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

[oninz26]

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?

In my opinion as we are in a digital world theres big chances that they will become a part of it.We are here for reasons,to profit,no matter what race we are as long as we already know how everything works here,i think theres no exemptions,after all we what we want here is to do business related to crypto.

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[bintangkejoraku]

Why not ?
what's wrong with cryptocurrency? I think Muslim countries will accept cryptocurrency, as long as it is not against the teachings of Islam.

[bajingluncat]

Very likely because lawfully cryptocurrency in accordance with the function of money in Islamic Shari'a in use as a medium of exchange that is not detrimental to the seller or buyer

[senne]

I believe there should not be much problem for the Moslem countries to accept cryptocurrenies as it is just another payment system like gold and oil but totally a virtual system. Last year, there was news regarding Moslem countries may invent their own crypto currency but nothing has been declared till yet. Cryptocurrency has nothing to do with any religion, I believe this system has the power to unite people of different religion without the need of any third person.

[hugeblack]

There are some aspects of Bitcoin that are incompatible with Islamic sharia, and the most critical issue is the "creation of money from nothingness."
Islamic Sharia recognizes gold and silver only, but money "paper money" has been added to it in recent years.
Based on that law, if the currency is not covered with gold and silver, it is not recognized, but it is the political decision that controls everything.
So, in short, if Bitcoin is accepted globally, those countries will recognize and deal with it "as paper money."

[BLAST2MARS]

There are some aspects of Bitcoin that are incompatible with Islamic sharia, and the most critical issue is the "creation of money from nothingness."
Islamic Sharia recognizes gold and silver only, but money "paper money" has been added to it in recent years.
Based on that law, if the currency is not covered with gold and silver, it is not recognized, but it is the political decision that controls everything.
So, in short, if Bitcoin is accepted globally, those countries will recognize and deal with it "as paper money."

Bitcoin isn't just nothing like a rock or a pile of sand. Technically, it has many digital computations on its transactions. It is better than the paper money so it should be accepted by Muslims.

[jcarlo]

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?

From what I am read recently, cryptocurrency is halal for moslem. Cryptocurrency is most transparant monetary system compare old system. Like bitcoin, its limited supply and its like gold in real life

[mengtt001]

I think once they realize the convenience of the cryptoCurrencies system, they can easily accept it

[hhussain]

n the muslim countries bitcoin or any other cryptocurrencies are considered haram for the same reason as the stock market is considered as a haram act, they consider this to be an act of gambling which according to the islamic law is banned upon and therefore islamic countries do not accept the regulation of crypto.

[phillippw6]

The Muslim countries in the world most countries like Malaysia Saudi Arabia or Pakistan are either dependant upon the European countries in the world or collaborating with the North American countries on the basis of oil hence their ban will affect the economy and decisions of others

[Kelvynn]

I THINK IT IS NOT POSSIBLE AND EASY FOR MOSLEM COUNTRIES TO ACCEPT THE CRYPTOCURRENCIES SYSTEM.THIS IS BECAUSE MOST OF THE MOSLEM COUNTRIES DO NOT EVEN ACCEPT THE BANKING SYSTEM SINCE THEY ARE INTO ISLAM LAWS AND RULES

[Binmado]

Maybe, because electronic money does not affect their religion and in the future I think the whole world economy will accept crypto.

[weiweianll]

Iran intends to use BTC to fight US economic sanctions!
When they realize that Bitcoin can solve their problems, they will use BTC on a large scale!

[Snaic]

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?

Muslims are already allowed to deal with crypto currency and therefore this kind. they are already actively learning. Even already at this forum, ICO under the name ADAB is now being created, which creates the first Muslim cryptobank on the basis of Sharia. So the world is developing, the crypto currency is being introduced everywhere.

[d0flaming0]

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?

Muslims are already allowed to deal with crypto currency and therefore this kind. they are already actively learning. Even already at this forum, ICO under the name ADAB is now being created, which creates the first Muslim cryptobank on the basis of Sharia. So the world is developing, the crypto currency is being introduced everywhere.

let us not generalize the situation that moslems particularly are not allowed to use crypto, there are some countries prohibits the usage of crypto while some also regulates its usage and adapt to changes in economy.

[r32godzilla]

Yes bitcoin is neither a gambling system nor a part of usury which has been strictly prohibited in Islam.Also bitcoin is not like fiat currency and it's free from deflation.Already some Islamic organisations in the West have started to accept bitcoin as donation.Until now,no big Islamic cleric has openly given religious order fatwa as bitcoin to be totally illegal.So there would be no issues for muslim countries to allow crypto currencies.

[Abeey4life]

I will choose to reply your question with questions. How many Muslims do you know that banned Cryptocurrency?

[udonmez]

It is not look realistic that any county accept crypot as a system. Muslum countries also will not do it.Moreover it kills crpto environment.

[just_Alice]

Sharia law prohibits economic activity that isn't based on real assets that are backed by something physical, not just a speculation, so all of the cryptocurrencies we know today including Bitcoin, ETH, etc. aren't allowed to Muslims, as they're digital and only. However, due to this issue, Islamic economy and finances experts in Dubai have thought about creating a cryptocurrency that will follow Sharia law and will be backed up by a well-known physical asset - gold:
https://qz.com/1247409/bitcoin-cryptocurrencies-for-muslims-backed-by-gold-are-popping-up/

If they manage to implement that kind of cryptocurrency that will improve situation on market - people will see that cryptos aren't coming out of the thin air, aren't a bubble or a Ponzi scheme. Maybe more projects like that will appear, this will not only lend credibility to digital money world, but also will reduce fluctuations and make the market more stable.

[alex3.alex03]

I think that the religious affiliation of citizens will not affect the development and distribution of bitcoin and crypto currency.