Business in Oman starts to accept crypto payments with Islamic Coin (ISLM). The first transaction was made recently in a souvenir shop. It’s the first ISLM practical use of the digital Shariah compliant money in Oman! The first transaction using Islamic Coin in a souvenir shop in Oman likely symbolizes the beginning of a gradual shift away from the traditional fiat banking system. *Ruminations on Cryptocurrency Development in Oman* Oman, like many Middle Eastern nations , is traditionally known for its conservative approach to finance . However, with the burgeoning interest in cryptocurrencies on the global stage , even countries like Oman are starting to explore the potential and opportunities offered by digital currencies .
The primary interest in cryptocurrencies within Oman could be linked to the nation’s aspirations to diversify its economy, moving away from a heavy reliance on the oil industry , as well as the need for innovative solutions in the Islamic finance market . Islamic finance represents a unique system where interest and speculation are considered taboo , creating intriguing avenues for cryptocurrencies designed with these principles in mind.
Thus, initiatives to integrate cryptocurrencies adapted to local conditions and cultural nuances might play a pivotal role in Oman’s future financial landscape . Perhaps, thanks to currencies like IslamicCoin 🪙, Oman can carve out its space in the global crypto map and offer fresh, innovative solutions for both its citizens and the international community .https://www.youtube.com/@haqq.community
Oman 🇴🇲, following the UAE 🇦🇪, is developing legislation on virtual assets.
💼 The Capital Market Authority of the Sultanate of Oman (CMA), which oversees and nurtures Oman’s financial markets, has announced its intentions to establish a new regulatory framework for virtual assets (VA) and virtual asset service providers (VASP).
📝Currently, the CMA is drafting the regulatory foundation, which is set to include a new set of rules encompassing all activities related to virtual assets, a licensing system for all VASP categories, and a supervisory mechanism to detect, assess, and mitigate prevailing risks.
💰The proposed regulatory framework is expected to cover activities such as crypto assets, tokens, crypto exchanges, and initial coin offerings, among others.
📄The consultation document is available in both Arabic and English.
Maybe it is time to change our financial system?
Friends, I recently made my first purchase using the IslamicCoin cryptocurrency. And guess what happened next? Right after that, an ATM mercilessly “swallowed” my fiat card. Could this be a sign? Perhaps it’s a sign from Allah that it’s time to let go of outdated practices and embrace the innovations the world of cryptocurrency has to offer, especially with IslamicCoi
