Fatawa Answer

Question: Question Regarding cryptocurrency XRP

ID: 1404

Name: Dealings and Transactions

Question

Assalamu Alaikum,

Hope everyone is well by the grace of Allah (SWT).

My question is regarding XRP. XRP is the native cryptocurrency for products developed by Ripple Labs. Its products are used for payment settlement, asset exchange, and remittance systems that work more like SWIFT, a service for international money and security transfers used by a network of banks and financial intermediaries. XRP is pre-mined and uses a less complicated method of mining as compared to Bitcoin.

XRP is not same as Bitcoin. So would it be halal or permissible to invest in XRP?

JazakAllau Khair

Answer

بسم اللہ الرحمن الرحیم

:الجواب وباللہ التوفیق

We don't know the details about this currency and its transactions. Find out the “Shar’ei” ruling by giving its details. It should be noted that such transactions are usually not free from usury, interest and other “non-Shariah” matters, so we advise against furthering it, until providing us details on this currency and receiving our final ruling on this.

فقط واللہ اعلم بالصواب

Answered On: Saturday, Oct 30, 2021 | N/A

Answered By: Mufti Mohammed Ataur Rahman Sajid

Checked By: Mufti Mohammed Navalur Rahman