Oman’s Push into Cryptocurrency
The Sultanate of Oman is investing heavily in cryptocurrency to establish itself as a digital hub in the region. The government plans to invest $1.1 billion in cryptocurrency mining operations, aiming to diversify the economy and integrate modern technologies.
Main Breakdown:
- Oman plans to invest $1.1 billion in cryptocurrency mining operations to become a digital hub in the region.
- Phoenix Group will develop a $300 million crypto-mining farm called Green Data City, Oman’s first licensed crypto-mining entity.
- Exahertz International has received approval for a $370 million crypto-mining farm and plans to deploy 15,000 machines by October.
- Oman’s adoption of cryptocurrency aligns with the growing trend in the Middle East.
- There are discussions surrounding the compliance of cryptocurrency with Sharia law in Oman.
Oman’s Embrace of Crypto Sparks Sharia Compliance Discussions
Oman’s adoption of cryptocurrency has sparked discussions about its compliance with Sharia law. Scholars are divided on whether cryptocurrency is permissible under Sharia law. While some argue that its speculative nature makes it impermissible, others believe it can be considered halal because it does not involve interest collection. The widespread acceptance of crypto as a form of currency strengthens the argument for its compliance with Islamic principles.
Hot Take
Oman’s significant investments in cryptocurrency mining operations demonstrate its commitment to embracing modern technologies and diversifying its economy. The country’s push to become a digital hub in the region aligns with the growing trend of cryptocurrency adoption in the Middle East. However, discussions around the compliance of cryptocurrency with Sharia law highlight the need for further dialogue and regulatory clarity in the Muslim world.
By
By
By
By