Salam alaikum
I have a question?
It’s about the cardano cryptocurrency, I’ve read this one.
The Cardano team has already announced for its own lending protocol that Liqwid Finance is supposed to have. Does the buying and trading of cardano remain halal or does the current halal differ from the haram token
And are the checked crypto currencies on your site up to date, so are they always updated? Thank you im. Ahead May Allah reward their efforts
I’d be interested to know this from the scholars here as well! However, I am wondering if the Liquid project would really affect the Cardano blockchain itself and specifically how it would impact ADA since that is just the crypto currency and you do not necessarily have to use it towards the Liqwid project. Also the Liqwid project was created by another team, not the founders of Cardano to my understanding.
I don’t want to say anything wrong, but according to what I read at btc echo, the cardano team is planning it
Salaam . This is my 2 cents.
There is a difference between investing in the company and investing in the company’s assets or products .
Apple has haraam dealings but doesn’t make selling iphones haraam.
When you invest in ada (cardano) you are investing in the currency (halal) and the platform or protocol behind it (blockchain) and the PRIMARY use cases. Which are numerous but subjective to those who want to use it for good or bad (impermissible use).
All currencies are halal but the use case and purpose behind it can make it haraam for e.g (aave)
As long as the currency or blockchain is not based on a lending or any other impermissible protocol that makes it non shariah compliant then it should not be an issue.
That would mean the people, team or company’s actions or finances behind the coin you are invested in should not affect the asset as they are different from one another.
You will find mostly all comoanies behind the asset coin may be doing non shariah actions however if the coin and technology are impermissible it should he ok.
The only thing i found abit troubling is that cardano is releasing a defi financial contract (which is not haraam in and of it self) but it includes borrowing and lending in the contract language which is called marlowe. This is built upon plutus which is the more general contract language and is built on top of that.
After more research i have found that marlowe is blockchain agnostic and is not limited to cardano blockchain and is a external like product language that can be used on cardano which i would be comfortable with as it’s not cardano it self (i.e the currency or blockchain which is what you have invested in).
And as a whole iv found that smart contracts are only a feature that USE the blockchain data.
So even smart contracts are external featuee and is not the invested project it self (i.e the currency and blockchain) although it’s one of many use cases.
When you have blockchain there are so so many use cases just like the Internet, some will be compliant some will be not. But like the internet cardano is not geared towards a haraam project like lending. It’s agnostic which means the user can do what he pleases with the given technology.
I may be wrong i am wiling to learn i.a
as i am quite new.
So please take it with a pinch of salt.
Would love to hear mufti’s thoughts.
Salam
Yes, that’s not so easy unfortunately. That’s why I would be very happy if a mufti would comment on it.
Im keen to hear what mufti’s thoughts are.
Especially with the marlowe protocol.
Salam alikum
I know you get asked a lot of questions.
It would be nice if someone gave us an opinion anyway.
Since apparently many are interested in the topic of cardano.
May Allah reward you for your efforts