Is It Possible that The Moslem Countries Can Accept The CryptoCurrencies System?

[yulionoo]

in my opinion maybe because I am a Muslim and live in Indonesia, the majority of the population is Muslim. in the principle of Islamic law as long as it does not harm others it is not usury and not gambling, so that is something that is permissible. and in my country there is an Islamic institution in charge of giving halal or illegitimate labels. as far as I know, the institution has issued a halal fatwa on bitcoin. so we may trade or invest in bitcoin. but in my country, bitcoin is still illegal and should not be used as a payment instrument. bitcoin is only an investment tool.

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[Muzika]

in my opinion maybe because I am a Muslim and live in Indonesia, the majority of the population is Muslim. in the principle of Islamic law as long as it does not harm others it is not usury and not gambling, so that is something that is permissible. and in my country there is an Islamic institution in charge of giving halal or illegitimate labels. as far as I know, the institution has issued a halal fatwa on bitcoin. so we may trade or invest in bitcoin. but in my country, bitcoin is still illegal and should not be used as a payment instrument. bitcoin is only an investment tool.

so meaning the bitcoin is illegal for usage for a muslim person? is it a law on your religion or law on your country? As far as I know usage of certain thing in muslim country is not prohibited as long as it is not harmful for a person and for the others,so it is by the country laws?

[Thirdspace]

... and in my country there is an Islamic institution in charge of giving halal or illegitimate labels. as far as I know, the institution has issued a halal fatwa on bitcoin. so we may trade or invest in bitcoin. but in my country, bitcoin is still illegal and should not be used as a payment instrument. bitcoin is only an investment tool.

I've never heard that MUI officially released a halal fatwa on bitcoin or bitcoin investment
in fact they say bitcoin becomes haram when it is used as speculation tool, which we do most of the time
can you cite a trusted site where MUI explicitly states that bitcoin is halal

[Betwrong]

In the Moslem Countries like Saudi Arabia, Qatar, United Arab Emirates even Brunei Darussalam etc were enacted Islamic Economy System based on sharia. Is It Possible that The Moslem Countries can accept the cryptocurrencies system in their economic system? What's your opinion?

Unofficially - yes, but publicly - no, because crypto is all about freedom, and Muslim countries tend to suppress the wish of their people for freedom.
Anyway, the countries you've listed are economically well, so I don't think their citizens are very much interested in cryptocurrencies as they have a good basic source of income provided by the state.

You are wrong here. Nowadays religion plays less and less of a role in a country's economy. For example, United Arab Emirates, mentioned in the OP, is actually a crypto friendly country. Earlier this year the Dubai Multi Commodities Center (DMCC) gave a gold trading company in Dubai the cryptocurrency trading license after which the company launched the “world’s first” cold storage vault for crypto. UAE even wants to play a leading role in adoption of blockchain technologies

In a bid to become a pioneer in blockchain technology, the UAE has launched the UAE Blockchain Strategy 2021, pursuant to which 50% of government transactions will be conducted using blockchain technology by 2021.

Source: https://www.vantageasia.com/cryptocurrency-law-uae/

Another example is Malaysia, predominantly Muslim country, which is very crypto friendly, unlike Bolivia, Ecuador and China (PRC), where Bitcoin is banned although they are not Muslim countries.

[alyssa85]

In the Moslem Countries like Saudi Arabia, Qatar, United Arab Emirates even Brunei Darussalam etc were enacted Islamic Economy System based on sharia. Is It Possible that The Moslem Countries can accept the cryptocurrencies system in their economic system? What's your opinion?

The only thing forbidden by sharia is interest, I believe. So pure cryptos like bitcoin, litecoin and so on are fine. The staking coins might not be.

[mornabo]

Does cryptocurrency have anything to do with religion? not related! Muslims also contribute to humanity and they accept cryptocurrencies.

Of course it can be allowed and used in Muslims countries without any doubt. In fact countries with the biggest markets for the world have a majority or a certain portion of Muslims. I see the technology spreading to Middle East in the near future. Besides, there might be an argument that cryptocurrency is not allowed according to a particular concept of a particular group which could be avoided or not taken in to concern for ultimately if there is demand for it, there will be supply.

if fluctuations are constraints that they consider, their local currency is also vulnerable to inflation right? I think it is clear that what is forbidden is to use the currency for gambling or detrimental activities, even though the Islamic countries themselves more prefer to the dinar (gold) currency as the main currency because it is much safer and more stable

[Betwrong]

In the Moslem Countries like Saudi Arabia, Qatar, United Arab Emirates even Brunei Darussalam etc were enacted Islamic Economy System based on sharia. Is It Possible that The Moslem Countries can accept the cryptocurrencies system in their economic system? What's your opinion?

