A recent study conducted by an Islamic scholar at Blossom Finance in Indonesia has claimed that the Bitcoin cryptocurrency is permissible under Islamic Sharia Law.
On Friday, the price of Bitcoin went up by more than $1,000 with some analysts claiming that the study helped peak the currency’s status, reported The Independent.
According to the article, scholar Muhammad Abu-Bakar “explored the functionality of bitcoin and other cryptocurrencies to determine whether they fit with Islam’s strict definitions of money.”
Based on the findings of the study, the ever-volatile cryptocurrency could potentially now be open to investments by a population of more than 1.6 billion Muslims globally.
Blossom Finance CEO Matthew Martin said: “Several recent fatawah issued by prominent Muslim scholars offered incomplete or contradictory opinions on the topic.”
“With all the confusion out there, we wanted to offer clear guidance supported by solid research that benefits both laypeople and practitioners of Islamic finance,” he added.
According to Abu-Baker, since Bitcoin is a legal currency in Germany it is qualified as an Islamic coinage in that country.
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