KUALA LUMPUR, April 18 (Bernama) -- A roundtable discussion on cryptocurrency and its implications was held at the International University College of Selangor (KUIS) on April 16.
It was organised by the International Research Centre of Islamic Economics and Finance (IRCIEF) in collaboration with KUIS Faculty of Science and Information Technology, International Shari'ah Research Academy for Islamic Finance (ISRA) dan Movement for Monetary Justice of Malaysia (MMJ).
The discussion was led by Chief Executive Officer of Isra Consultancy , Prof Dr Ashraf Md Hashim as the moderator, while the panellists included academicians from universities and representatives of non-governmental organisations and the Mufti offices, and information technology experts.
According to a statement from KUIS, various issues arose during the session such as usage status of cryptocurrency from the Shariah perspective and security issues in using cryptocurrency.
At the end of the roundtable discussion, the moderator summarised that if cryptocurrency is backed by commodity or issued by the government, the issues that arise are expected to be less.
However, it also depends on how well it is implemented and it is essential to get verification from experts on the subject matter.
Other than that, the value of cryptocurrency among its users is based on their trust in the technology used. Cryptocurrency with strong technology will survive while cryptocurrency with weak technology will not last.
Cryptocurrency is not a stand-alone currency. As of now, it is still based on fiat money. In the context of Shariah, the use of cryptocurrency as a medium of settlement and remittance may fall under the general concept of the following all things are originally permissible, and the willingness of the sides in implementing the contract.
Overall, the discussion gave the attendees exposure to cryptocurrency issues which are still new in this country from various perspectives.
During the programme, a memorandum of cooperation was also signed between KUIS, which was represented by its Deputy Rector of Student and Alumni Development, Dr Mohamad Syukri Abdul Rahman, and ISRA, represented by Prof Ashraf.
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