Monday, December 2, 2013

Islamic Bitcoin and China

It would seem that debt free money, created free of debt rather than as a function of debt would be entirely consistent with Islamic beliefs regarding interest.  This presents that idea:
How Publicly-Created, Debt-Free Money Addresses the Islamic Concern about Interest

China is a big player in the Bitcoin world.  Might the Islamic world in general become a big player.  It is consistent with their religious beliefs as well as a monetary system that is diametrically different than the debt based system of the western world.  

China is not Islamic.  Together, China and Islam are a large part of the Orient Eastern world and they becoming economically closer all the time.  What if China went to a debt free monetary system?  Islam would ideologically follow China's lead?  Seems logical, reasonable. 

Welcome to the Islamic Bank of Bitcoin:

بنك بتكوين الاسلامي

"The Islamic Bank of Bitcoin is a Shari'ah compliant Bitcoin banking organization that offers interest free loans and shared profit/loss joint ventures to people of all faiths in the Bitcoin community.
The Islamic Bank of Bitcoin is at the forefront of Bitcoin finance. We believe that finance based on Islamic principles is an incredibly beneficial thing for Bitcoin. Having a strong Islamic bank that is prepared to share profit and risks in joint ventures could significantly boost the Bitcoin economy."


Welcome to Allahcoin:

"Allahcoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware. Allahcoin provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have. The Allahcoin network is scheduled to produce 84 million currency units."




Interesting results from google:  Islamic Bitcoin

No comments: