With the Sharia law that in many countries in the Middle East and Southeast Asia is imposed, the adoption of strict cryptocurrency silent, because Islamic scholars still have not reached agreement on whether the religion digital assets allows. The California-based startup has now received the certification of Stellar Islamic scientists for his block chain platform and associated cryptocurrency, and gives a glimmer of hope to other players in the burgeoning industry.
The Shariyah Review Bureau (SRB), an Islamic consultancy licensed by the central bank of Bahrain, provided the certification for Stellar, in addition to guidelines for the types of assets that can be traded on its platform. Mansoor Ahmed, their assistant general manager, told Reuters: "for the block chain technology there was no problem, the most important thing we had to consider was the use of the underlying cryptocurrency."
Therefore, according to the report, covers the certification the block chain of Stellar and the native currency called Lumens-the sixth largest cryptocurrency with a market capitalisation of $5.3 billion (such as at the time of writing).
Cryptocurency would be haram-strictly forbidden-because it is an object of speculation and not supported by tangible assets. In the sharia, the emphasis is on real economic activity based on physical assets – the famous law also prohibits interest payments. Pure monetary speculation is frowned upon, if not totally prohibited. Sterrenontvangstcertificering can be a step towards acceptance by cryptocurrency in Muslim countries with a total population of almost 2 billion people.
According to Reuters said Lisa Nestor, Director of partnership in Stellar: “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.”
The digital big book of Stellar can be used in areas outside of cross-border payments, such as digitization of assets. And Stellar is not the only one trying to click. A startupbedrijf from Dubai, founded last year, OneGram, shows a gold cryptocurrency supported as part of attempts to convince Muslims that investing in cryptocurrencies consistent with their faith. Meanwhile a mosque in London accepts donations in cryptocurrency. In February, the central bank of Saudi Arabia and the US-based Ripple a deal to banks in the Kingdom to assist in paying payments using block chain technology.
one step closer to the future..
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