Cryptocurrencies in the Middle East and North Africa
Digital and Cryptocurrencies have attracted a great deal of attention from all over the world. These currencies have been widely used in Western countries. It is known that any modern technology first appears in the West and then moves to the Arab countries and the Islamic world.
After the expansion of the use of Cryptocurrencies in the West, Arab and Islamic countries have begun to turn their attention to this type of currency. We will display the attitude of some Arab and Islamic countries towards digital and Cryptocurrencies:
The attitude of the UAE towards digital and Cryptocurrencies
A senior UAE official announced that after the UAE had studied Blockchain’s strategy very well and made sure it does not violate Islamic law, it was announced that the government would start using the technology in early April in2021.
The UAE Prime Minister announced that the UAE has taken these measures for the benefit of citizens and to facilitate life for them. This technology will facilitate citizens’ payment of all invoices, licenses and visas. The UAE government has announced that the strategy of using the Blockchain will provide the state with more than 11billion dollars annually. In addition, it will help bring a large number of investors from all over the world.
Turkey’s attitude towards digital and cryptocurrencies
In the past, Turkey took a tough stand against the use of cryptocurrencies. It has declared that dealing with cryptocurrencies is contrary to Islamic law because these currencies rely mainly on the speculative system of the market without any laws or governments. However, after the cryptocurrencies have had much attention in the world, Turkey has made a decision to issue its own cryptocurrency known as Turkcoin, which does not violate Islamic law.
Saudi Arabia’s attitude towards digital and cryptocurrencies
The Saudi central bank has warned against dealing with digital or cryptocurrencies since these currencies are not in line with Islamic law, but Saudi Arabia has not banned the use of these currencies. Saudi Arabia has decided to take advantage of digital and cryptocurrencies and is considering how to use them without violating Islamic law.
Kuwait’s attitude towards digital and cryptocurrencies
Kuwait has completely banned the use of digital and cryptocurrencies since dealing with these currencies carries a certain risk. Kuwait also suspects the consistency of such currencies with Islamic law.
Morocco’s attitude towards digital and cryptocurrencies
Morocco has not banned the use of digital and cryptocurrencies permanently. However, it has warned citizens of dealing with this type of currency because dealing with it requires a high risk. Morocco has declared that the government has no income from dealing with this type of currency.
Syria’s attitude towards digital and cryptocurrencies
Digital and cryptocurrencies are of great importance in Syria; such currencies are used to help Syrian refugees and buy them food items.
Egypt’s attitude towards digital and cryptocurrencies
Egypt’s attitude was similar to the attitude of Saudi Arabia and Morocco. The Egyptian government has only warned citizens of dealing with this type of money because this trade poses great risks and requires extensive experience to deal with it.
Al-Azhar Al-Sharif also supported the fatwa that forbids the trade of digital and cryptocurrencies, but it made it clear that there is nothing to confirm that this trade is haraam. Egypt has not completely prohibited dealing with these currencies, but only has it warn of it. However, digital and cryptocurrencies are traded widely in Egypt despite the Egyptian government’s warnings.