Recently, the Ulema Council of the Muslim Spiritual Board of the Russian Federation convened a meeting in Moscow to discuss the implications of banking, blockchain, and cryptocurrencies within the framework of Islamic law.
“The question of cryptocurrency’s usability within the Islamic ummah (community) is of great importance. The fatwa issued during the meeting emphasizes the permissibility of trading and investing in cryptocurrency, provided that specific requirements are met. These requirements include determining whether the cryptocurrency can be categorized as a product, currency, or financial asset,” stated Ildar Alyautdinov, the Deputy Chairman of the Russian Muslim Spiritual Board and Mufti of Moscow.
Alyautdinov further advised that if any of the requirements are not met, the council recommends refraining from engaging in cryptocurrency transactions.
In a significant development last year, Deepali Shukla, the CEO of NFT platform MetaDee, tokenized pages of an ancient edition of the Quran. Shukla believes that digitalization will play a crucial role in the widespread dissemination of Islamic culture. Additionally, Islamic Coin and Republic Crypto partnered in August to form an advisory group dedicated to promoting Shariah-compliant digital assets.