The rise in popularity of Bitcoin (BTC) and other cryptocurrencies has led to the discussion among Islamic scholars about digital currency’s compliance with Islamic canonical law.
Islamic law — known as Sharia — is based on the teachings of the Quran and includes regulations concerning financial activities, asserting them to be either “haram” (illegal) or “halal” (legal). The haram vs. halal crypto debate has been ongoing since Bitcoin's initial surge in popularity. Google (NASDAQ:GOOGL) searches for the phrase “Bitcoin halal” peaked in December 2017, when the leading cryptocurrency’s price hit record highs of around $20,000 per coin, while “Bitcoin haram” was queried most in January 2018.