Oman declares Bitcoin Halal and in line to Islamic finance and Islamic sharia.
Oman declares Bitcoin Halal
H.E Sheikh Mansour Bin Taleb Bin Ali Al Hinai, Chairman of Oman’s Authority for Public Services Regulations, publicly commented in a press statement about his nation’s government support of privately-owned bitcoin mining facilities, which are set to attract a total investment of over $1.1 billion, “this initiative aligns with our goal to diversify our economy, integrating modern technologies while upholding our commitment to ethical and sustainable practices.”
The ambitious establishment of a pilot bitcoin mining site of 11 MW capacity, coupled with ambitious plans to expand to 800 MW backed by a staggering budget of $1.1 billion, signifies more than just a technological advancement; it lays the groundwork for the technology infrastructure of the future.
This has been a long time coming. Exahertz received its license from local regulators in September 2022 and delivered an operational pilot within 22 days.
Now, with the Exahertz’s facilities built out in a modular fashion that can be scaled to support the electrical grid and prevent overburdening, there are also approved plans to tap into wasted flared gas and develop new sources of hydroenergy.
Stabilizing the grid is a prime concern in this era of prudent energy consumption. Bitcoin mining, with its ability to function as a “load balancer” for power networks, can aid in reducing fluctuations in electricity supply. By adjusting mining intensity based on the available energy, these operations can help in maintaining a stable power supply, thereby ensuring grid stability.
In the words of Jad Fredrick Kharma, “Bitcoin represents more than a digital currency. Its open ledger system is a significant leap for civilization, ushering in a new era of transparency and innovation.”
Article reference- Forbes
Also read: Islamic Fintech Industry
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