Stellar Receives Certification from Islamic Scholars, Religious Validity of Crypto in Question?

contentjunkie (73)in #technology • 6 years ago

From NewsBTC

Islamic scholars have given blockchain platform Stellar, and its native cryptocurrency Lumens, Islamic certification. The California-based startup was also given guidelines on the specific assets that can be traded using its blockchain by the Shariyah Review Bureau.
Stellar’s Certification Opens Doors in the Huge Middle Eastern Remittances Market
The Shariyah Review Bureau’s certification is part of a wider strategy by Stellar to enter the remittances market.

They’ve spent the previous twelve months looking for partnerships around the Gulf region. Lisa Nestor, the startup’s director of partnership, spoke to Reuters saying:

“We have been looking to work with companies that facilitate remittances, including in the United Arab Emirates, Saudi Arabia and Bahrain. It’s a huge market.”

Both Stellar’s blockchain itself and its native cryptocurrency, Lumens, is covered by the certification. With a total market capitalisation of $4.38 billion, Lumens is the seventh largest digital asset at present.

The Shariyah Review Bureau is licensed by the central bank of Bahrain. The Islamic advisory firm’s assistant general manager, Mansoor Ahmed, told Reuter’s about the decision to extend the certification to Stellar:

Religious scholars should have nothing to do with crypto. These are generally people that have wasted their lives on performing mental gymnastics to try and make bronze age mythology relevant to the 21st century in order to maintain a nonsensical grip on power and wealth. The sooner humanity moves on from religion the better.