A good news for those who work with cryptocurrencies, Egypt that initially decided to ban digital coins has therefore decided to revoke the measure. The Egyptian government in fact, during the course of 2018, it had imposed a ban on the trade in cryptocurrencies, after not even a year, however, I chose to take a step back, also declaring Bitcoins like Halal.
Halal finance: and why are Bitcoins now included?
Perhaps we are used to hearing the term Halal used in the food sector, but this actually serves to define everything that is considered compliant with Islamic law, that is, with sharia. In fact, Islam considers sharia as immoral to make money with money, for this reason Islamic finance is very different from western finance. In fact, even banks must operate in accordance with what has been described in the Koran and for this reason credit institutions in Islamic countries they can only work if considered Halal.
The same goes for Bitcoins, until recently cryptocurrencies in Egypt had been banned, however, the country has now chosen to change its mind and has thus declared Bitcoin Halal. This definition is very important because it allows you to bring new liquidity into the cryptocurrency market, as Egypt looks like a populated country and also young from a demographic point of view, where the average age of the country is 26 years old.
What will be the consequences of Bitcoin Halal in Egypt?
The choice made from Egypt to call Halal Bitcoin it can certainly be very important for all countries that have an Islamic regime and that at the moment have not opened to cryptocurrencies. Now that Egypt has opened up to Bitcoin, this will however introduce a regulation that allows all investors to operate following the dictates of Sharia. Finally, surely in Egypt there will be several people who will operate in the blockchain technology and that they can soon become gods international players.