CRYPTO UPDATE: UAE Wants to Dominate Blockchain Tech | Bitcoin & Sharia Law

CRYPTO UPDATE: UAE Wants to Dominate Blockchain Tech | Bitcoin & Sharia Law

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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW

UAE Blockchain Strategy 2021: http://www.arabianbusiness.com/technology/394073-sheikh-mohammed-launches-the-uae-blockchain-strategy-2021
Dubai moving to Blockchain: https://blockexplorer.com/news/uaes-blockchain-strategy-50-of-government-transactions-will-be-conducted-using-blockchain-technology-by-2021/

Blossom Finance Press Release: https://blossomfinance.com/press/is-bitcoin-halal-or-haram-a-shariah-analysis
Bitcoin in Turkey: http://www.newsweek.com/turkey-says-bitcoin-soaring-above-10000-not-accordant-islam-725350
Bitcoin in Egypt: https://cointelegraph.com/news/bitcoin-in-egypt-is-treated-like-narcotic-drugs-but-enthusiasts-soldier-on

The UAE has released their blockchain strategy for 2021 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 would literally 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.

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.