Thursday, November 2, 2017

Islamic Halal crypto could soon be the next cultural virtual currency to emerge following Jewish cryptocurrency

On Nov. 2, an adviser on Islamic economics and finance of the Russia’s Muftis Council announced that a 'Halal' cryptocurrency to facilitate the monetary needs of the Islamic world could arrive as early as two to three years.

Speaking to the Russian news service TASS, Madina Kalimullina stated that while Bitcoin and other cryptocurrencies do transact in many Islamic countries at this time, the need for a virtual currency that follows the strict guidelines of Sharia Financial Law will require discussion and research to become fully functional across the Muslim world.


Cryptocurrency as a tool of Islamic banking is being discussed by the Muslim community and could be created within the next two or three years, according to the adviser on Islamic economics and finance of the Russia’s Muftis Council Madina Kalimullina. 
She told TASS that based on the cryptocurrency characteristics, the coin can be halal [permissible – Ed.]. “Sharia standards do not cover this issue yet, but in the perspective of two or three years they can be developed,” Kalimullina said after a conference in Kazan. 
“This topic is now very popular in the Russian Islamic community, particularly in the Caucasus, it is constantly discussed at the meetings of Islamic economists,” she added.
There’s already a so-called ‘meet-coin’ in Kazan for settlements in the livestock business. 
Kalimullina said bitcoin exchanges have been opened in some Muslim countries. Middle East’s first wallet BitOasis which opened for UAE customers, and is now available in Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman. Indonesia’s Bitcoin and Malaysia’s Coinbox also offer services linked to cryptocurrencies. 
The absence of a single regulator for cryptocurrencies is one of the major issues which confuses followers of Islam, according to Kalimullina. “Among the main arguments against bitcoin is a high degree of risk (maisir) and uncertainty (garar), a lack of provision of real assets and state guarantees,” she said. – Russia Today
Cultural, or religious based cryptocurrencies are already being established as seen earlier this year with a 'Kosher' crypto knows as BitCoen to help serve the Jewish communities scattered around the globe.

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