Are cryptocurrencies illegal in Islamic nations? They are banned in Saudi Arabia

Colleagues, here at the Cryptocurrency Academy we are not predisposed to playing politics. Yet, in the kingdom of Saudi Arabia we see the collision of cryptocurrencies, religion and government leading to the prohibition of crypto activity “within” the countries boarders. The Crown Prince Mohammad bin Salman has declared them as a fraud as well as a potential breach of Sharia law. The key question becomes how pervasive is the prohibition of cryptocurrencies across the Islamic world? Islamic nations are not all created equal and some governments are strictly conservative while others are more open to so-called Western trends. Qatar, the UAE, Indonesia and Malaysia are much more progressive in their thinking and business practices. Iran, for purely financial reasons, is launching its own government-back cryptocurrency as a means of evading US economic trade sanctions. Bottom line: The Cryptocurrency Academy views Saudi Arabia as the outlier when it comes to banning cryptocurrencies while other Islamic nations are racing to embrace them with the goal of giving their economies a viable position in the global financial system. Let us know your thoughts today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)