• Sun. Aug 14th, 2022

Islamic Scholar Says Digital Currency Isn’t ‘Fictional Currency’ CryptoGlobe

An Islamic scholar, Irshad Ahmad Ijaz, claimed that digital currency is not fake money and should be legitimized once certain conditions are met. Ijaz’s view is echoed by other scholars who attended a seminar examining the status of digital currencies from the perspective of Islamic law.

Using Crypto in the Digital Age

An Islamic scholar or mufti, Irshad Ahmad Ijaz, recently argued that digital currencies are not fictitious currencies, according to a report. He suggested, however, that such a currency can only be justified when certain conditions are met.

According to a report by Academia, Ijaz, who made his remarks at a seminar in Pakistan on cryptocurrencies – organized by the University of Karachi and the Al-Asr Foundation – also urged the Pakistani government to play its role and to ensure the confusion surrounding the use of cryptos is cleared up.

Meanwhile, the report also quotes another scholar, Ishaq Alam, who suggested that Islamic scholars need to understand that the world is entering the digital age and new problems that require new solutions will emerge. Understanding this, according to Alam, allows researchers to give appropriate advice to users of digital currencies.

Bitcoin’s success

Echoing similar sentiments, Mufti Owais Paracha, a cryptography expert quoted in the report, acknowledges the failure of past attempts to create a digital currency and the eventual success of Satoshi Nakamoto’s creation. According to Parsha, bitcoin succeeded because it combines cryptography and so-called techniques that were used in previous currencies.

Elsewhere in the report, the researchers also highlighted the need for further research on the topic of digital currencies. This, in turn, will ostensibly allow academics to offer opinions that guide users or holders of digital currencies in the country.

These sentiments, which have been expressed by mainly Pakistani scholars, come shortly after the country’s central bank governor, Reza Baqir, warned in a speech that the potential risks associated with cryptocurrencies outweigh the risks. benefits. Baqir also said that these assets pose a risk to financial stability.

Yet, despite the governor’s remarks, Bitcoin.com News reported in late December 2021 that Pakistanis owned crypto assets valued at over $20 billion.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

Image credits: Shutterstock, Pixabay, Wiki Commons

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