Is Ethereum Classic (ETC) Halal or Haram?
Shariah compliance review of Ethereum Classic (ETC) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
The analysis of Ethereum Classic is quite similar to that of Bitcoin. It serves as a store of value and utilizes a proof-of-work consensus mechanism. Additionally, Ethereum Classic is considered Shariah-compliant. Source: sharlife.my
Staking verdict: Questionable
There is no Proof of Stake consensus, the chain functions on Proof of Work protocol, which is "mining". This is why any so called "staking" or other instrument with a fixed yield for this cryptocurrency is at least questionable, because it lacks participating in creating new blockchain transactions in the blockchain. However, we are not talking about other pledge or liquidity instruments that involves ETC. It will have a separate ruling. You can read more about Proof-of-Stake protocol on our Blogs section below this crypto list.
Browse all Shariah-compliant cryptocurrencies on the EthicalNode halal crypto screener.