This is an interesting documentary from 2016 in which the Islam Channel looks at the world of cryptocurrencies, and examines whether they can be shariah-compliant, and indeed more ethical from an Islamic standpoint, than traditional fiat-based money.
The outlook, even at that time, was very positive, and indeed the Islamic world has cautiously been adopting the technology ever since. Unfortunately the only cryptocurrency represented in this programme was OneCoin, which has since been shwon to be a ponzi scheme, and a scam, and is no longer available for transactions.
For our purposes anyway, it doesn’t matter so much, as here we want to know how Islamic finance regards cryptocurrencies, because if they are regarded as compliant it opens up a large financial sector to the blockchain industry, regardless of bad actors sometimes being involved.
This industry is developing so quickly that reports like this quickly go out-of-date, but still we get an idea of what is important from an Islamic perspective in regard to money and its use, and that doesn’t really age. The most important thing is that the technology doesn’t cross any ethical bloundaries, and as we see is being adopted in more and more Islamic countries.
Things change! If this video is not visible and the link does not work please let me know in the comments section so I can update the page (the comment is not published).