Is it allowed to buy into new cryptocurrency projects right when they get listed on an exchange and sell within a couple of minutes to make a quick profit?
Is it allowed to buy into new cryptocurrency projects right when they get listed on an exchange and sell within a couple of minutes to make a quick profit?
Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 4 years ago
The cryptocurrency dealings are still not very clear for many of our Maraaje' of Taqleed keeping in mind the contra-dictionary reports about it. That is why many of them did not give a verdict on this matter till now (2nd January 2022). We might expect verdicts from them after the matter is more clear. Yet, there are few leading Ulama who say that dealing in cryptocurrency business is permissible as far as it is within the regulations and not harming the economic system. According to this verdict, it is allowed to take part in such business. Quick profit or quick loss does not change the validity of the business as far as it is legal and not harming people.
Wassalam.