Ethereum Foundation Special Project Manager Virgil Griffith said his organisation is beginning to work with finance experts in the Middle East to show them that the second largest cryptocurrency is operating under Islamic law, CoinDesk writes. This step is seen as an attempt to attract funding for local affluent families.
"Maybe it won't work. But let's consider a hypothetical situation in which Saudi sovereign funds invest a trillion dollars in Ethereum projects. It would be great," Griffith said.
Finance expert Van Hafizi Halim said his company has prepared a document in which it said that Ethereum's smart contracts may comply with Islamic banking rules. The work was commissioned by the Ethereum Foundation.
"We just provided guidance," he said. - Any company wishing to raise funds in Muslim countries can contact Sharia scholars who will assess their projects for compliance. With permission, they can try to convince Muslim investors to participate.
A Saudi Arabian trader said that local leaders are interested in using Ethereum for "national projects that will help the economy.
"Most blockchain developments here are done with Ethereum. People stay alert, and so far they only do testing," he said.
Ethereum Studio ConsenSys is also trying to establish relationships with local authorities. According to the source, the Saudi sovereign fund PIF is negotiating with the company, but nothing is yet known about direct investments in Ethereum projects.
What do you think will oil rich guys give some money or need to go more east?
location of middle east