Crypto Islam

I have been writing for years about the fact that Islam is not a religion in the sense we know from Christianity or Catholicism. There is no distinction between secular and divine matters, religious law regulates all spheres of life. Including what economic activity should be based on. It cannot be based on non-existent assets. According to the authors of articles in Quartz, Muslims should not invest in crypto-capitalists or even in banking products which offer payments by means of interest payments.

Muslim countries have not banned or restricted the trade in cryptovalents (in this respect they are even more liberal than Poland, which actively prevented such trade), but issued a warning that such commercial activities may be illegal by Sharia. Since Muslim countries finance around 1% of the world's GDP, it is what to fight for. And in Dubai, a start-up was created, which proposes a crypto currency OneGram proposes to cover the unit with one gram of gold deposited in a safe, which meets the Sharia guidelines for investing in digital goods. HelloGold was founded in Malaysia last year, based on a similar mechanism, and after receiving a sharia certificate, it is preparing to enter the Thai market.

What does this mean for the rest of the crypto market? I suspect that is little. Maybe some BTC investors will switch to a new gold-based crypto, maybe they will continue to silently trade BTC, ETH and other currencies from their homes in UAE and Saudi Arabia. We know that the Saudi princes, despite the doctrines of Wahhabism, like new technologies, toys and money. If gold does not become to some extent "virtual", it is also a nice option to invest capital in a stable crypto, without the need to own a Knox Fort to store gold. If non-Muslims are allowed to trade these crypto-coins

What does this mean for STEEM? Also, not much in all...but...if there is a spammer, scammer, plagiarism or other scam from a Muslim country, then we have a great argument in our hands and a terrible one:

"Do you want your Imam to know that you are breaking the Shariah by trading in crypto currencies without cover?”.

This is, of course, a joke. But is it for sure...