Opinions of scholars on the legitimacy of cryptocurrencies.

The opinions of scholars on the legitimacy of cryptocurrencies can be classified into three main categories:

1️⃣ Complete prohibition on use: ⬇️

This position is held by official religious authorities in countries like Egypt and Saudi Arabia, although the situation is evolving at this time. These authorities argue that cryptocurrencies cannot be considered money or property and have no real value; moreover, they are used for illegal activities, including money laundering and drug trafficking.

2️⃣ Conditional permission: ⬇️

This viewpoint is supported by many independent researchers and scholars. They believe that cryptocurrencies can be used as ancillary international means of exchange if the projects behind them comply with Sharia norms and their usage rules are followed.

3️⃣ Abstaining from a definitive decision: ⬇️

The World Islamic Fiqh Academy holds the opinion that cryptocurrencies represent a new and constantly evolving phenomenon, and therefore, more information needs to be collected before any decisions can be made.

⚠️ It is important to note that even among those who permit the use of cryptocurrencies, there are disagreements regarding which specific types of cryptocurrencies are acceptable. Therefore, careful examination of each project for its compliance with Sharia norms is required before making a decision on its use.