Cointelegraph

#Turkeys unexpected rise to the top of global crypto adopter

When thinking of countries that are ahead of the curve in crypto adoption, Turkey might not be the first place that springs to mind. However, Turkey has undoubtedly become a crypto giant, and with President Recep Tayyip Erdogan recently announcing that testing of the digital lira is to be finalized in 2020, crypto is destined to become even more popular. While the country’s government was initially reluctant to embrace cryptocurrencies, the people had always found utility in it. The online payment sector in Turkey had been ready to adopt crypto, but the first opportunity only came when PayPal was banned in the country. Turkey’s Ministry of Industry and Technology announced plans to establish a national blockchain infrastructure. Turkey has a vision of making Istanbul a financial center, and all institutions are working toward that end.

Islamic Finance Expert: ‘Halal Coin’ a Matter of Time and Awareness

According to Amanie Advisors CEO Suhaida Mahpot, the existing skepticism towards crypto in Islamic countries is not a pure rejection, but rather a consequence of uncertainty. Mahpot compared the existing situation of cryptocurrencies with Malaysia’s controversial types of investment known as Amanah Saham Bumiputera (ASB) and Amanah Saham Nasional (ASN). The perception of ASB has transformed over the years and it was decided to consider it as "harus" in 2012, which means that it is neither prohibited nor encouraged by the teachings of the faith. Both ASB and ASN investments were finally declared permissible for Muslims by the Selangor Fatwa Committee, the same regulatory authority that previously prohibited them. Mahpot argues that the same goes for digital currencies and financial institutions and scholars need more education about cryptocurrencies and their benefits.

#UK Mosque Opens #Crypto #Donations in National First 'Bitcoin Ramadan'

A UK mosque has broken with opinion and opted to accept cryptocurrency donations for this year’s Ramadan period. The Shacklewell Lane Mosque in East London partnered with local Blockchain startup Combo Innovation to set up a Bitcoin and Ethereum wallet for the Ramadan practice of Zakat. The UK’s only Turkish-owned mosque is going against the rulings of various Islamic scholars and the Turkish government, who previously determined cryptocurrency to be "incompatible" with Islam. The mosque hopes to raise around £10,000 ($13,300) for repairs to the building. So far, its Bitcoin address has received funds worth around $2000.

Hong Kong Gov’t Report Says Bitcoin Poses ‘Medium-Low’ Risk In Financial Crime

The Hong Kong Financial Services and Treasury (FSTB) released a report on the status of money laundering and terrorism financing. The report concluded that virtual currencies, like Bitcoin, are not particularly involved in either type of financial crime. Hong Kong's financial regulators and law enforcement agencies are working together to look into risks associated with Initial Coin Offerings (ICO) and cryptocurrencies. In March this year, Hong Kong’s Securities and Futures Commission (SFC) halted an ICO in Hong Kong and made the company return the money raised. More recently, in mid-April, the SFC said that the type of fundraising done through ICOs is better suited to venture capital funds.

Crypto vs. Cash - How the Numbers Stack Up on Drugs, Guns, Murders

There was a time when Bitcoin was used often for buying of illegal substances, from drugs to guns and even hitmen. It was decentralized, anonymous and digital. As Bitcoin has organically grown and been adopted into more mainstream markets, the use of the digital currency as a Darknet tool has been declining. According to a recent analysis conducted by Carnegie Mellon University, weapons represent a very small portion of the overall trade on anonymous marketplaces. Drugs are far more common. Specifically, MDMA and marijuana each account for about 25% of sales on the dark web. Yet, the vast majority of drug users still purchase illicit substances via more 'traditional' methods. According to a 2017 Global Drug Survey, the global median for a percentage of drug users who use the darknet is 10.1%. The ease and convenience of buying online extends to the illegal markets, and just because there is a tool to do it with, doesn’t mean that the tool is the enemy.

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