HelloGold, a Malaysian company, has received certification for its gold-backed cryptocurrency to comply with all Shariah regulations. HelloGold now plans to launch a gold trading platform in Thailand. SYDNEY reports this
As HelloGold Marketing Director Manuel Ho said, the GOLDX cryptocurrency, launched at the end of 2017, has received certification from Amanie Advisors. He added that the company plans to conduct operations in the “third” market by the end of this year.
Last year, the company released a mobile phone application running on blockchain. The application, which, like GOLDX, was approved by Amanie Advisors, is a system that processes cryptocurrency for trading gold.
The difference between the Malaysian cryptocurrency is that it is backed by real gold, which is located in one of the vaults in Singapore. In addition, transactions with GOLDX must be carried out within the designated period of time.
These factors ensure the main thing: transparency, certainty and immediacy of transactions. These three principles are the main ones when working with Islamic financial contracts.
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