Cryptocurrency Legalization and benefits
With human evolvement, new inventions have also been witnessed since time immemorial. Digitalization of the whole planet is an amazing technological advance which is nothing less than a miracle. Some technologies still prevail while some have fizzled out over time. Bitcoin and blockchain are some of the more recent revolutionary technologies set to create disruption across the world. Before we discuss the legal status of cryptocurrency in Pakistan, we need to address several questions: Is it halal or haram according to settled Islamic financial principles? If it is halal then is it also legal? Who is going to be responsible in case someone suffers a loss? Will a court of law entertain any breaches? Can we tailor the growth of bitcoin in a way that it complies with domestic laws? Can we legislate on it at all? Cryptocurrency is like digital gold. If you buy it today and hold on to it for some years like gold or real estate, its price may increase. However, there is also a risk of ...
