Home // SECURWARE 2024, The Eighteenth International Conference on Emerging Security Information, Systems and Technologies // View article
Authors:
Asma Nasser Al-Nassr
Moutaz Alazab
Keywords: financial innovation; blockchain technology; fintech; economic analysis; cryptocurrency; Islamic finance; sharia law; regulatory framework.
Abstract:
In recent years, digital currencies have prompted discussions about their potential impact on global financial systems. While cryptocurrencies present challenges and opportunities for innovation in secure and efficient transactions, their role remains debatable. This research examines the potential implications of increased cryptocurrency adoption in Qatar. Muslim Sharia law, regulatory standards, and Islamic banking principles influence the country's conservative stance towards cryptocurrencies. Concerns about price volatility and security risks also contribute to this position. However, factors such as the growing expatriate population and technological advancements have initiated conversations about the potential benefits of cryptocurrency ecosystems. These discussions explore possibilities such as reduced transaction fees and more efficient cross-border payments while acknowledging significant remaining hurdles. This study focuses on perceptions of cryptocurrencies in Qatar and explores potential approaches to align cryptocurrency use with Sharia law and regulatory requirements. Employ a hybrid-method design incorporating a comprehensive literature review, stakeholder interviews, surveys, and economic analysis. This study aims to contribute to a balanced assessment of the potential costs and benefits of modifying Qatar's current stance on digital currencies. The goal is to inform decision-making processes and regulatory frameworks, striking a delicate balance between financial innovation and the stability of Qatar's financial services sector. Our findings illuminate the economic, ethical, and legal considerations for responsible cryptocurrency implementation. This approach prioritizes careful consideration and prudent evaluation of all factors involved.
Pages: 185 to 194
Copyright: Copyright (c) IARIA, 2024
Publication date: November 3, 2024
Published in: conference
ISSN: 2162-2116
ISBN: 978-1-68558-206-7
Location: Nice, France
Dates: from November 3, 2024 to November 7, 2024