OneGram Uses Gold-Backed Cryptocurrency To Woo Muslim Investors
OneGram, a local start-up company which was founded last year, is issuing a gold-backed cryptocurrency part of efforts to convince Muslims that investing in cryptocurrencies complies with their faith.
The growing interest in cryptocurrencies naturally extends into the Gulf and into Southeast Asia, the main centers of Islamic finance.
But because cryptocurrencies and technologies are associated with financial engineering, financial products and speculative objects, currencies do not fit particularly well with religion. This is because the principles of Sharia, in addition to not allowing the payment of interest, emphasize real economic activity based on physical assets, not on speculation.
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