DeFi may be halal however not DOGE? Decentralizing Islamic finance
Whereas Islamic students have lengthy wrestled with the query of whether or not cryptocurrency is halal, what if its actually fiat that isnt permissible?
Islam has strict guidelines round finance, and it traditionally defines foreign money as commodities with intrinsic worth gold, silver, or salt, amongst others. Waseem Mamlouk, from the DeFi platform Nimbus, argues that government-issued fiat currencies should not have any intrinsic worth and could also be incompatible with a cautious interpretation of Sharia regulation. This may pose an issue for the burgeoning Islamic finance business, which goals to provide monetary returns in compliance with non secular regulation.
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