The Sultanate of Oman is continuing its push into the world of cryptocurrency with a series of multi-million-dollar investments. The country, located on the southeastern coast of the Arabian Peninsula, aims to establish itself as a digital hub in a highly competitive region. The government has revealed plans to invest nearly $1.1 billion in cryptocurrency mining…
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Indonesia’s top Islamic body, the country’s authority on Shariah compliance, has reportedly declared cryptocurrency haram, forbidden for Muslims under Islamic law. The Indonesian Ulema Council explained that crypto has elements of uncertainty, wagering, and harm. Cryptocurrency Is Forbidden for Muslims Under Islamic Law in Indonesia Indonesia’s Ulema Council (Majelis Ulama Indonesia or MUI), the country’s…
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A provincial branch of one the largest Islamic organizations in Indonesia has declared cryptocurrency “haram,” or forbidden under religious law. The decision came after a “heated discussion” joined by a crypto expert who was invited to explain in detail the practice of using digital coins. Cryptocurrency Deemed ‘Haram’ in Indonesia The local branch of the…
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The Algorand Foundation announced that its blockchain platform is now certified for Sharia-compliant financing. The Algorand Foundation announced that its blockchain platform is now certified for Sharia-compliant financing. According to a press release on Oct. 21, Islamic institutions can now start using the proof-of-stake Algorand blockchain for economic exchange, stating: “Islamic enterprises will now be…
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