Is Civic (CVC) Halal or Haram?
Shariah compliance review of Civic (CVC) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
Civic is a blockchain-based identity management solution that gives individuals and businesses the tools they need to control and protect personal identity information. The platform is designed to change the way we think about identity verification by giving users more control over their personal data, while allowing them to access a wide range of services without needing to fork over excessive amounts of personal information. Sharlife.my: The project has a well-defined path and a legitimate blockchain product
Staking verdict: Non-Comfortable
There is no consensus protocol for users to participate in. Any instrument that claims to be "staking" for TEL is to be avoided. The Civic ecosystem utilizes the Civic token (CVC) as a utility token for settling identity-related transactions between participants, such as customers and service providers. Users can earn CVC tokens by completing tasks like signing up for services or referring new users, while validators receive CVC tokens for validating documents for service providers.
Browse all Shariah-compliant cryptocurrencies on the EthicalNode halal crypto screener.