"Saudi Arabia, Qatar to Announce Purchase of 1 Million BTC Soon – CryptoNewsAlert"

#Saudi Cleric’s Remark on Bitcoin Being Permissible under Islamic Law - A Reversal of Previous Prohibition Views

• Saudi cleric Abdurrahman bin Nasir al-Barrak issued a fatwa stating that Bitcoin does not violate Islamic law.

• Fatwa: An opinion on Islamic law by a religious scholar, not a legal judgment. (In some Middle Eastern countries, fatwas can carry more authority than the law.)

• Abdurrahman bin Nasir al-Barrak, a Salafi Sunni cleric, compared digital currencies to cheques or cash and said they should be left to God's judgment.

• Al-Barrak's statement opens the possibility of funds from Saudi's sovereign wealth fund flowing into Bitcoin.

• This statement reverses the 2017 interpretation of Bitcoin as forbidden under Islamic law.

• Saudi cleric Assim Al-Hakeem, in 2017, claimed Bitcoin violates Islamic law.

• Al-Hakeem: Bitcoin's anonymity can be advantageous for criminals.

• Turkey's religious authority decided Bitcoin was incompatible with Islam before Al-Hakeem's verdict.

#Why Did the Saudi Cleric Advocate for Bitcoin Now?

Independence from the US-Centric Financial System
Investing in cryptocurrencies could lead Saudi Arabia away from dependency on the US-centric financial system, enhancing its international political and economic independence.

Investment Strategy of Crown Prince bin Salman
Crown Prince bin Salman is pushing for economic diversification and modernization of Saudi Arabia, potentially including digital assets like Bitcoin. Al-Barrak's statement may be part of this strategy, facilitating investment in digital assets.

Part of Economic Diversification and Innovation
Traditionally reliant on oil, Saudi Arabia is pursuing economic diversification. A more open stance on cryptocurrencies like Bitcoin aligns with this strategy.

Response to International Technological Trends
With the global prominence of cryptocurrencies and blockchain technology, Saudi Arabia’s move could be an effort to join this international trend.

To Be Continued in the Next