Question:
My question is that I have invested some rupees in a company called Ripple, which also has a cryptocurrency. Ripple is a company that provides a technology for international payment settlement that is used by about 90 percent of the world's banks. And this currency is not recognized as a digital currency by the Indian government. This means she does not treat it as a currency ie Rupee. But the Indian government does charge income tax on it and it presents it as a digital commodity like we put money in the share market where the company's shares live online. My question is that I want to invest this cryptocurrency as a digital commodity as declared by the Government of India. Is it permissible for me to make this investment minute?
ANSWER
Whether you call cryptocurrency (Bitcoin etc.) digital currency or digital commercial item, in any case it is a fictitious thing and its title is just for show like ivory. In the light of Shariat, there is no wealth, nor is it a nickname. Also, in this business, there is no sale, etc., nor are there any Shariah conditions for the sale; Rather, it is actually a form of usury and gambling like Forex trading; Therefore, online business in the form of buying and selling cryptocurrency (Bitcoin or any digital currency) is not Shariah halal and permissible; Therefore, investing money in this business will not be permissible for a Muslim, so it should be avoided
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