The only thing forbidden by sharia is interest, I believe. So pure cryptos like bitcoin, litecoin and so on are fine. The staking coins might not be.

I think you are right. That's why, for example, although Bitcoin is "banned" in Saudi Arabia, as we can learn from most sources, it is not that banned in reality. There is a bitcoin ATM in the city of Jubail. And if you live in Saudi Arabia you can buy BTC through an exchange called BitOasis. I'm writing this in addition to what I said above about United Arab Emirates and Malaysia. Muslim countries are not that hostile towards cryptocurrencies as it may seem.

[MarchToke]

Why not if the these Muslim Countries will accept cryptocurrency system with arms wide open. I have seen an ICO now that's about cryptoexchange in which it functions in accordance with Shariah rules.

[Bellator]

In the Moslem Countries like Saudi Arabia, Qatar, United Arab Emirates even Brunei Darussalam etc were enacted Islamic Economy System based on sharia. Is It Possible that The Moslem Countries can accept the cryptocurrencies system in their economic system? What's your opinion?

The only thing forbidden by sharia is interest, I believe. So pure cryptos like bitcoin, litecoin and so on are fine. The staking coins might not be.

I think you are right. That's why, for example, although Bitcoin is "banned" in Saudi Arabia, as we can learn from most sources, it is not that banned in reality. There is a bitcoin ATM in the city of Jubail. And if you live in Saudi Arabia you can buy BTC through an exchange called BitOasis. I'm writing this in addition to what I said above about United Arab Emirates and Malaysia. Muslim countries are not that hostile towards cryptocurrencies as it may seem.

I agree. There may be some parts of the Moslem countries which are in contradiction with the use of bitcoin in transaction. But this could not be taken generally. There are still exceptions on this. And just like any countries, there is a period of transition on the acceptance of btc and cryptocurrency on a Moslem country or not.

[muddy waters]

In the Moslem Countries like Saudi Arabia, Qatar, United Arab Emirates even Brunei Darussalam etc were enacted Islamic Economy System based on sharia. Is It Possible that The Moslem Countries can accept the cryptocurrencies system in their economic system? What's your opinion?

What is crypto in general? It was created as an attempt to escape total control of banks and governments. Contrary to that, Muslim culture  is all about control (control of thoughts, actions, Internet... and finance). If the sharia laws become more liberal, cryptocurrencies could be among the first things to be widely accepted by the Muslims. I don't know when this is likely to happen, but the general worldwide trend is "more freedom and less regulation", so in the nearest future we can witness more Arabic investors on crypto market.

[marcbitcoins]

In the Moslem Countries like Saudi Arabia, Qatar, United Arab Emirates even Brunei Darussalam etc were enacted Islamic Economy System based on sharia. Is It Possible that The Moslem Countries can accept the cryptocurrencies system in their economic system? What's your opinion?

Yes and its happening now impact i have see them in this bounty section that they have some ICO project name ADAB https://bitcointalk.org/index.php?topic=4722627.0. So i think there is no problem or there is no law that the Muslim world is prohibit to join the crypto currency investment and with the huge population of the Muslim people i could see that they are a great additional force in favor of Crypto currency.

[Betwrong]

In the Moslem Countries like Saudi Arabia, Qatar, United Arab Emirates even Brunei Darussalam etc were enacted Islamic Economy System based on sharia. Is It Possible that The Moslem Countries can accept the cryptocurrencies system in their economic system? What's your opinion?

What is crypto in general? It was created as an attempt to escape total control of banks and governments. Contrary to that, Muslim culture  is all about control (control of thoughts, actions, Internet... and finance). If the sharia laws become more liberal, cryptocurrencies could be among the first things to be widely accepted by the Muslims. I don't know when this is likely to happen, but the general worldwide trend is "more freedom and less regulation", so in the nearest future we can witness more Arabic investors on crypto market.

