The Majlis Archive

Finance - Banking - Business The Majlis Vol 24 No 09, p.3

Is it permissible to exchange bitcoins and verticoins like we exchange dollars for rands, for example?

Question

Is it permissible to exchange bitcoins and verticoins like we exchange dollars for rands, for example?

Answer

Bitcoin and verticoin are not currency. At least at this stage it is not currency neither according to the Shariah nor according to kuffaar law. It is not maal (tangible commodity), hence trading in it is not permissible. These are shaitaani schemes.

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The Majlis Vol 24 No 09
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Appears under FAMILY IJTIMA| (approximate).

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