The discussion of the cryptocurrency is all around in Nigeria today. Young people and adults are asking the same question, starting in the university hostels as well as the offices and even in our markets, should I invest in crypto? Others reckon it to be a golden opportunity and still others fear that it is a trap. However, in addition to the excitement, there is one grave concern about crypto haram or halal among religious people.
Cryptocurrency is a form of electronic currency. Crypto is available on the internet as opposed to the naira which we can touch or the dollar we can hold. It is traded, saved, and even across the borders used by people in business. To a large number of Nigerians, it is an escape route out of the woes of inflation and unemployment. However, when a new comes, religion also asks, does this make God happy or does it break His will?
Other Muslim scholars declare crypto haram. They say that crypto is too risky. Its cost can come up and down as a lottery and gambling is prohibited by Islam. They also indicate that crypto does not have physical support such as gold or silver, thus being dubious. A second concern is that criminals are using it to commit fraud and money laundering and anything that is easily used to commit crimes cannot be considered pure in Islam.
Alternatively, some researchers suppose that crypto may be halal when used in the right way. They state that money has never been static. People did not trust paper notes, there was a time when they did not trust coins of gold and silver. Yet today, everyone accepts paper and even electronic transfers. In case the society is willing to use crypto as a medium of exchange, then it can play the same role as money. Even transparency is introduced through blockchain technology which documents transactions in a transparent manner. And most importantly, in Islam, the intention behind an action matters. In the event of using crypto in a halal business, savings or trade, the crypto may be acceptable. However, when it is consumed to commit fraud or to gamble then it becomes haram.
In Nigeria, the question also is of interest to Christians. The Bible does not address crypto per se, but cautions against greed, deceit, and abuse. A Christian is free to use crypto provided that he does so in a prudent and upright manner without taking advantage of other people. This is why, as it is in Islam, it is not the money but its application.
In Nigeria, it is tricky. Cryptocurrency is viewed by a high number of young people as an escape to poverty. Others have made millions out of it and others have lost everything in a short time. The government has cautioned them against it due to fraud and scams and yet people still plunge in. In the mind of a Muslim, the question will be; Am I doing Allah a favor by investing in this? In the case of a Christian, it is: Am I honoring God in the choice that I am making, or am I just trying to pursue greed?
The reality is that crypto neither is completely halal nor haram. It is a midrange and its status relies on its way of use. When it turns into an instrument of gambling, lying or taking advantage of people then it is obviously against religion. However, when applied to truthful trade, legitimate business and good intentions, then it is said to be halal or allowable.
Ultimately, balance is the safest way through. Study thoroughly before investing, do not use it to commit a scam and consult your religious leaders. Most importantly, keep in mind that money, be it naira or dollar, or crypto is just a tool. We must not be slaves to it, it should serve us.
So, is crypto haram or halal? It is not the technology but the heart of the individual who uses it that can give the final answer.
0.000 SRY