Assalamualikum Thanvir, I apologize for not seeing your comment earlier. So I think now have no doubts on trading and can go for muftis who are agree with it and continue it by the name of ALLAH. But there have questions on screening of crypto projects.
1. If I have traded in coins that are deemed halal by one reliable source and have made a profit from them, and now want to spend for personal expense so there is any issue? But these assets are later deemed haram by another reliable source, what should I do in this situation?
2. You recommend trading in coins verified by two sources, but I often have the opportunity to trade in coins that have only been screened by one source, as they tend to be more volatile. I am unsure if I should invest the time and effort to do my own research on these assets, as I may not have the knowledge or expertise to do so effectively. What would you recommend in this situation?
3. The sources that you mention in your articles , ShariahLife, Crypto Muslim, and sometimes islamic finance guru so they are qualified and reliable in providing guidance on the permissibility of cryptocurrency assets from an Islamic perspective? We can trust on them? Can you tell me more about the people behind these organizations and their qualifications?”
4. If a cryptocurrency project is deemed halal and has received investment from reputable companies, but its Twitter account is inactive and the project is fundamentally losing value, should I still consider trading in it? As traders often look for short-term charts to make a profit.
5. You mentioned that coins can be verified by one source, but you did not specify which source. As it is important for me to invest in reputable sources, could you elaborate on how you determine which sources to trust for screening and their qualifications?
6. Do you continuously screen the coins on the list to ensure that there is no illegal activity present?
I am from Pakistan, by the way.
Sorry thanvir for again late.. Ok so I will trade on coins that are screened by more than one sources as I do not have the expertise or time to screen projects on my own. However there are some questions please…
1. Regarding the Dogecoin you mentioned it is halal. But I am not like to trade in it because of the picture on it and some other reasons. What are your thoughts on dogecoin?
2. You mentioned that you do not continuously screen the coins, so what should we do to ensure they are not involved in any haraam activities? Can you provide me a criteria for this?
Additionally, I have questions regarding NFTs. If you have understanding about it and can give me answer on this so can i ask.
Btw, Thank you thanvir for your time.
Salam Br, was in Umrah past couple of weeks so excuse the delays.
1. Since you were only specific about the picture of a dog as being one of the reasons for not liking dogecoin I will address that specifically. There are many fiat currencies across the world that use animals and mythical characters on their paper notes, England has had lions, dragons, unicorns etc. US has an Eagle, the middle east has falcons, Russia has a bear, Ethiopia has an elephant, china has a dragon and on and on.
Based on this I do not think a picture of a dog is a legitimate reason to make a digital currency haram. The same or similar exists within paper money, even across Muslim countries, and is widely accepted as permissible.
2. Unfortunately we do not have the resources to continuously update records. We rely on our community to continue to share, comment on the relevant pages so others may be aware of latest developments that may impact their halal investments.
Regards