In Malaysia, the first Islamic crypto currency was created
The crypto currency of Malaysian firm HelloGold has successfully passed the procedure of certification of compatibility with Sharia.
The crypto-currency 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 crypto-currencies, 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 finteh 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 block-based application in Malaysia that allows users to buy and sell physical investment grade gold - it has also been certified by Amanie Advisors.
The team plans to expand its field of activity and launch an online platform in Thailand at the end of this year, the company said.
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