Are crypto-assets (cryptocurrencies) halal?

The Nature of Crypto-assets

My personal view regarding crypto-assets is that many can be deemed digital assets, whilst some have the potential to be even recognised as a medium of exchange for their specific networks only. To deny the existence of crypto-assets is clearly inaccurate; existence in a digital network cannot be quantified nor qualified with the same metrics as that of physical entities. Classical Islamic scholars frequently evaluated the nature of things by analysing the after-effects and outcomes of that thing. This enhanced the understanding of the reality of that thing before developing a Shari’ah ruling. Crypto-assets can undergo a similar evaluation where the utility of each crypto can be reviewed to understand the nature of the crypto-as...