Cryptocurrency: A New Tool for Factions?
April 18, 2018
Cryptocurrency like BitCoin have been gaining a foothold as legitimate forms of financial transaction over the last several years. However, one of the richest areas in the world, The Middle East, has been reluctant to jump on the bandwagon. Religious beliefs have prohibited many Islamic investors from using crypto currency, though that may change according to a recent Economic Times story, “Cryptocurrency Traders Use Old Gold to Lure Islamic Investors.”
According to the story, “OneGram, is issuing a gold-backed cryptocurrency — part of efforts to convince Muslims that investing in crypto currencies complies with their faith.
“But because they are products of financial engineering and objects of speculation, crypto currencies sit uneasily with Islam. Sharia principles, in addition to banning interest payments, emphasize real economic activity based on physical assets and frown on pure monetary speculation.”
The Islamic world may not have to wait long. Just today a 22-page research paper was released that declared Bitcoin is compliant with Sharia Law and therefore acceptable in the Islamic religion. We are not ready to fully buy into this, since the story appeared on Bitcoin’s own Web site. However, if this is true, it could mean another massive surge in investors as the cryptocurrency gains more and more momentum.
For more information, learn more about the Dark Web, check out Dark Web Notebook.
Patrick Roland, April 18, 2018
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