Bitcoin declared Halal by Islamic Scholar

Indonesian scholar says it's permissibleunder Sharia Law

Bitcoin and other crypto-currencies made alot of noise last year, however, there has been debate on whether trading ofcrypto-currencies is permissible according to Islamic laws.

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According to The Independent, a new studyby Muhammad Abu-Bakar, an Indonesian scholar explored this topic and came tothe conclusion that it was permissible under Sharia Law.

Amongst other findings, Mr. Abu-Bakar cameto this conclusion based on the fact that Germany recognizes bitcoin as legalcurrency.

“Bitcoin is permissible in principal asbitcoin is treated as valuable by market price on global exchanges and it isaccepted for payment at a wide variety of merchants...Moreover, many privateindividuals accept bitcoin as a medium of exchange in their privatetransactions.”

The price of bitcoin jumped by $1000 lastweek and some analysts speculated that this law could have contributed to thespike.

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