21 sats \ 7 replies \ @halalmoney 14 Nov 2023 \ on: Bitcoin, parallel societies/network states, and Islamic finance bitcoin
One of the challenges you will face is the view that regulation of money falls within the remit of the state rather than what comes to the fore via market forces.
On the bright side, if there’s enough money to be made, eventually you will find an abundance of fatwas approving Bitcoin!
The game theory will play out as it always does. One country banning bitcoin or saying it’s haram = an opportunity for another country
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Islam and Judaism are said by some to be closer in some aspects than Judaism and Christianity. Largely, I believe, due to both being Abrahamic. But I'm pretty ignorant on all this...
I read that in Judaism there's the question as to whether miners, and even full nodes, can work on Shabat (Sabbath) - some rabbi's say they're like clockwork (so okay), others claim they're not allowed.
By your nym I'm guessing that you consider Bitcoin as halal - is that universally accepted in Islam? If not, can you expand what the sticking points are?
Thanks.
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Highly recommend to read this article by Harris Irfan https://www.linkedin.com/pulse/gods-money-fix-world-harris-irfan
Also, Saif has spoken extensively on this topic; check out his podcasts with Harris, Safdar Alam, and a few others. Muslim Bitcoiner is also a great follow
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Great many thanks.
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Yes, my understanding is that Bitcoin is halal. However, in my understanding as a layperson, the default ruling for “worldly” matters is one of permissibility; one needs powerful evidence to declare something as forbidden.
I like Bitcoin for multiple reasons but here are a few:
It aligns with a societal need for a reliable store of value without negative externalities, a fair unit of account, a mechanism to counter the concentration of power.
I don’t buy in to the Bitcoin presents an alternative to the current interest based monetary system but I appreciate its appeal when marketing Bitcoin to Muslims.
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Ah yes, these are good points - many thanks.
I'd heard of the first one in the past but had forgotten this.
I had the idea of doing some research exploring each faith's view of Bitcoin to write a post in the future. Its always interesting to see Bitcoin through a different lens.
But, I feel it would be better for it to came from someone with something more to say than myself...
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Obviously, if your answer proves to be lengthy, consider creating a new post - more eyes will see it and more efficient for you.
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