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GoldX receives Sharia compliance and will begin issuing gold backed cryptocurrencies to the Asian Is


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GoldX receives Sharia compliance and will begin issuing gold backed cryptocurrencies to the Asian Islamic world

8:18 AM

Last year saw the acceptance and introduction of Sharia compliant gold backed cryptocurrencies in and from the Middle East, and now on Feb. 20 we have the first ones provided this approval in Islamic Asia.

GoldX is a gold backed cryptocurrency created by the company HelloGold, and was just given approval by the Sharia Financial council to be able to sell its tokens to Islamic savers and investors in the regions of Malaysia and Thailand, with many more locations expected to become open in the future.

The Malaysia-based cryptocurrency called GOLDX has now received certification from Amanie Advisors, a local Islamic finance consultancy.

GOLDX, unlike other cryptocurrencies involves issuance of a token which is backed by physical gold.This means the issuance process and audited assets can provide clients with transparency, certainty and immediacy of transactions, which are all important principles in Islamic financial contracts.

Islamic finance consultancy firms such as the Amanie Advisors permit the new technology to become “halal” and that allows it to extend its influence to Islamic finance markets across the Middle East and Asia.

According to the company HelloGold, the next step is to extend its gold platform to Thailand.

Recently the company also launched a mobile app which is based on blockchain technology. – Sputnik News

The list of gold backed cryptocurrencies has risen to around 31 as of Feb. 20, with two primary ones now being accepted as 'Halal' in the Islamic financial world.


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