HDP slams top Turkish religious body's declaration of Bitcoin un-Islamic
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These days though, attentions are slowly shifting towards some other aspects, like Altcoins such as Ethereum and the blockchain that powers Bitcoin. Hopefully, this means that the bandwagon-jumping will end, leading us to a more turkey bitcoin haram cryptocurrency adoption. Meanwhile, among Muslim circles, there has been concern about whether cryptocurrency would be considered illegal under Shariah law. An Egyptian mufti has declared Bitcoin haram on grounds of gambling, and again, opening the doors to money laundering.
However, there is a ray of hope for crypto-fans. Among those deliberating on cryptocurrency is the chairman of the Shariah Advisory Council, Datuk Dr. Mohd Daud Bakar, who addresses the above concerns quite concisely. He released a Facebook Live of his talks to break down his turkey bitcoin haram of cryptocurrency adoption in Malaysia, particularly in relation to Shariah.
He starts out by describing blockchain, which is actually a ledger system that is recorded by more than one party. This helps prevent tampering.
You can read up more about it here. Its purpose is a tool for firstly, exchanges, and secondly as a tool for remittances. The usual way for remittances between currency to currency would take up cost and approximately two days to go through. Another example is BR1M allowances. We turkey bitcoin haram observe exactly where the money is turkey bitcoin haram, whether in schoolbooks turkey bitcoin haram etc.
Seeing exactly how these monies are spent could help with accountability. Blockchain can help ensure that any identities linked to their monies are kept on-record, rather than fiat money regular currencies where one can more easily hide their identities—especially using cash.
Datuk Mohd Daud points out Know Your Customer KYC verification procedures, which can be applied to turkey bitcoin haram that identities linked to any cryptocurrency can be kept on-record. You can find out more about what that means here. Turkey bitcoin haram this way, blockchain could actually help combat money-laundering, if applied right and overseen by the right people.
Instead of just deliberating on Bitcoin, Datuk Mohd Daud has some thoughts about exactly how cryptocurrency can be applied in Malaysia in the first place. He brings up Japan and Dubai as examples.
Japan has acknowledged Bitcoin as legal, turkey bitcoin haram Dubai has launched its own blockchain-based cryptocurrency in October last year. That can be good. If Malaysia wants to adapt cryptocurrency, they can turn it into local currency. Turkey bitcoin haram in my humble opinion, they misunderstand the difference between uncertainty and risk.
Buying houses, buying shares, and even buying gold is risky. In fact, any fitrah from Allah S. W has its risks. Fitrah does not have an English equivalent, but can be termed as instinct, or original human nature. The value of Bitcoin can fluctuate—going from being valued at 11 thousand per token, to 12 thousand and back down to 10 thousand, Datuk Mohd Daud think that this is what has caused some authorities to declare Bitcoin haram.
Meanwhile, fiat money is also based in trust. Its value has fluctuated over the years, gaining and losing trust as it goes along—including being used by the Turkey bitcoin haram Bank to balance the international exchange. In fact there have been cases such as wars and boycotts that led to currency values falling.
This did not take its values as currency away. To help regulators better understand cryptocurrency, Datuk Mohd Daud even suggested that they create their own e-wallets.
This is not necessarily for investments, that is a risk subject to each individual. Instead, we only use a small amount of money to learn how it works. Besides just this Facebook Live, he has also committed his thoughts into text in this article he penned for Utusan Malaysia, which may explain things more clearly and outlines how hed views cryptocurrency based on Mazhab Syafie. He has also uploaded another video last November outlining similar points in more detail that has garnered k views.
A blog post that outlines some of the major points of the above video written in Malay turkey bitcoin haram be found here. Investors do play their part, but actually using it for its intended turkey bitcoin haram exchange goods and services—is crucial if we want to seriously look at cryptocurrency as turkey bitcoin haram viable in the long run. Type and hit enter to search Search. In a Facebook Live video uploaded by the Chairman of the Shariah Advisory Council, he expresses his thoughts about Bitcoin and Blockchain in Malaysia, both legally and under Shariah law.
He argues that Blockchain could help fight against money-laundering. Datuk Mohd Daud also disagrees that turkey bitcoin haram are haram under Shariah law due to its fluctuating value. Both fiat money and cryptocurrency are based on trust.
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