Bitcoin/crypto currency and Islam |
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Tim the plumber
Senior Member Male Joined: 30 September 2014 Location: United Kingdom Status: Offline Points: 944 |
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No. Can you provide any evidence that Iran would not accept payment for oil in Euros or gold? The price agreed is going to be in dollars but the payment method are generally between the seller and the buyer. Why not ask the Iranian embassy? |
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Ceo3
Groupie Joined: 18 September 2016 Status: Offline Points: 80 |
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"However, the decision to drop the dollar could prove to be complicated for Iran, given that its most important export is oil which is priced in dollars. The country is on course to earn $41bn from oil sales this fiscal year. Switching its reporting to another currency will add a degree of currency risk and volatility and is likely to complicate matters for the authorities. At this stage, however, it is not clear how they will deal with this issue."
https://www.forbes.com/sites/dominicdudley/2017/01/30/iran-to-ditch-dollar/#5a0f180a6715 http://www.zerohedge.com/news/2016-02-07/iran-says-no-thanks-dollars-demands-euro-payment-oil-sales&ved=0ahUKEwiUmYPpvcbTAhUHVxQKHddtDosQFgglMAQ&usg=AFQjCNHDDJqMGbGKCzBScKmPr95V_eoA8A&sig2=IKGcjQf4MHZhq6mXfNQHCg @ Tim, The Iranian embassy was of no help. However the articles above could provide some insight. I think you may be right that participants decide currency but sale quote in dollars. My question is does the quoting of price in dollars give it strength? Edited by Ceo3 - 27 April 2017 at 11:23pm |
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Tim the plumber
Senior Member Male Joined: 30 September 2014 Location: United Kingdom Status: Offline Points: 944 |
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I think it is the other way around. That the strength of the dollar is reason commodities are priced in dollars.
With dollars you can buy stuff anywhere and of any cost. With Swis francs you can have great confidence that they will be still worth what they are today (at least) in 5 years time but if you are looking to buy a fleet of oil tankers or a new refinery the economy of Swizerland is not big enough to support the massive movement of cash that that sort of thing needs. Sometimes a currency can make the change from being a Swis style sloid little trustable thing into an international trading currency like the Hong Kong dollar did in the far east but this is usually due to the place being an intense center for trade and a lack of decently exchangable currencies as an alternative. If UAE or some such had such a currecy that was more trusted than the dollar or other local currencies then there is perhaps the opportunity for the same. But today most currencies are managed by people who understand how money works fairly well and those the arn't are the ones that don't work. |
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DavidC
Senior Member Male Christian Joined: 20 September 2001 Location: Florida USA Status: Offline Points: 2474 |
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Sharia compliant gold based cryptocurrency announced.
There is an Islamic accounting standards organization mentioned. Probably a good source for info on bitcoin and islam. http://www.zerohedge.com/news/2017-05-26/shariah-compliant-crypto-gold-could-islam-be-preparing-new-world-reserve-currency |
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Christian; Wesleyan M.Div.
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Tim the plumber
Senior Member Male Joined: 30 September 2014 Location: United Kingdom Status: Offline Points: 944 |
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If it catches on expect the price of gold to sky rocket untill somebody announces that they can make it/extract it in a far cheaper way. Don't be too surprised if they are sitting on this techno;ogy right now. |
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cene
Starter. Joined: 26 September 2017 Status: Offline Points: 1 |
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Some useful reference and links that relates to the topic at hand
https://www.coingecko.com/buzz/bitcoin-islam-islamic-banking-finance https://www.luno.com/blog/en/post/bitcoin-and-islam |
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maybethien
Starter. Joined: 25 October 2017 Status: Offline Points: 1 |
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Seems like its very volatile. That can be a good thing as well as a bad thing.
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Akhma
Starter. Joined: 23 November 2017 Status: Offline Points: 1 |
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