The Islamic countries should embrace types of cryptocurrencies
According to reports coming from the boss of the International Business Forum (IBF), he mentioned that his concerns with the overbearing nature of the U.S. dollar are beyond a common currency of the world. The American currency is widespread and is adopted globally, this means that it can also be used to punish any country that is not at peace with it. Declared Yarar thinks that The U.S dollar is beyond a common currency as it has become sanction for tooling.
He also mentioned that the U.S. Dollar in the hands of the U.S. government is a weapon that can be used in order to wreak economic havoc in any country of there choosing. The U.S. dollar is being used to keep down money transfers, impose sanctions and make a country bend to its will, according to Yarar. In the IBF this year will be the year that they will discuss the terms and conditions for the monetary pluralism to create a fairer and healthier trading environment. A top point that was held at the meeting was the use of Blockchain technology and the application of cryptocurrencies in the financial industry, together in the Middle East and virtually all the Muslim countries.
He also stated that:
” We will make cryptocurrency systems, that will be used for international trade among Islamic countries, a current issue.”
Also an advice was given to the Islamic countries to organize similar IMF funds, which will help the struggling nations to get stable on their feet. As he thinks the funds should be maintained strictly following the no interest policy, to support the doctrine of the Shariah and as well as also making it easier for the country to get paid back when due.
The Debate on cryptocurrencies and Islamic States implementations
Currently, the volatility in cryptocurrencies has made it appear like a risky investment, as digital currencies have an unregulated nature, that goes beyond boards, race, religion or culture. This has caused some concerns that have factored in a source of fear for most the Islamic scholars.
There have been some scholars who have condemned bitcoin and other forms of cryptos in recent years, labeling it as ‘Haram’ (illegal) and that it should not be allowed. However, the nation stands divided on this as some think that it is ‘Halal’ (legal) as long as it can be placed within the shariah Islamic law as well.
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