Blossom Finance announced the launch of a new microfinance crypto fund. The work will be concentrated in the central provinces of Java, in Indonesia, and will focus on social microfinance through cryptocurrency.
Blossom Finance has partnered with government institutions such as BMT (Baital Mal wat Tamwil), which focus on addressing the social issues of the poorest people and creating self-financing enterprises. Blossom is now partnering with PBMT Ventura and is jointly developing a strategy for the fund's public launch.
The cryptocurrency fund considers its main task to provide microloans to low-income groups of the population and help create new jobs.
The Blossom microfinance cryptocurrency fund will focus exclusively on microfinance solutions that correspond to the BMT model. That is, the Fund will work only with those clients who cannot count on financing from large Indonesian banks.
Through the Blossom crypto fund you can invest in Bitcoin Core, Bitcoin Cash and Ethereum. In addition to cryptocurrency, the fund will accept investments in USD. The funds raised and profits will be used to support and develop micro-businesses and traditional trade in Indonesia.
The opening of the fund was preceded by a serious scientific analysis of the compliance of cryptocurrencies with Sharia law. Debate within the Islamic community of scholars whether cryptocurrencies are a form of usury due to instability and huge profits has been ongoing since the advent of Bitcoin.
As a result of basic research, scholars have accepted that Bitcoin and other cryptocurrencies are compatible with Islamic law, and Muslims are allowed to use them.
Recognition of halal cryptocurrencies (allowed) could open the market to many investors who previously avoided the Asia-Pacific region for religious reasons. Considering that Muslims make up 23% of the population, the opening of this market to cryptocurrency may in the near future affect the price of Bitcoin.
The Blossom Foundation will be the first company that will give people of the Islamic faith the opportunity to use cryptocurrency.
According to https://news.bitcoin.com
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