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According to a report from chainalysis, there has been more crypto growth in the Middle East and North African (MENA) region than in any other region in the world in 2022. There has been a rising adoption of crypto among the countries in this region.
It’s worth noting that the predominant religion in this region is Islam. This shows that a lot of these Islamic countries view crypto as halal or not forbidden.
On the other hand, the report highlighted a reversal in crypto adoption in Afghanistan. Following the Taliban’s takeover of the country last year, Afghanistan plummeted from 20th on Chainalysis’ 2021 crypto adoption index to last in 2022. Crypto is equated to gambling and is viewed as haram or forbidden over there.
So while many Islamic nations accept cryptocurrencies, some haven't embraced their full potential.
Lending is another aspect of crypto that might be viewed as a red flag even for Islamic crypto adopters.
Find out if crypto lending is halal.
