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Cryptocurrency and the Islamic world

12/20/2018
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  • Egypt_cryptocurrency
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Initially, the demand for cryptocurrency spurred increased interest in the asset from residents of East Asian countries - China, Japan, and South Korea. Now the asset is trying to get spread in the traditionally Islamic countries - Egypt, Indonesia, Turkey. And here it meets a religious problem.

Sharia and cryptocurrencies

The news that Egypt is preparing to launch its own cryptocurrency did not become a sensation. Back in July 2018, the Iranian government announced the start of work on the creation of national digital money. However, they were complicated by the fact that the country actually has two dollar exchange rates - official and over-the-counter.

Against this background, the statement of one of the leaders of the Central Bank of Egypt, Ayman Hussein, would seem ordinary. The problem is that the authorities had previously held a different point of view. When the first Bitcoin Egypt exchange in the country was launched, the CBE refused to take part in the legalization of Bitcoin.

Experts see the reason that some representatives of the clergy expressed categorical disagreement with the introduction of cryptocurrencies. In their opinion, it is against Sharia law. It is on this basis that Turkey has banned the official use of bitcoin in settlements within the country. Although there is an important nuance.

What will happen to cryptocurrencies in the Islamic world

Now government cryptocurrencies are developed primarily for the banking system. They are not intended for use by ordinary citizens. In fact, they are a side effect of the blockchain, just one of its tools.

At the same time, not all members of the clergy took such a radical stand. So, in Indonesia, a special investigation was conducted. In the course of which the experts concluded that the cryptocurrency in no way contradicts the religious rules.

It is difficult to say exactly where this dispute will lead. It is only clear that digital financial assets in Asian countries meet significant opposition. In this regard, it is worth remembering one very interesting fact. Only in 1992, the Catholic Church officially recognized that the Earth is not a fixed object and revolves around the sun.

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