The First Islamic Cryptocurrency Was Created In Malaysia

The First Islamic Cryptocurrency Was Created In Malaysia

The cryptocurrency of Malaysian firm HelloGold has successfully passed the procedure of certification of compatibility with Sharia.

The cryptocurrency product, called GOLDX, was launched at the end of last year and has now received certification from Amanie Advisors, an Islamic financial consulting center based in Malaysia, told marketing manager HelloGold Manuel Ho.

Unlike other cryptocurrencies, GOLDX expects the release of a token provided by physical gold in the Singapore store. This means that the process of issuing and inspecting assets can ensure transparency, certainty, and speed of transactions - important principles of Islamic financial contracts.

This step shows how the fintech companies that use new technologies for the reconstruction of banking services are expanding their influence on Islamic financial markets covering the Middle East and South-East Asia.

Last year, the company released a mobile blockchain-based application in Malaysia that allows users to buy and sell real investment grade gold - Amanie Advisors have also certified it.

The team plans to expand its field of activity and launch an online platform in Thailand at the end of this year.

It should be recalled that the Supreme Mufti of the Republic of Chechnya, who took a much milder position than the one previously announced by Egypt and Palestine, recently announced its attitude to the cryptocurrencies.

Information Source: CNBC