Oman Expands Involvement in Digital Currencies
This month, the government of Oman has made significant moves to get involved in the world of digital currencies. They aim to be a key digital player in the West Asian region.
Main Key Points:
- Oman’s first certified crypto-mining firm, Green Data City, announced a $300 million partnership with the Phoenix Group to kick off a crypto-mining operation next year.
- The government of Muscat approved a $370 million crypto-mining farm managed by Exahertz International, which will add 15,000 more machines by October.
- The Minister of Transport, Communications and Information Technology in Oman stated that these investments are a major milestone that would accelerate the growth of the nation’s digital financial sector.
- There is an ongoing debate in the Islamic world about whether digital currencies align with Islamic law. While some argue it is haram, others believe it is potentially halal.
- The Middle East and North Africa, with largely Muslim-majority populations, were the most rapidly expanding markets for crypto in 2022.
The Muslim world’s regulatory attitude toward cryptocurrencies is mixed.
In conclusion, Oman’s massive investment in the crypto industry showcases its ambition to be a digital economy leader, despite ongoing debates about sharia compliance.
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