19 January 2018 - 17:26

Bitcoin Has Sharia Problem

Iranian banking expert says in terms of Sharia and jurisprudence cryptocurrencies are ambiguous and invalid.
News ID : 80699
بیت کوین

In terms of Sharia and jurisprudence, Abas Mousavian, banking expert, said cryptocurrencies are ambiguous, adding general public believe that cryptocurrencies are not permeable, while professional and specialized individuals don't take this view and pose a major ambiguity as to them.

The banking expert expressed the value of bitcoin has a sharp fluctuation. He said a real currency or virtual currency has a normal fluctuation, but in comparison with assets and commodities should have stability to value them.

"Another point is the lack of transparency in cryptocurrencies' source of credit and it is not clear if a problem happens to them, someone undertake its credit responsibility", Mousavian said.

Iranian banking expert mentioned that there is no a central bank in the world to recognize cryptocurrencies and also trade in digital currencies in no reliable bank is done; in addition, global markets haven't shown any reaction whether to accept or reject them.

The member of Stock's jurisprudence committee made the remarks that cryptocurrencies in terms of Sharia and jurisprudence are vague and uncertain assets and doing trade based on this condition is invalid and since the information regarding cryptocurrencies is in this level we can't  issue an authenticity verdict for such a trade.

Mousavian went on to say that through Sharia lens, any trade in cryptocurrencies is invalid and Iran's Central Bank is also studying in this area, but it has formally declared that people don't get involved in this trade.

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