Showing Potential in Islamic Finance, Cryptocurrency can Complete the Digital Ecosystem under the New Normal

Chairman of Bank Negara Malaysia’s (BNM) Shariah Advisory Council, Datuk Mohd Daud Bakar, has stated that although cryptocurrency is considered as a new concept in Islamic finance, BNM remains bullish with regards to it. This optimism is fueled by the proactive shift towards a digital economy in the wake of the new normal imposed by the on-going COVID-19 pandemic.

Speaking at the SCxSC Fintech Conference 2020 on the 5th of October 2020 at a panel session titled “Conundrum In Islamic Finance: Digital Assets and Shariah Compliance”, Bakar noted that the complex perception surrounding cryptocurrency was purely due to a lack of awareness and understanding of a new concept, hence it was up to the industry l...