Quote from: muddy waters on November 01, 2018, 05:10:56 PM

Quote from: ficihch on June 05, 2018, 04:10:06 AM

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