In a significant turn of events, Uzbekistan’s highest Islamic authority has officially retracted a fatwa issued on June 3, which previously deemed trading with cryptocurrencies as impermissible according to Sharia law.
This reversal comes following an acknowledgment of an oversight that led to the premature release of the fatwa on social media platforms. In response to the error, the Fatwa Center issued a statement titled “Correction and Apologies,” addressing the situation.
The statement revealed that Sheikh Nuriddin Khaliqnazar, the director of the Fatwa Center, along with his deputies, are currently on a holy pilgrimage. Additionally, it clarified that the scientific research pertaining to the fatwa project had not yet reached a conclusive stage, and extensive studies on contemporary issues, including cryptocurrency, are ongoing.
The statement emphasized, “We apologize and assure you that the scientific research on this fatwa will be completed and revisited in due course.”
Initially, the Fatwa Center had cited concerns regarding the volatile pricing and perceived associations with gambling as reasons for deeming cryptocurrency trading incompatible with Islamic law.
Conclusion
This retraction and apology underscore the complexities and evolving nature of religious interpretations in the context of emerging technologies and financial practices.
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