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Ethereum and Ether as halal classified

For devout Muslims, apply to the financial transactions are additional regulations. These are dictated by the Sharia, the Islamic law. To date, there is no Gene

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Ethereum and Ether as halal classified

For devout Muslims, apply to the financial transactions are additional regulations. These are dictated by the Sharia, the Islamic law. To date, there is no General judgment, whether crypto-currencies comply with the requirements of Sharia law. In order to promote the adaptation of the Ethereum platform in the Islamic space, the Ethereum Foundation, your creation now check.

By Anton Livshits
30. August 2019BTC$9.597,56 1.41%part Facebook Twitter LinkedIn xing mail

May believers Muslims use the Ethereum platform? Islamic legal scholars of Amanie Advisors, an Islamic Finance consultancy, have investigated this question in cooperation with the Ethereum Foundation.

The result is likely to be a Muslim crypto-enthusiast pleasing is that The scholars gave both the Ethereum platform, as well as the associated cryptocurrency Ether as a "Sharia-compliant". Amanie Advisors summarized the results of their investigation in a Shariah white paper can be accessed here. Therefore, it follows from the positive classification:

Sharia-compliant means, that the Ether of the Muslim community acted lawfully and can be replaced. It is permissible that a Muslim of Ether, buys, sells, or keeps, to the Ethereum block grove to participate and the benefits of the technology to be fully exploited.

the purpose of the investigation was to eliminate any uncertainty, the interest in the Ethereum platform to encourage in the Islamic world. Head of the Initiative, Virgil Griffith, is in the case of Ethereum for special projects, is responsible. He established contact with Amanie Advisors. The right to be made a scholar, the "Shariah parameters" delivering Ethereum and Ether out.

Ether is not regarded as a currency

In the Shariah White Paper, the authors first discuss the question of whether the Ether is to be considered from an Islamic perspective as a currency. The scholars answered in the negative determines such evaluation, Ether of them instead as a valuable asset. Because the primary function of the Ether, you recognize it as a Utlity Token for the Ehtereum platform.

Ether will serve, therefore, as a primary incentive for miners to confirm transactions. As such, it had only within a limited Ecosystem and a value. The use of Ether as a store of Value and universally valid medium of exchange is, however, from the perspective of the experts, only of marginal importance.

The scholars consider then, whether the Ether complies with the Sharia requirements of goods. Here, the principle applies: What is not forbidden, is allowed. Following this Maxim, you come to the conclusion that the exchange of Ether includes neither interest nor of an unavoidable uncertainty. Finally, the trade with the Ether could not be compared with gambling. Thus, from an Islamic perspective no reason, from out of the Ether as a prohibited considered to be.

the Ethereum Blockchain is Sharia-compliant

Amanie Advisors also the rest of the components of the Ethereum Ecosystem peer-reviewed. They rated both the platform as well as to the Mining of the Ether as a permitted. In terms of Smart Contracts and dApps, they saw no fundamental objections to it. Here it is important, however, to consider case-by-case the specific content of contracts and applications.

Ethereum is not in the Rest of the first crypto-project, which was the subject of a Sharia law exam. The Cryptocurrency Stellar has already received in 2018, a Sharia certificate.

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