Is It Possible that The Moslem Countries Can Accept The CryptoCurrencies System? - page 3.

Betwrong

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Quote from: max fray on October 25, 2018, 10:34:24 AM

Quote from: ficihch on June 05, 2018, 12:10:06 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?

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

Quote

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.

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Quote from: yulionoo on October 31, 2018, 02:03:14 AM

... 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 Wink

can you cite a trusted site where MUI explicitly states that bitcoin is halal

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Quote from: yulionoo on October 31, 2018, 02:03:14 AM

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?

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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.

romero121

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Cryptocurrencies were developed for the usage of all levels of people who has got the ability to understand the technology to certain point. There is no discrimination as moslem and other religion. Some cryptocurrencies were developed following their own moslem laws. So, there's nothing new with the adoption of cryptocurrency from moslem countries.

tailwate07

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Quote from: LickKing on October 25, 2018, 04:09:22 AM

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.

upsidedown75

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Quote from: ict on October 24, 2018, 10:37:00 AM

In my opinion. Muslim countries want to accept a digital financial system, crypto. all this time digital currencies have existed in all countries but the financial system is still centralized. with the existence of crypto currency, I think the muslimpun country is willing to accept this financial system. they will need this currency for their economic progress. so they can compete with other countries.

Most smart countries with visionary leaders actually know the level at which accepting and adopting cryptocurrency can generally help their economy in a way. This is something that is global and decentralized, people will not even have to rely on fiat totally anymore and reduce the pressure somehow on it, and for the fact that it would bring about ease of payment globally, then I guess, even the Muslim countries will not want to be left out. We have seen so much news lately, of even some parts of the UAE, clamoring for global regulation and I see that as a system that is really looking forward to adopting it.

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Quote from: gabmen on October 24, 2018, 09:55:45 AM

Quote from: Pattart on October 22, 2018, 10:16:08 PM

Quote from: Wete on September 30, 2018, 10:15:53 PM

I am Muslim and my country is predominantly Muslim, and we are fine with no problems with cryptocurrency. As long as it is used for positive things, of course all countries will receive cryptocurrency.

You right, if their concerns are about price fluctuations. even fiat can experience inflation which makes them lose? you're right as long as it's used positively I don't think it's a problem for Muslims to use crypto. after all there is no clear statement from the ulama for this matter right?

Exactly. Why do some people even think it'll be an issue? Religion have nothing to do with the stock market right? What difference does crypto have with that lol.

The leading Arabic countries have already proved it. Look at the UAE. They deal with the cryptocurrencies, cooperate with Japan, China and the USA working out ICOs, making the projects, and so on.

dat.ho12492

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Quote from: novokovskitve on October 26, 2018, 09:04:21 AM

Why not. besides, they are much more advanced in this matter than the same Europe. therefore they can be said already on the way to this coup.

Countries have yet to agree on the use of crypto and so moslem countries will not accept the crypto system, they are obliged to respect the opinions of other countries but I believe Moslem Country is where people use crypto very popular. Because they are countries with huge war and terror, terrorist organizations will need tools like crypto to buy weapons, and this tells us that although crypto is not accepted by the government but it has penetrated into every country, acceptance is something that will happen in the future

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Why not. besides, they are much more advanced in this matter than the same Europe. therefore they can be said already on the way to this coup.

osamaalkhal

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As a Muslim I do not think there is a problem using such a system

ellehcar

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Quote from: ficihch on June 05, 2018, 12:10:06 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?

Yes, it's possible. All the monetary systems that ever accepted in the history were accepted by the Moslem countries. Moslems are in fact techy people. They don't want to be left behind in terms of technological advancements. So imagine if all nations are using crypto as the main mode of payment, will they let theirs to be left behind?! Of course not! Time will come that crypto, the true ones that will survive the crisis now, willl go mainstream, and all nations, as in all nations, will acknowledge its use, including the Arab countries.

trauchot

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If I am not mistaken, they have already either included cryptocurrency in the economy or are going to do it, because in such rich countries they know that they can get income from this and even if something goes wrong, they will not suffer from it, because the budget of such countries are too high.

andika2018

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Quote from: ficihch on June 05, 2018, 12:10:06 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?

