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According to Islamic legal opinions (Fatwas), Bitcoin is also permissible under Sharia law as long as it is used for legitimate purposes and not for speculation. Islamic Coin, often referred to as ISLM, is a pioneering cryptocurrency that stands at the intersection of finance and ethics. Some Islamic institutions use cryptocurrencies and blockchain platforms in the financial transaction. This study analyzes the arguments of.

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Buying cryptocurrency is perhaps most similar to buying stocks and shares, only with much higher levels of risk and uncertainty. Advisory Board. Whether or not cryptocurrency is halal or haram depends on the how a specific cryptocurrency aligns with the principles of Islam.