They are there already, cryptocurrenices are being used by people from Arab countries many of whom are Muslims. The Sharia Law can't become more liberal because it is like it is. However, is it so sophisticated that it needs interpretations for the general public. That's what was done by an Islamic scholar, Mufti Muhammad Abu Bakar, who published a 22-page research concluding that “Bitcoin qualifies as Islamic money, except where it is banned by a local government.” So, it's not the Sharia Law, but rather the governments of some Arabic countries who is opposing Bitcoin and other cryptos. They interpret the Sharia Law in order to please their own needs, depriving their citizens of many freedoms, including the freedom of choosing what currency to use.

Here's the link to the document in question: https://blossom.docsend.com/view/x4ayq52

[chrisculanag]

I think yes , crypto is very popular in different countries but i think moslem countries need to determine or to knowing what is crypto benefits to us. If this is happen bitcoin has a chance to be pump up and be familiar in the market . And i think moslem need this too to improve the online industries in the country.

[Kusnechik]

The countries of the Persian Gulf are very sensitive to money, so if it is convenient to use cryptocurrency, they will join.

[KesoNie]

In the Moslem Countries like Saudi Arabia, Qatar, United Arab Emirates even Brunei Darussalam etc were enacted Islamic Economy System based on sharia. Is It Possible that The Moslem Countries can accept the cryptocurrencies system in their economic system? What's your opinion?

If there is another arab spring which produces widespread independence movements in middle eastern nations, it is possible existing banking systems could be overthrown as people embraced crypto currencies in an attempt to find alternative ways of doing things.

To a degree, middle eastern nations appear to be run by mullahs and religious clerics. I don't know if there is anyone with authority in the middle eastern world who would be pro bitcoin, that other arabs or muslims would listen to.

Middle eastern leaders tend to repress education and information on topics like crypto currencies. If there was a bitcoin following in the middle east it would likely be a small demographic.

It's definitely possible If they want an independent system in their countries.. In that way they can have an easier and developed economic system.

Possible the country of Muslim accept cryptocurrency system especially when they have proof that crypto is good and not some people think about it because some people have mindset negatively about crypto like they think its scam. But since many people proven that crypto is not bad as what some people think they will surely believe and possible accept it especially when they get to know it much better. And possible they will accept once they know that they can get huge profit from it.

[KorakPawon]

In the Moslem Countries like Saudi Arabia, Qatar, United Arab Emirates even Brunei Darussalam etc were enacted Islamic Economy System based on sharia. Is It Possible that The Moslem Countries can accept the cryptocurrencies system in their economic system? What's your opinion?

Is bitcoin halal? From my reading, yes it is. But, modern currencies are not. Bitcoin can be considered both a currency and a payment network and this distinction is important because the Sharia principles that apply vary. As a payment network, bitcoin is halal. Why? It's because bitcoin is unlike conventional bank network where the currencies are based on debt with usury which is prohibited in Islam. Bitcoin is based on a proof of work which is impermissible in Islam.

[yusupjatigumilar]

in fact, I think the blockchain system in crypto currency is suitable to be applied in the sariah economic system, because it is transparent so that the flow can be seen where a fund occurs, and even low costs close to zero in each transaction, now ICO is starting to emerge sariah and comes from a Muslim-majority country as well

[aad140386]

As far as I know, there is an ICO project of the first crypto-exchange complying with Sharia law. The project is called "Abad solutions". The ICO is still ongoing, and I don’t know how successful it is, but you can visit their page. Unfortunately, I am not particularly familiar with the laws and rules of Islam in order to assert how cryptocurrency can comply with the rules of this religion, but progress does not stand still. Any religious orthodoxy eventually recedes into the background.

[Gabali126]

In the Moslem Countries like Saudi Arabia, Qatar, United Arab Emirates even Brunei Darussalam etc were enacted Islamic Economy System based on sharia. Is It Possible that The Moslem Countries can accept the cryptocurrencies system in their economic system? What's your opinion?

Cryptocurrency system does not have reservation for any religious kind of economy or country. Even the countries you have mentioned I am certain are already participants of cryptocurrency. It is just left to make it official, which is what every other country is also waiting for.

[Altf4]

That is very possible that moslem countries will accept the cryptocurrency system ,because if you will study and observe the crypto system it offers some good output for business and economy ,only that it is decentralized and circulating in the dihgital world, if these moslem countries are open minded to the crypto system ,then they will surely adopt this kind of technology.