According to the reference provided, cryptocurrencies are considered haram due to concerns that they can't be regulated.
Here's a breakdown:
-
Lack of Regulation: The main reason crypto is considered haram is the perception that digital currencies can't be monitored effectively.
-
Illegal Financial Activities: This lack of oversight raises concerns about:
- Not abiding by KYC (Know Your Customer) policies
- Money laundering
- Funding terrorist organizations
In essence, the potential for cryptocurrency to facilitate illicit activities, stemming from the difficulty in regulating them, is why some consider it haram.
