New gold-backed cryptocurrency for Muslims that conforms with Sharia
Crypto-currency is a hot topic these days and people are investing more and more to gain maximum profit by using their expertise. Crypro-currencies are not officially banned in Islamic countries like Saudi Arabia and UAE, but their governments issued a warning about their citizens purchasing bitcoin. Well, there is major portion of Muslim Community was not interested in these crypto-currencies because they are not physically exist (not having some physical backed recourses) and that is not allowed in Islamic Sharia but here is the new crypto-currency that will allow Muslims traders to invest in this currency and get profit.
In Dubai, a new startup has taken a step and created a crypto-currency that is backed to one of the world’s most stable assets: Gold. OneGram’s pitch is that each Unit of value is backed by a physical gram of gold that is kept in a safe. In traditional markets, the price of gold is often used as a measuring bar for how the global community is doing.
“In recent years, the Middle East has seen incredible growth in fintech innovations including digital tokens and smart contracts,” OneGram co-founder Mohammed told Forbes.
“We are trying to prove rules and regulations from sharia are fully compatible with digital blockchain technology,” said cofounder Ibrahim Mohammed.
Do you think, this crypto-currency will help the market to rise because according to information displayed on their web, this coin is Independent to Bitcoin.
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My question is will they trade with bitcoin and other cryptocurrencies that is assuming the Muslims adopt the gold-backed cryptocurrency as a legal tender.
21st century Fintech in countries with 7th century governance.
What could possibly go wrong???
Its a step in the right direction. thanks for sharing.
I think it is a step in a positive direction.
Now, the crypto world can accommodate our Muslim brothers too because of this new coin
Hm ... Interesting.
And how this currency is going to be competitive to Fiat currencies ?
All Gulf currencies are everything then close to Sharia.
UAE dirham is Fiat currency like others as well.
So why would one country using all the benefits of Fiat now comfort currency close to Sharia.
Nothing than new hypocrisy from the Tribes.
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There's plenty of gold backed cryptocurrency. They are inventing hot water again.
But this flavor of hot water will be blessed by the prophet, so it will taste better and be hotter I suppose.
Nice post @ehtesham123 and this is considered one step forward for the cryptocurrency but untill now the block chain tech is not really stable so we can not predict if it will help the market to rise or not