 In this module, we will take a view on cryptocurrency, a view from a Sharia viewpoint. Why? Because cryptocurrencies have become of huge focus for not only individuals, but for a number of businesses and organizations as well. And in Sharia circles, there is a discussion going on whether cryptocurrencies are Sharia compliant or not. And this is a very interesting debate. We have looked into trading in currencies from an Islamic viewpoint. And we have also seen what kind of restrictions are there when it comes to trading in currencies. One broad principle is that currencies can be bought and sold only on spot. There is no provision for trading in currencies, i.e. selling dollars per pound or selling dollars per rupees on the basis of deferred payment. This is not accepted. In the contemporary context, any money that is a legal tender, it is very important, that is a legal tender falls under the definition of currency. This money is a currency of some country. In the United States, dollar is a legal tender and that is a currency over there. So all the monies, which are a legal tender in at least one country, they come under what are known as ahkamustar, the rules on currency exchange. Cryptocurrencies on the other hand side are not a legal tender. They are not a legal tender in any country of the world, although they are used as medium of exchange, mostly in online transaction. And there is a euphoria about Bitcoin, for example. And this attracts some kind of view on these currencies from a Sharia viewpoint. And this view must govern the trading in cryptocurrency, investing in cryptocurrencies and of course holding them for a certain time period, if someone has taken an investment view on a particular cryptocurrency. In cryptocurrencies, the most famous cryptocurrency is Bitcoin. Bitcoin is a coin that is not present in the form of a coin. It is said that it is called Bitcoin. And it is said that it is called mining through mining this is created. Now it is not that kind of a coin that is taken out of someone's mind. So the terminology used in cryptocurrencies is very confusing for a lot of people, including myself. And hence there is a need to look into cryptocurrency. The first thing we said is that cryptocurrency is not a currency. It is named. Cryptocurrency is what? It is basically in most cases a number generated through an algorithm. And that algorithm is not known to a lot of people, especially those who are buying and selling it. They are just users. Through a process of mining, which is very complicated, you know, you are online. You are trying to be part of this process of keeping records of the transactions. Certain numbers are generated and those numbers, they become cryptocurrencies. So a Bitcoin, when you buy a Bitcoin, you don't get a coin in your pocket but you get a code. The question arises, can we invest in this value? If this currency is not there, can cryptocurrencies be considered as an investment? Now when we invest in something, when I invest in a business, I become part owner of that business. And that business has got some asset. When I invest in shares, through investing in shares, at least I become beneficial owner of an unknown part of the company. In case of a cryptocurrency, the question arises, what are we investing in? There are a lot of ambiguities about this point. So when I spend my dollars to buy a Bitcoin, I get this code and that's it. I can use that code to make some transactions. But from Sharia's viewpoint, this is a completely new idea and hence it would take some time before the technology becomes better known in the world. And the Sharia scholars and the jurists would be able to take a more informed view. Now if we consider this as an asset, the question arises, can we buy it on an agile basis? Because what I am buying is not in my possession. I just get an evidence that this is something I own. This is a number. In case of shares for example, we know that there are some tangible assets behind it. In case of most of the cryptocurrencies, of course there are certain cryptocurrencies which are based on gold. There are other cryptocurrencies which have some physical assets behind them. I am not talking about them. I am talking about the likes of Bitcoin. We don't know what we own and what we sell. So in case of a Bitcoin, is it possible to buy this on the basis of Bam Ogil as is the case for the shares of the listed companies? These are very tricky questions and this will take some time before Sharia scholarship comes up with a more informed view on cryptocurrency. In the meantime, my advice to you and everyone would be keep yourself away from cryptocurrencies.