In this article we do a complete shariah screening of VeThor: VTHO Coin to determine if it is a halal or haram cryptocurrency. The short answer is yes, Muslims may trade and invest in VTHO crypto, but please read on to find out why.
From investing, trading to staking, we’ve got your halal crypto investments covered.
What is VeThor: VTHO?
VeThor Token (VTHO) is the secondary token used within VeChain’s 2 Token System. VeChain is a blockchain platform that lets you create and execute smart contracts. network users stake the VeChain Token (VET) to secure the system — by holding VET, users can access the network for free. VTHO acts as the gas fee for all transactions made on the network.
Chech out our full Shariah assessment on Vechain here
Is VeThor Halal: Is VTHO Coin Halal? We’d Love to Hear Your Thoughts
Sharing the collective wisdom of thousands of Muslim crypto traders and investors.
Legitimacy Screening of VeThor
Legitimacy screening ensures that the digital asset is a genuine project and not a scam. Based on the assessment of Vechain, we can confirm VeThor is also a legitimate coin in terms of Shariah.
Is VeThor project aligned with Islamic values?
Yes, VTHO does align with Islamic values so it has a big tick as far as the project screening is concerned. VeChain is a blockchain platform that focuses on promoting supply chain management and business procedures. This just happens to be the secondary token produced by them.
Financial Screening of VTHO Coin:
Financial screening ensures that the crypto asset meets the financial criteria for Shariah compliance, if it is an equity based token. 1Inch is not backed by any equity, so there is no financial screening required on this coin/ token. Here we would typically look at things like debt to income ratio to ensure borrowing is limited to a tolerable level.
VTHO Token Screening for Shariah Compliance
VeChain token was deemed halal and so VTHO passes the same criteria. VeChain Token (VET) and VeChainThor Energy (VTHO) are the two tokens used for VeChain’s network. VeChain Token chiefly serves to transmit value across VeChain’s network, while VeChainThor Energy is used to support VeChain smart contracts as energy or “gas.”
Based on this the token could be considered halal.
Is Staking VTHO Halal?
There is no staking of VTHO so this does not apply. VeChains staking is done using its other coin where we determined that VET staking is Halal.
What Does The Muslim Crypto Community Think of VeThor?
Sharlife considers VTHO as a halal cryptocurrency based on the five areas assessed for Shariah complaince screening.
Crypto Halal Office for Monitoring and Sharia auditing on cryptocurrency markets thinks VeThor: VTHO Coin is a Halal digital asset based on its Shariah complaince screening
If you know of other academic or scholarly views on this, please add in comments and we will update accordingly. Alternatively, you may want to join our community of Muslims crypto investors and traders, to share, learn and profit from halal digital assets.
Is VeThor Halal: Is VTHO Coin Halal?
We feel VeThor: VTHO is Halal and compliant with Shariah rulings. VeThor Power (VTHO) coins operate as the gas fee for the underlying VeChain network and because its ecosystem runs on proof of stake consensus mechanism, which is allowed, we hold the same view here.
We hope you found this useful. Please view our Halal Crypto List to find suitable digital asset investments, without compromising your Islamic faith.