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Crypto basics
Does money need to be backed by gold to be halal?
Answered by the ShariaQuant team
No, and if it did then every currency in your wallet would fail too, because no government has backed its money with gold since 1971. Classical scholarship accepted fulus, meaning token money with no intrinsic value, as valid currency by custom. This is why the gold backing argument is rarely the one serious scholars use against crypto.
Bitcoin's place in Islamic financeThis is Shariah screening and education, not financial advice. Rulings on newer products differ between scholars, so where a question is disputed we say so rather than pick a side for you. If your situation is unusual, ask your own scholar.