern surrounding interest payments, economic speculation, and whether or not it can be used in a way that satisfies the intrinsic value requirement of a currency according to Islamic law. This has led to the development of an open-source paper called “Crypto Halal: An Intelligent Decision System for Identifying Halal and Haram Cryptocurrencies” by Arab computer science researcher Shahad Z. Al-Khalifa at King Saud University’s College of Computer and Information Sciences.
The Purpose of Crypto Halal
The purpose of this paper is to decide which assets out there fall into the halal category – meaning they’re usable according to Islamic law – or haram, meaning they’re forbidden from being utilized. To date, there are no published datasets that contain the classification of cryptocurrencies as halal or haram yet after reading the report about 56 currencies were identified as halal while another 50 were deemed harmful.
Major Assets Classification
Major assets around the world such bitcoin, Ethereum and Dogecoin have been classified as halal while other digital coins such Shiba Inu token, Alpha and PancakeSwap are considered haram due to their high risk nature or lack of regulation compliance with Sharia law. The report also states that if most of its high-priority features are satisfied then it would most likely be compliant with Sharia but still needs further investigation before being approved by Islamic scholars for use within their communities.
Conclusion
In conclusion, Crypto Halal is a great tool for determining which cryptocurrencies are compliant with Sharia law so Muslims can confidently invest in them without worrying about going against their religious beliefs. It provides users with much needed clarity on which digital coins can be used safely within their communities while still allowing them access to modern financial solutions like cryptocurrency investments.