Prayer TimesAccording to the decision of the Council of Scholars of the Spiritual Administration of Muslims of Kazakhstan, the use of Bitcoin cryptocurrency is prohibited. The following reasons are given for this ruling.
First, in Sharia, for something to be considered money, it must be issued by the state and guaranteed and protected by it.
Bitcoin does not meet the criteria of any national currency. It is a decentralized virtual currency that is not backed or guaranteed by any government authority, is not protected by financial laws, and has no tangible asset behind it. Its market can fluctuate sharply at any moment, causing people to suffer losses. Abu Ali Hasan at-Tusi said: "For centuries, the right to issue money has not been given to anyone except the ruler" (Sayru al-muluk, p. 233).
Second, Bitcoin transactions are often conducted anonymously. This can lead to deception and fraud, which are prohibited in Sharia.
Allah the Almighty says in the Qur'an: "O you who believe! Do not consume one another's wealth unjustly, but only [in lawful] business by mutual consent" (Surah An-Nisa, 29).
The Prophet (ﷺ) prohibited transactions involving excessive uncertainty (gharar) (narrated by Muslim).
Third, Bitcoin as a currency or commodity is outside the control of responsible authorities. This can negatively affect the country's economy and lead to social instability.
The Prophet (ﷺ) said: "Do not cause harm to yourself or others" (narrated by Ahmad).
Major organizations such as the Fatwa Committee of Egypt and the Eurasian Council for Issuing Fatwas have also prohibited the use of Bitcoin cryptocurrency.
This content was drafted with AI assistance and reviewed by an editor.