I am believe islamic country will accept cryptocurrency. Cryptocurrency offering most secure system in monetary system. Beside that, cryptocurrency is like fiat money except using decentralized system

prtty2gal2

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Quote from: Commotheon on October 25, 2018, 02:15:23 AM

Quote from: sana54210 on September 28, 2018, 10:00:50 AM

Quote from: spongegar on September 23, 2018, 11:33:54 PM

I know for a fact that some of my friends who actually lives in those countries that they own crypto currency one way or another. I think there ia a link to the comments here that some countries have accepted crypto currency in their respective countries. But I'm surprised that there is a question such as this. I mean is crypto currency against the teachings of Islam?

Islamic religion has never in any way kicked against the idea of blockchain technology as well as cryptocurrency and indeed the countries within this perspective, are really embracing it pretty fast I must say. I really have not heard of single teachings of Islam that goes against cryptocurrency and if it is that, then, we would not have seen some of the Arabian countries, embracing the technology and seeing it as a welcome development in the long run.

First of all its Muslims not moslim. About accepting well its not matter the race of religions. Bitcoin is for everyone and anyone can use it even a 5 year old kid can manage its coins.

It depends on how you want to spell it, as there is actually different spelling for it. According to Wikipedia, the ordinary word in English is "Muslim". It is sometimes transliterated as "Moslem", which is an older spelling.

Well, that is not actually why we are here. Practically, we can obviously see that a lot of the Muslim countries really do not have any problem with the new payment system, at least from my end I have seen some news in which there was several discussion on the matter which actually tended towards the positive side of adoption in the long run and I do not believe payment system should ever be against any religion as far as I am concerned.

arnaudel98

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Quote from: sana54210 on September 28, 2018, 10:00:50 AM

Quote from: spongegar on September 23, 2018, 11:33:54 PM

I know for a fact that some of my friends who actually lives in those countries that they own crypto currency one way or another. I think there ia a link to the comments here that some countries have accepted crypto currency in their respective countries. But I'm surprised that there is a question such as this. I mean is crypto currency against the teachings of Islam?

Islamic religion has never in any way kicked against the idea of blockchain technology as well as cryptocurrency and indeed the countries within this perspective, are really embracing it pretty fast I must say. I really have not heard of single teachings of Islam that goes against cryptocurrency and if it is that, then, we would not have seen some of the Arabian countries, embracing the technology and seeing it as a welcome development in the long run.

I am Muslim too and i also accept many deals with bitcoins there is nothing wrong with using bitcoin is Muslim's region. Bitcoin and religion should not be mixed or inter related.

devinks

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Quote from: gabmen on October 24, 2018, 09:55:45 AM

Quote from: Pattart on October 22, 2018, 10:16:08 PM

Quote from: Wete on September 30, 2018, 10:15:53 PM

I am Muslim and my country is predominantly Muslim, and we are fine with no problems with cryptocurrency. As long as it is used for positive things, of course all countries will receive cryptocurrency.

You right, if their concerns are about price fluctuations. even fiat can experience inflation which makes them lose? you're right as long as it's used positively I don't think it's a problem for Muslims to use crypto. after all there is no clear statement from the ulama for this matter right?

Exactly. Why do some people even think it'll be an issue? Religion have nothing to do with the stock market right? What difference does crypto have with that lol.

true because crypto is an asset that has nothing to do with religion, exactly crypto is like a stock that is only for profit and there is no problem with religion

indeed crypto has nothing to do with religion, but a different belief. some Muslims consider it good and some don't, it all depends on how we get it. Surely if I call this it is very good and useful for all who use it.

max fray

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Quote from: ficihch on June 05, 2018, 12:10:06 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?

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.

PizzaBTC

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Quote from: charlotte04 on October 22, 2018, 11:36:47 AM

Quote from: ficihch on June 05, 2018, 12:10:06 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?

Some of my muslim friend are so in for business and making money. So I guess they would really want to have a place inside this kind of market in the futture.

Who would not want to be in business for making money and the last time I checked, there is no religion that says that making of money is a sin, at least, as long as it is not from dirty or fraudulent means.

I really do not see how being a Muslim will deter anyone from being a part of the space or believing in the future of blockchain technology. It is just an evolution and even the Muslim nations and countries are adopting it, knowing the benefit they will eventually be getting from it in the long run.

LickKing

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

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