Post
Topic
Board Economics
Re: Is It Possible that The Moslem Countries Can Accept The CryptoCurrencies System?
by
Bellator
on 01/11/2018, 13:39:14 UTC
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.