Professor of Islamic Economics: Bitcoin is a Natural Evolution of Money

[Zed0X]

Professor of Islamic Economics: Bitcoin is a Natural Evolution of Money

Dr. Mohamed Ali Elgari is a prominent Shariah scholar and the Chairman of Shariah Supervisory Board for Amanie Advisors. In a video shared by Amanie Advisors the professor was speaking on a panel of discussing cryptocurrency in Islamic Finance during the Shariah Minds Forum.

Dr. Elgari is also an advisor to numerous Islamic financial institutions throughout the world and is notably on the Shariah board of the Dow Jones Islamic index as well as a member of the Islamic Fiqh Academy and the Islamic Accounting & Auditing Organisation for Islamic Financial Institution (AAIOFI).


A Game-changing Technology

During the panel discussion, he expressed that Bitcoin is just the natural conclusion of a long journey from stones, salt, and animals, to gold, silver and paper money. Dr. Elgari underlines that the secret of Bitcoin is not inventing the money, it is the blockchain because it allows transacting in a secure way without any kind of medium.

He indicated that the blockchain is a game-changing technology and people are yet starting to realize it. Professor believes that that the blockchain will be just like the revolution of the internet itself. According to him, part of banking services will no longer be provideTransactiond by banks, because it can be done through the blockchain directly.


SWIFT will Be Eliminated

Dr. Mohamed Ali Elgari also stated that blockchain transactions are much more secure compared to the transactions provided by SWIFT (the global provider of secure financial messaging services) and blockchain technology will eliminate SWIFT as a third party medium in the future.

As far as Bitcoin is concerned, the professor said,

The concept of Bitcoin – it’s just money like any other money. What made it successful, it’s the fact that it is supported by a system where people can transact securely without the interference or the possibility of interference by any party into the transaction.

https://www.cryptovibes.com/crypto-news/professor-of-islamic-economics-bitcoin-is-a-natural-evolution-of-money/

[Isabella1]

It is hard to agree that Bitcoin is an evolution of money. I consider that it is quite risky to use these money.

[Isabella1]

Who knows...May be bitcoin will change our world. Since 2017 there is consistency growth of Bitcoin. But I still feel myself more confident with real money

[Isabella1]

I'll not risk to invest in Bictoin because it's not secure. Will see what happens in several years

[Isabella1]

Bitcoin transaction cannot be reversed, it can only be refunded by the person receiving the funds. So, you should be sure in those people with whom you decide to do business

[Isabella1]

I wonder how many people deal with this cryptocurrency?

[Isabella1]

 Indeed, Bitcoin has become quite popular nowadays. I think they even can replace cash within 10 years. You can become rich with Bitcoin but you will need some capital. In 2011, it was cheap and if you would buy 1000 Bitcoins then it would have cost you around $10000 then. In any way, I can not say that I trust Bitcoin. I think if someone has questions about this money or want to make business with Bitcoins and not to lose, then it would be better to ask advice at high qualified accountants. I work in the restaurant business sphere and if I need help then I always use  https://apmaccountants.ie/ [nofollow] and I always get high qualified answers. No doubts they will clarify about Bitcoin. I hope it will be useful for someone.