NFT News by Thebittimes.Com

Bitcoin and other crypto assets have Islamic scholars racking their brains as they attempt to discern how this new technology fits into Islamic finance, a concept that already dates back 1,400 years.  Read on to discover the opinions of various Islamic scholars and an answer to the question: Is Bitcoin halal? What Makes Something Halal or Haram in Islamic Finance?  Islamic finance encompasses financial activities that comply with Sharia law — guiding principles drawn from the Quran and the sayings of Prophet Muhammad.  Based on these Islamic rules, some financial activities are allowed (halal), while others are prohibited (haram). That means Islamic finance isn’t at all like traditional finance , as some practices are forbidden for religious reasons.  For example, charging excessive interest, riba , on loans is deemed an exploitative activity because it favors the lender and takes advantage of the borrower.  Other haram activitie...

The lower house of Russian parliament, the State Duma, has voted against a piece of legislation designed to regulate cryptocurrency mining . While lawmakers turned down that proposal, which also aimed to legalize crypto payments in the country, another draft law on mining, which permits cross-border transactions with digital assets , is expected in the legislature in the near future. Alternative Proposals to Regulate Crypto Mining Clash in Russian Parliament This week, the State Duma of the Russian Federal Assembly voted to reject a draft law on cryptocurrency mining . The bill “On Mining in the Russian Federation,” was submitted earlier by members of the liberal New People faction. Lawmakers criticized the sponsors for failing to properly formulate regulatory principles for the activity as well as requirements for data centers and mining operators and suggest a procedure for the taxation of mining companies. Representatives of the parliamentary committees that reviewed the legisla...