InniPinTech Corporation, “Bitcoin is ‘Halal'” … Bitcoin price uplift incoming?
Blossom Finance, an Indonesian FinTech company, has published a report based on Sharia law that bitcoin is Halal and allowed by Muslims.
On April 12, Matthew J. Martin, president of Blasum Finance, said the Bitcoin was halal. Halal refers to all the products that Muslims can eat and use, meaning “allowed” by Islamic law.
Sharia law applies to everything from what Muslims can eat to government, law, and finance. Islamic law has strict rules, such as prohibiting the payment of interest and money.
Martin said that the process by which the general currency is issued is the central bank lending money to the state. On the other hand, Bitcoin argued that it conforms to Islamic law more than legal currencies because it is made based on a proof process rather than debt thus making it Halal.
The price of Bitcoin had a rise for 30 minutes after the news. In some cases, it was suggested that the increase in trading volume of Islamic cryptocurrency was the cause.
Meanwhile, according to a press release released on March 19 by the World Sharia Advisory Committee, the world’s first Sharia-compliant token (NOORCOIN) was listed on the market.