He said that based on the characteristics of crypto currency, 'coins' can be said halal if it meets the standards of Islamic law.
"No, not yet. However, in the perspective of two or three more years, crypto currency can be developed. This topic is very popular in the Russian Islamic community, especially the Caucasus, "said Kalimullina, quoted by Russia Today site, Friday, January 5, 2018.
Kalimullina also said, Bitcoin transactions have been opened in several Muslim countries. The first country in the Middle East to open is the United Arab Emirates with BitOasis.
Then followed Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman. In Southeast Asia, Indonesia with Bitcoin.co.id and Malaysia via Coinbox also offer services related to cryptocurrency.
Nevertheless, Kalimullina confessed, one of the main arguments against Bitcoin is due to the high level of risk (maisir) and uncertainty (garar) and the lack of provision of real assets and state guarantees.
"UAE has issued a new crypto currency, BitOasis, which is converted with gold," he said. Sharia banking demands banking activities to follow Islamic law.
Maisir and garar are prohibited by Islamic law and require the currency to be tangible or have evidence of existence.
Islam also prohibits the use of money associated with debt and prohibits the charging and profit of interest paid on loans.
Bitcoin known as crypto or cryptocurrency currencies is increasingly attracting people to invest.
How to access or transactions are outside the conventional financial system. Cryptocurrency is a form of digital money designed to make transactions very safe.
This digital asset is designed as a medium of exchange using cryptography to secure transactions and control other related matters.
The first cryptocurrency form is a Bitcon created on January 3, 2009 by an initial named Satoshi Nakamoto
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