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Is digital currency trading allowed in Islam?

In this article, we offer you an explanation of the topic: Is digital currency trading allowed in Islam, India, China, Qatar, Egypt, Pakistan, Singapore, Nigeria, Angola and Ghana? What are the best digital currency trading platforms, in addition to knowing the most important banks that deal in bitcoin and is bitcoin halal or forbidden? Is bitcoin legal and is bitcoin legal and how to trade currencies in banks for the year 2021 and 2022

Digital currencies have spread widely around the world in recent pots, as after the famous bitcoin achieved its high value, there are many people who are paying attention to these encrypted electronic digital currencies

There are many people in foreign countries who have started to rely on digital currencies as an official payment method for them in their daily lives

Also, some Asian, African and American countries have started to rely on these digital currencies and some laws are being issued

As with the refusal to deal in these digital currencies for many reasons, and also there are some Arab countries that have stated that dealing with these digital currencies is legal and there are no problems with it

In this article, we will answer the question “Is it permissible to trade cryptocurrencies?”

Is digital currency trading allowed in Islam?

The Standing Committee for Awareness raised awareness and warned against special activities in digital currencies, especially investing in them for citizens

As these transactions will give negative consequences to the dealers and also be surrounded by many high risks because they are outside the field of control

Whereas, the committee confirmed that these virtual currencies cannot be considered approved currencies

Therefore, you should not fall victim to sites that promote investing in these digital currencies through the Internet and social media

In the same context, it states that it obtained a license from the official authorities, and this is not true

It has alerted citizens as well as residents not to respond behind the special invitation in those sites and promotional offers for these investments

It is worth noting that it has been confirmed that dealing with these currencies contains many large losses of money and also that a person may fall into fraud and fraud

The Permanent Committee for the Development of Citizens and Residents has also warned of the risks of investing and dealing with these virtual currencies

Because digital currencies are not considered a certified currency and also the trading of these currencies is not done by authorized persons

Also, its use in illegal financial transactions may be prohibited in some countries

What are digital currencies or encrypted electronic currencies?

Cryptocurrencies are electronic currencies that exist only on the Internet, as they do not have any physical presence

The value of these digital currencies varies from one to the other, as it is known that his knowledge of Bitcoin is the most famous and most valuable

There are also many other digital currencies that have achieved high value in the digital currency market

There are digital currencies that are still at the beginning of their way to achieve their material value

Digital currency can be used as an electronic payment method

Digital currencies can never be counterfeited, as every work is issued from one source and is highly encrypted and cannot be made by more than one party

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