Halal Bitcoin: Cryptocurrency Market Expands 1.6 Billion Muslim World

Now Bitcoin is Halal

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Halal Bitcoin

After incredible peaks of Bitcoin currency price at the end of 2017 we all see the great dip of 2018. Of course, today Bitcoin as a media phenomena and volatile currency needs to expand as many markets as possible. Recently, we all have witnessed the news of so called Halal Bitcoin. It means that Bitcoin is now in 100% compliance with Islamic Sharia law. You can ask what digital currency has to do with Islamic world? In this case it is more likely marketing effort. Islam is by now the fastest growing religion today with about 1.6 Billion followers. It means that Bitcoin has expanded this huge market and will conquer new peaks.

As the news hit the Internet, the price of Bitcoin spiked from $6,902 to $7,720 per a coin. Cryptocurrency itself has been a pressing issue for Muslim world until today. Money without intrinsic value is forbidden to Muslims, as is lending money with high-interest rates. This is what Islam scholars call usury. Until now, Muslims were simply forbidden to trade in BTC and openly claim their operations in cryptocurrency. Now the process of adaptation of Bitcoin to the Eastern Islamic countries will face the real boost. An Islamic scholar, Mufti Muhammad Abu Bakar published a paper addressing the issue, writing:

“In Germany, Bitcoin is recognized as a legal currency and therefore qualifies as Islamic money in Germany. In countries such as the US, Bitcoin lacks official legal monetary status but is accepted for payment at a variety of merchants, and therefore qualifies as Islamic customary money.”

If we speak about world religion in figures, then Bitcoin now is open for 23% of World market. This fact will definitely influence over the digital coin price. The Halal Bitcoin is also new phenomena to cryptocurrency industry. It never before dealt with any religion regulations or scholarships. Analyzing the outcomes of the Halal Bitcoin story, the community may come to a conclusion to cooperate better with all type of other communities and ideologies.