Shariah Compliance Expert Says Cryptocurrencies Are Legit Commodities

A shariah compliance expert, the current chairman of the Shariah Advisory Council at Malaysia’s central bank and a shariah board member at many financial companies, says that cryptocurrency is a legit commodity that can be exchanged. At the SCxSC Fintech Conference 2020 last week, Datuk Dr. Mohd Daud Bakar, an expert in shariah compliance, said that investors need more time to understand cryptocurrency from the shariah perspective.

Bakar is currently the chairman of the Shariah Advisory Council at the central bank of Malaysia, Securities Commission of Malaysia (SC), and the Labuan Financial Services Authorities. In Malaysia, the SC Shariah Advisory Council has declared that it is permissible for Muslims to invest in and trade cryptocurrencies, including bitcoin, on government-registered crypto exchanges.

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