CRYPTO UPDATE: UAE Wants to Dominate Blockchain Tech | Bitcoin & Sharia Law
The UAE has released their blockchain strategy for 2021
It is focused on Dubai becoming a world leader in adopting the technology.
They’ve realized just how much more effective blockchain tech will be in regards of governmental time, money and resources.
It could save them billions of AED, or Emariti Dirham, a year. They are planning to have 50% of federal government transactions to occur on a blockchain.
The UAE will also be building up education around blockchain technology by providing events, workshops, and university courses on the new technology and encryption.
They’ve already released plans to integrate a blockchain with their tourism industry which would allow tourists to access transparent and relevant pricing for all of the tourist organizations offered in Dubai.
VIEW VIDEO HERE ^^^
There has also been a recent report released by one fintech startup that says “…Bitcoin is ‘generally permissible’ under Sharia Law.”
This startup is called Blossom Finance and it’s based in Indonesia.
The member of their team who wrote this report is a certified Muslim legal expert and he is very well versed with the Qu’ran. He has come to the conclusion that Bitcoin could be considered Halal, or permissible under Sharia law.
He supports this by citing the different Islamic definitions of both property and currency, and also reasons that because Bitcoin uses Proof of work, it could actually be more halal than the current debt based fiat system we have today.
Now this report is certainly nothing official and it goes against what other Muslim countries like Turkey and Egypt have deemed Bitcoin as haram, or prohibited.
On the other hand, it could very well be the signal of a change of heart for other Muslim countries, or at least an example that they may use to also agree that Bitcoin is permissible.
This would open the door for many muslims to enter the cryptocurrency market, and broadening the user base of Bitcoin.
Additional Reading/Sources:
UAE Blockchain Strategy 2021
Dubai moving to Blockchain
Blossom Finance Press Release
Bitcoin in Turkey
Bitcoin in Egypt
Thanks for the info :)
Hmmm. Great information. .they certainly can run with blockchain and expand the space. Will be interesting to watch this play out
Wow didn't know some muslim countries saw bitcoin as haram
This is nice
Good news, if a country like Dubai can accepted cryptocurrencies this is a welcome development.
meep
Meep!!
Hi Heidi!
Thanks a lot for the update as always.
A lot of people now also think that this exact changes in the law were the main reason why the price jumped so high all of a sudden two days ago. So lets hope the best that more Muslim states are going to follow and that the bear market is over.
Have a great Sunday.
Cheers!
If you have been deeply in to dubai's and all GCC region, you certainly have realized these countries are just users of technology not creators. Especially in Dubai, everything is a plastic show to attract people and investment. They even don't expect smart money; just luxury and blind money which had no certain destination.
Look at patents in the world getting registered. Not a single one from these countries. US, Japan and Germany are traditional patent holders and now china and korea are submitting more and more.
funny how i laugh at every bitcoin post but NOT THIS ONE..i stopped tradding the crypto currency market at some point. because of two many analysis forecast and the likes. but the truth remains. some one predicted the market @december 2016 that it will project to $13,000 by december 2017 and indeed it got to $19, 000 plus...and so i watched the market went up and remained up for almost all months and i was so scared of ridding along because of my fear for over bought regions...and now @heiditravels ''UAE report' revealing her involvment in the blockchain system before the end of this year.. and this is in line with tim's earlier report somedays ago projecting the market t get to the $25, 000 befor the end of this year..right now i will take my positions for a buy..i will rather take a position and stay in the market irrespective of the move..than sit back and watch this end of the year prediction being met. i must confess i used to think that i understand the crypto currencies market not until i see posts like this..thank you @heiditravels ..this came in handy..thanks for the heads up
Wow! this is interesting. I hope other countries copy this
Nice post