Oman is making a big push into the world of digital currencies, with two major investments in crypto-mining operations. The government of Muscat has approved a $370 million crypto-mining farm managed by Exahertz International, and a $300 million partnership between Oman’s first certified crypto-mining firm, Green Data City, and the Phoenix Group based in Abu Dhabi. The Minister of Transport, Communications and Information Technology in Oman, Said Hamoud al-Maawali, stated that these investments are a “major milestone” that would “help accelerate the growth” of the nation’s digital financial sector.The Islamic world is divided on the issue of whether digital currencies align with Islamic law, or sharia. Some Islamic scholars argue that cryptocurrency’s often speculative attributes make it haram, while others argue that owning digital currencies like Bitcoin doesn’t involve interest, or riba, making it potentially halal.The Middle East and North Africa, largely Muslim-majority regions, are the most rapidly expanding markets for crypto, according to a report by Chainalysis from October 2022. The regulatory attitude toward cryptocurrencies in the Muslim world is a mixed bag, with some countries like the United Arab Emirates being crypto-friendly, while others like Turkey allow for the trading of cryptocurrencies but prohibit their use for payments and by financial middlemen.Oman’s massive investment in the crypto industry indicates its ambition to be a digital economy leader, even as questions about the sharia-compliance of such investments continue to be debated.
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇦🇪 🇴🇲 🇹🇷 🇮🇳 🇳🇬 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Phoenix Group, Abu Dhabi., Exahertz International, Said Hamoud al-Maawali, Chainalysis |
| Companies | United Arab Emirates., Phoenix Group, Green Data City, Exahertz International, Chainalysis |
| Currencies | ethereum, bitcoin, abu dhabi dirham, omani rial, phoenix group. |
| Securities |
