Prince of Serbia and Yugoslavia: “Arab countries are next in line to legalize bitcoin”

The representative of the Serbian monarchy said that the concept of bitcoin is compatible with Sharia law, so Arab monarchies can legalize bitcoin with a high degree of probability.

Prince Philip Karadjordjevic has suggested that some countries in the Middle East, such as Jordan and the United Arab Emirates (UAE), may soon legalize bitcoin. The financial position of the Middle Eastern monarchies has been very stable for over a hundred years. At the same time, in the countries of the same region that are not under the rule of the monarch (Iraq, Syria and Yemen), social, political and economic problems are observed. Therefore, the adoption of bitcoin can stabilize the situation, Philip Karageorgievich argues:

“Maybe very soon some Arab country will accept bitcoin – and much sooner than we think. It’s just a matter of time.”

Continuing the topic, the Prince of Serbia and Yugoslavia said that bitcoin fits quite harmoniously into Sharia law. Debt relations between Muslims are strictly regulated – Islam does not prohibit loans and debts as such, but receiving interest on a borrowed amount is prohibited. There is still debate among Muslims about whether bitcoin is considered haram (forbidden). Earlier, Islamic expert Mufti Muhammad Abu Bakar compared bitcoin to a currency and stated that BTC complies with Sharia law. However, at the beginning of the year, Indonesia’s oldest religious organization, Muhammadiyah, said that cryptocurrencies are contrary to the fundamental principles of Islamic law due to their speculative nature.

So far, the above countries have not made any statements about their readiness to legalize bitcoin. However, some of them create conditions for the development of the cryptocurrency industry. For example, in March, Dubai authorities approved a law on virtual assets aimed at promoting innovation and protecting the rights of investors.