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

Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Gate.io Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the...
Nasdaq CEO Believes Cryptos Have Place in Future in Economy
Almost two months ago Nasdaq’s representative Joseph Christinat confirmed the rumours that in 2019 the American stock exchange might launch BTC...
Report: Leaders of South Korean Crypto Exchange Komid Face Jail After Fraud
This week the Asian crypto-market has been rich in the news. Earlier it was reported that Japan finally approved Coincheck’s official status as cyber...
Crypto-Expert Brian Kelly Says 2019 Will Bring No Approval to BTC ETF
For the past year, various ETF-projects have been failing to receive the green light from American regulators. And despite the bullish ambitions of...
Ethereum Classic 51% Attacker Reportedly Returned $100,000 to Exchange
Cyber money exchange Gate.io has informed the general public about the return of previously stolen $100,000 worth Ethereum Classic units. According...
Approved Coincheck & Scrutiny on DLT: Japan and China Move in Different Directions
Asian countries seem to go in different directions when it comes to the regulation of cryptos and blockchain. Two Asian tigers — Japan and China...
Tokenized Shares of Apple, Tesla and Netflix to be on Crypto-Exchange
A new trading platform will soon be launched by an Estonian regulated exchange DX.Exchange. The company will mock the mechanisms that the American...
Samsung Wants to Get UK Cyber-Money Wallet Trademark
Samsung seems to be leaping on a virtual money bandwagon as it has applied for the crypto-wallet trademark in the UK. The act follows the rumours...