OGC is Sharia-compliant. As a result, it is first cryptocurrency to break into the HUGE Islamic finance market ($1.2 trillion in size). This is incredibly promising for ALL potential investors, regardless of personal beliefs and values.
Many would have only been exposed to "Sharia" through the lens of mainstream media, and as a result will certainly have a skewed perspective on what this means. Here's the WHYs, WHATs and HOWs to give you an informed look into the concept and how it relates to OGC:
What is Sharia law?
"For most of the world’s 2 billion Muslims, Sharia isn’t a list of immutable rules, but rather a body of scriptural guidelines subject to interpretation in accordance with the many schools of Islam and the different societies within which it is practiced." 1
So, any interpretation that portrays Sharia as a hardline doctrine that enables one to commit harmful and wrongful acts is exactly that - an interpretation, not a representation of the ~2 billion Muslims (25% of the world's population) that practice their ideology.
What does it mean for OGC to be Sharia-compliant?
"Islamic finance refers to the means by which corporations in the Muslim world, including banks and other lending institutions, raise capital in accordance with Sharia, or Islamic law. It also refers to the types of investments that are permissible under this form of law."2
To put it shortly, OGC is in line with Islamic finance because it is: backed by gold (which is deemed to have intrinsic value), does not encourage speculation (with the price floor of an OGC token being the minimum one (1) physical gram of gold that is backing it)), and finally because no interest is gained unjustifiably to the benefit of the lender3. There's also the added benefit that a percentage of OGC's transaction fees will also be donated to charity4 which is also encouraged by Islamic finance.
I want to invest in OGC. How does this affect me as a non-practitioner of the law?
It will only act to your benefit.
To use an analogy: Any expat who has lived in the UAE, Kuwait, Saudi Arabia, Oman, and a number of other countries in the MENA region would eat halal food (denoting or relating to food prepared as prescribed by Muslim law) standard. This does not make the food any less edible or desireable to non-practitioners, but it makes it permissible for practicing Muslims to consume.
Any restaurant that does not adhere to the halal standard would be restricting their business to a tiny percentage of their market. For this very reason, a huge percentage of restaurants in the Western world are halal because it opens their market to a much larger group of people4.
So?
OGC as a Sharia-compliant cryptocurrency opens its market to Islamic financial institutions because it adheres to their standards. This is a game-changer in the world of cryptocurrencies, and will only serve to benefit you, as a non-practitioner or otherwise.
