Is Monero (XMR) Halal or Haram?
Shariah compliance review of Monero (XMR) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
Monero, launched in 2014, aims to facilitate private and anonymous transactions. Unlike Bitcoin, which can be traced back to users due to its transparent blockchain, Monero (XMR) uses advanced cryptography to obscure the identities of both senders and recipients. The Monero team prioritizes privacy and security, ensuring that the platform is user-friendly and efficient for all, regardless of technical expertise. Ultimately, XMR seeks to enable fast and cost-effective payments without the risk of censorship. Sharlife.my: Monero will remain considered Shariah-compliant as long as no Haram elements are substantiated.
Staking verdict: Non-Comfortable
XMR lacks a conventional reward system or direct economic incentives, as its coin supply is managed via a smart contract. There is no mining or staking in this protocol. Validators on the XRP Ledger do not receive direct rewards. Any instrument that claims to be "staking" for XMR token is not a legitimate Proof-of-Stake, which is why it is better to avoid using it.
Browse all Shariah-compliant cryptocurrencies on the EthicalNode halal crypto screener.