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Is Oman to become the 1st country to implement mass adoption of Islamic Coin (ISLM)?

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 .

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

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