Question from user asking how algo can be halal when it is used in games like poker and roulette
Algorand is one of a handful of cryptos with a unanimous consensus from anyone trusted in the halal crypto world where they all say it is halal and permissible. You can view the full shariah screening at https://cryptoummah.com/is-algorand-halal-is-algo-halal
Your question is valid, and traders should keep updated with changes impacting the underlying currency as things evolve quickly in this market. However, a coin’s usage in haram activities doesn’t make the coin itself haram. For instance, the money in your pocket can be used for playing poker or roulette, but would that make your USD or GBP haram or would the gambling activity be considered haram?
Coins are assessed for shariah compliance based on several key factors including their legitimacy, technology, the project, staking, and financing. All these areas are assessed independently, and we try to highlight caution where any area may not adhere to shariah principles.
If Algorands project was based solely or even partially on gambling activities then this could be a haram project, but the aim of the project is not about gambling, that just happens to be one of many use cases for the technology. As long as Muslims stay away from haram activities your trades and investments should be compliant iA.
If you know of anything changing in the underlying crypto itself please let us know as that wll have a material impact on our screening. Thank you
