Swiss stablecoins approved in the Middle East

Swiss cryptocurrency company X8 AG has received an Islamic company certificate for its stablecoins, confirming compliance with Sharia law, and is planning to operate in the Middle East.

According to Reuters, X8 AG is among the companies planning to enter the Islamic financial market to develop the blockchain industry in the Middle East. One of the Islamic consulting companies undertook to evaluate cryptocurrency companies and blockchain startups from the point of view of their compliance with Sharia law.

Among such companies was the Swiss company X8, which considers its token a unique class of stable assets. 

The company's website states:

Our Ethereum-backed tokens are a revolutionary new store of wealth for the distributed and traditional economy. We offer the X8C token, which is fully backed by 8 different currencies and gold, as well as the X8X security token, which provides the issuance and exchange of the X8C token at 0% interest rate.

Company co-founder, Francesca Greco, told reporters: “The Gulf region is truly a good place for financial technology companiesbecause they all want to become an important part of the fintech sector."

Regulators in this region are not against blockchain investments, but are still concerned about the volatility of cryptocurrencies, hence there are more opportunities for stablecoins. X8 also plans to open a Shariah-compliant cryptocurrency exchange and is in discussions with exchanges in Abu Dhabi, Dubai and Bahrain.

The Shariyah Review Bureau (SRB), an Islamic advisory firm licensed by Bahrain's central bank, has already certified the company as Shariah-compliant. Researchers compare cryptocurrency trading with the transfer of rights, which is permitted under Islamic law.

According to ethereumworldnews.com