Criticism of Wrong Ulama’s View of CryptoCurrency

Criticism of Wrong Ulama's View of CryptoCurrency

The legal use of cryptocurrency is permitted by some Ulama in Islamic studies because it is considered to have the same function as fiat money. It even has advantages over fiat money. Nowadays, some mosques accept donation /alms/zakah using cryptocurrencies, for example, bitcoin or DDKoin. Ulama, who agree on cryptocurrency, gives the view that cryptocurrency can be a better alternative. Strong technological support that is decentralized makes cryptocurrencies very transparent, safe, fast, and cost-effective.

However, not all Ulama agree to use crypto as an alternative to fiat money. One reason is that cryptocurrency has no physicality. So it is forbidden to be used as money for savings or transactions.

The view of cryptocurrency is haram because there is no physical. Actually, not fair, because, in reality, the money used today also does not have material. The interest system at a Conventional Bank creates new money. Money created in computer digits. Almost all transactions do not use real money (fiat money), the money is already in an ATM, credit card, virtual wallet, and so on. Certainly, fiat money has lost its physical. So, don’t say cryptocurrency is haram, while still using fiat money that has lost its physicality. That’s really unfair!

Ulama must be wise and decide opinions fairly. Don’t give a view without understanding. Cryptocurrency could not be created 50 years ago. Because the technology has not been able to create a decentralized digital currency. Cryptocurrencies are the result of a new technology called blockchain. Blockchain can break the chain of authority that makes financial misery.

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Learn blockchain and cryptocurrency correctly. It does new thinking in the financial world. All opinions of Ulama, who agree and disagree with the presence of cryptocurrency, is a right in judgment. Finally, all decisions are in the hands of each person.

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