Cryptocurrency backed with gold was released to exchange in Dubai

Financial group OneGram Group from Dubai has issued a cryptocurrency on the virtual exchange, which corresponds to the norms of Sharia. Additional issues are expected in the coming months, the Reuters news agency reported.
The management of the company asserts that each unit of a cryptocurrency (token) will be guaranteed by physical gold in order to avoid speculation and fluctuations in the market. Virtual coins will be used on a platform called Huulk. Future listings will be provided at regional exchanges in Asia and the Middle East. According to the executive director of Mohammed Ibrahim, last year, tokens with gold provision worth about $ 400 million were sold to companies that entered the sphere of Islamic finance.
Experts note that in 2017, cryptocurrencies bitcoin and Ethereum were in great demand, but this year they showed great fluctuations. Regarding this, some regulators are wary of virtual money. Islamic representatives want to achieve economic benefits from such instruments and at the same time avoid frank financial speculation. Some experts compare the trade in cryptocurrency with the transfer of rights, which is considered acceptable in Islam.

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Posted from my blog with SteemPress : https://coinatory.com/2018/09/20/cryptocurrency-backed-with-gold-was-released-to-exchange-in-dubai/

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