In the world of cryptocurrency, there are two types of currencies: the primary ones like Bitcoin, Ethereum, and Solana, which have a real purpose in serving programming, information systems, and banking, allowing the purchase of products and goods using these currencies instead of fiat currencies like the dollar. The second type is known as meme coins, which do not have a clear purpose or specific project. The creators of these coins aim to list them on platforms and promote them through social media to attract as many investors as possible. Investors then buy a certain percentage of these coins with the hope of selling them shortly after for a profit as their market value increases. Is this type of trading permissible? It is known that the risks and profits involved are very high and can occur in a short time (and there is the possibility of conducting market analysis before entering any of these currencies), which raises questions about the legitimacy of this type of trading. Thank you very much.
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1 Answer
Peace be upon you and God's mercy and blessings.
Ayatollah Khamenei (may God protect him):
Since His Eminence the Leader (may his shadow endure) has not issued any statement regarding dealing with digital currency, you may exercise caution and refrain from engaging in it, or refer to another jurist who meets the conditions for issuing fatwas, while considering the most knowledgeable among them as a precaution.
Source: Special Inquiry.
Ayatollah Sistani (may God protect him):
His Eminence does not express an opinion in this area, and it is permissible to refer to another authority while adhering to the guidelines.
Source: Special Inquiry: 1, 2 (Date of submission: 2024/05/27)
May you be successful in all good.