With the cryptocurrency market developing, and growing interest in digital currencies, some countries in the Middle East are demonstrating optimism in expanding crypto adoption. The Hereditary Prince of Serbia and Yugoslavia, Prince Philip, opined on a Bitcoin Reserve podcast dated July 6 about the possibilities of some Arabic nations getting to adopt Bitcoin in the near future.
“Bitcoin and Sharia Law are harmonious”, the Serbian royalty alluded to this while poking at the possibility that an Arab monarchy may embrace Bitcoin.
— Bitcoin Magazine (@BitcoinMagazine) July 6, 2022
Appearing on the Bitcoin Reserve Podcast, Prince Philip attested to the stability of Middle Eastern countries governed by monarch rules like Jordan, Oman, the UAE, Bahrain, Saudi Arabia, and Qatar. Comparing this divide with Iraq, Syria, and Yemen, the Serbia Prince said that those not governed by monarch rule are brimming with social, political, and economic challenges.
Bitcoin Adoption In The Middle East
With this happening, certain countries identified by Prince Philip have a history of expressing interest in cryptocurrencies. According to data from Chainalysis, the Middle East ranks high among the world’s fast-paced crypto economies, recording up to 7% of the global trading volume. Supporting this is the December 2021 announcement proclaiming Mubadala Investment Company, one of UAE’s leading wealth funds, is planning to pump $240 billion into the cryptocurrency environment following their newly found confidence in blockchain investments.
Binance, one of the leading crypto exchanges, recently received a Virtual Asset License permitting it to operate in Dubai and specifically provide limited exchange goods and services to pre-qualified investors and skilled financial service institutions. Another exchange, Kraken, also received permission from local authorities to start a regulated cryptocurrency exchange in the United Arab Emirates with an Abu Dhabi-based regional headquarters.
Reconciling Bitcoin and Sharia Law
According to Prince Philip, most monarchies submit to Sharia Law. Among other things, Sharia Law advertises a financial system that discourages the idea of debt, which is its compatibility score with BTC. As such, the monarchies may be open to taking up a pitch promoting Bitcoin as the choice money irelevant to this system.
Bitcoin bulls claim that the self-custody characteristic of Bitcoin is the most legit form of money, providing immunity against inflation. On the other hand, Islamic codes point to a more sophisticated debt model than what the Prince promoted. Elements like loans and debt are not illegal, just that the law discourages profiting from loaning out money. Instead, Sharia Law encourages lending for goodwill for humanitarian and welfare purposes.
The discrepancy has prompted debates in the past, with certain Muslims from Indonesia’s National Religious Council urging people not to buy bitcoin because of its premise that cryptocurrency rubbishes the basic principles of Islamic law. Features such as uncertainty, wagering, and harm characteristic of digital currencies contrast the fundamental tenets of Islamic law.
The Prince, however, supports the sound financial system in the Middle Eastern monarchies, adding that the only limitation is the absence of sound money to match this system. Nonetheless, the Prince believes that the idea of using BTC will soon become commonplace in the region.
“According to readings from the Quran, Bitcoin is the perfect money. In time, someone will pitch this idea, and it will be accepted”, Prince Philip noted.
Meme Symbology On The New Adopt Bitcoin Frenzy
Although the Prince remained unclear about which Arabic country will adopt Bitcoin, his sentiments have since excited the internet with related memes that attempt to give clues on the next Bitcoin adopter.
There is a lot of chatter and memes all pointing to the Saudi royal family’s possibility to adopt BTC. The speculation comes as Russia imposes sanctions, and Saudi’s interest is in identifying alternatives to the USD as a means of payment.
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