Finally, we will soon know for sure the answer to a major question; Is Bitcoin trading halal or haram? as the Members of Council of Islamic Ideology (CII) have decided on Wednesday to take up the Bitcoin issue.

This development came after a top Imam in Egypt declared the cryptocurrency forbidden in Islam and endorsed a ban on it.

Dr. Qibla Ayaz, Chairman of CII stated that after thorough consultations, the council’s research department would give a ruling whether Bitcoin is halal or haram.

Bitcoin has been the hot topic in the tech industry for quite some time as it’s demand is increasing and its price is rising sixfold. These new developments have raised a major question, whether the cryptocurrency is halal or not.

Many Ulmas debate that Sharia Law doesn’t cover this issue yet and they need to conduct thorough research to see whether the Bitcoin is halal or not.

We already know that State Bank of Pakistan (SBP) doesn’t look fondly towards Bitcoin trading. Last year, FBR also launched a crackdown against the bitcoin traders in the country but maybe if the ruling is favorable the scenario will change.

You can read here what other central banks think about cryptocurrencies.