Since the time cryptocurrencies and Blockchain technology have found prevalence among people, they started to develop into the countries with different technological infrastructures, economic frameworks, climate and religion.
As an issue like climate has dramatically influenced the volume of using crypto, or enjoying appropriate infrastructures has helped them to be more active and thought-provoking in this new technology, religion has somehow been effective on the degree of the acceptability of this technology. Since religions like Islam have many regulations regarding storing a fund or making profit from it. If these companies want to proceed with these new wave of technology, they should in some way address adapting Islamic rules to it or start making ventures in this regard to draw the attention of Islamic societies to partake in it while the people in these societies feel they will not jeopardize their assets besides observing the Islamic rules.
The Government of Malaysia Took the First Steps
According to Salaam Gateway on August 2, Suhaida Mahpot, CEO of Amanie Advisors firm, believed that the Islamic societies are not to totally reject cryptocurrencies, but they are hesitant and skeptical about using them due to their religious limitation. She who had 11 years of job records in sharia-compliant financing has made comparison between the current situation of Malaysia in case of cryptocurrencies with two other types of Islamic investment (i.e., Amanah Saham Bumiputera (ASB) and Amanah Saham Nasional (ASN)).
She pointed out the transformations occurred in the perception of ASB during 39 years since its launch that resulted in accommodating it in the category of neutral activities neither you can encourage to or nor avoid from.
The ultimate viewpoint declared by the Selangor Fatwa Committee which was previously banned using ASB and ASN due to being suspicious of the presence of riba transactions is noew inclination toward permissibility according to Mahpot.
She added that what is going on about the types of investment and the activity of crypto institutes should be applied on cryptocurrencies too; hence, more knowledge about cryptocurrencies is needed.
Two other Islamic countries, the United Arab Emirates and Saudi Arabia, have also started to create cryptocurrencies which is surely not against their religious orders; however, the United Arab Emirates has taken a step further in launching the first Islamic Crypto Exchange too.