Recently, there have been big developments in Saudi Arabia and UAE regarding Bitcoin, cryptocurrency, and exports/imports. Currently, the Salafic cleric of Saudi Arabia has declared Bitcoin and CryptoCurrency as halal, which means that in the rest of the Islamic world, Bitcoin will become a very popular Digital Asset, Investment, and International Payments solution. And this is the first time that Bitcoin and Cryptocurrency have now become a part of the religion of Islam. in which Bitcoin can be used in countries like UAE, Turkey, Oman, Qatar, Bahrain, Saudi Arabia, Pakistan, Indonesia, and Nigeria without any financial advisory, Crypto Taxes, or investment gain tax. If it happens that all Islamic countries promote Bitcoin to OIC (Organization of Islamic Cooperation), the Arab League, Arab–Islamic countries, and other global trades of Bitcoin market cap will reach almost $50 Trillion USD worldwide.
Why are Arab-Islamic countries investing $50 Trillion USD in Bitcoin and CryptoCurrency?
Currently, that means that the total GDP of other countries of The Organization of Islamic Cooperation (OIC) currently ranges from $27.949 trillion to $30 trillion and this is only the data of their stocks, gold circulation, and whatever they are, the richest. They have funds, investments, and future plans worth almost $ 25 trillion in the Middle East. Apart from this, Pakistan, Turkey, Indonesia, and Nigeria will do Crypto Trading worth approximately $500B USD in the year 2022. Now the Governments of many Islamic countries are passing bills for Bitcoin and Crypto which include the lowest Tax, Crypto Regulations, and Wealth Funds. There is a possibility of billions of USD being invested in Bitcoin by investing and treasury. Because Pakistan, Turkey, Indonesia, and Nigeria have recently made very big trades using Bitcoin and Crypto, it seems that now other parts of the Arab and Islamic world have been able to get a lot of investment and success using Bitcoin and Crypto.