Blockchain
The Indonesian Blockchain Association Positively Welcomes Bahtsul Masail’s (Discussion Forum Among Islamic Scholars) Response to Justify Crypto Assets Trading
Asosiasi Blockchain Indonesia (The Indonesian Blockchain Association) is Indonesia’s official blockchain and digital asset association. The growth of the crypto asset industry in Indonesia is currently showing a quite drastic increase in transactions, the Minister of Trade, Muhammad Luthfi said last year the trading volume of crypto assets was only Rp. 65 trillion, but in 2021, for the first five months only, crypto asset transactions reached Rp. 370 trillion. Until now, there are still many questions from related parties regarding crypto asset transactions from the perspective of Islamic law which is currently starting to attract public attention.
Yenny Wahid, founder of the Islamic Law Firm (ILF) and Director of the Wahid Foundation, initiated the Bahtsul Masail (Discussion Forum Among Islamic Scholars) activity to discuss halal and haram crypto transactions. Quoted from https://www.nu.or.id/, Yenny Wahid explained about crypto assets which are considered halal by some parties because the crypto asset system as a medium of exchange is actually more free from usury than fiat money and conventional banks, with a blockchain system, transactions occur peer-to-peer without intermediaries. Some parties also argue that crypto assets can be said to be halal as long as they are not prohibited by the state or government.
The ILF presented a number of scholars in the Bahtsul Masail which was held virtually on Saturday (19/6), including the caretaker of the Sukorejo Islamic boarding school KH Afifuddin Muhajir, the caretaker of the Al-Anwar Sarang Islamic boarding school KH Abdul Ghofur Maimun, the Deputy Chairperson of the PBNU LBM KH Abdul Moqsith Ghazali, and KH Asyhar Kholil and Habib Ali Bahar. Also present were general speakers who are competent in their fields, including the Head of the Commodity Futures Trading Supervisory Agency (BAPPEBTI) Indrasari Wisnu Wardhana, the Indonesia Stock Exchange – Pandu Patria Sjahrir, Founder and CEO of PT Pintu Kemana Saja – Jeth Soetoyo, and Co-Founder and CEO Indodax – Oscar Darmawan.
Bahtsul Masail produced several discussions regarding the halalness of crypto asset transactions, including: (1) crypto assets are wealth (mal) according to fiqh, so the crypto assets being discussed with Bahtsul Masail are assets in fiqh review. The definition is that if this property is stolen, the theft must be sanctioned, if it is damaged, it must be replaced, (2) because it is wealth, it is valid to exchange it as long as there is no gharar (uncertainty). Why was it decided that way? Because there is a difference in perspective between Musyawirin (former scholars) whether crypto asset transactions occur gharar or not. Some say crypto assets occur gharar, others say crypto assets do not occur gharar. The nature of this gharar is still debated, this is because each individual sees it from their own perspective. Nevertheless, the scholars of Bahtsul Masail agree that crypto transactions must not have gharar, it’s just that the scholars have different opinions regarding this. So, if it is said that in crypto assets there is gharar, then that is not allowed. For those who say that there is no gharar, as also supported by the cleric Bahtsul Masail, crypto assets may be exchanged, (3) The informants urge the public not to make this transaction carelessly if they do not have knowledge of crypto assets, (4) The informants encourage the government to immediately make strong regulations and strengthen guarantees to avoid misuse and irregularities in crypto transactions.
Indodax as one of the Start-Up bitcoin and crypto exchanges and as a member of the Indonesian Blockchain Association represented by the CEO of Indodax, Oscar Darmawan positively welcomed Bahtsul Masail regarding Halal Haram Crypto Transactions, Oscar hopes that Bahtsul Masail’s recommendation is to allow the trading of crypto assets legally Islam can be an input for policymakers in Indonesia. Because according to him, crypto assets already have a legal basis, namely regulations, and are supervised by the Ministry of Trade and the Commodity Futures Trading Supervisory Agency (BAPPEBTI).
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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