Iyyar 23, 5779
Bitcoin according to Jewish Law
Is bitcoin considered money according to Torah Law?
There is no Halachic objection to the recognition of a virtual currency - if it would be accepted as a currency by a state.
A currency which is publicly trusted and viewed as a means of payment, and an assessment unit may be considered Halachically as a currency even if it is not officially recognized by state authorities - at least in regard to payments etc.
The Bitcoin was not issued by a state, and has limited public trust. Therefore, in the current situation it is not recognized as a currency according to Jewish Law, but rather as a commodity or debt bond.
Source: Summary of Rabbi Shlomo Ishon’s article on the topic.
See (Hebrew): Rabbi Shlomo Ishon - Bitcoin
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