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World’s first gold-backed digital e-token launched

Goldhedge

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#1
World’s first gold-backed digital e-token launched



Abbas Ali, Managing Director of Ibadah Inc, providing a presentation on the details of I-Dinar, the world’s first digital e-token, which is backed by gold, on the sidelines of the opening day of the 5th Doha Islamic Finance Conference, yesterday.

By Mohammad Shoeb I The Peninsula
The world’s first Islamic Electronic Exchange Platform for digital e-token I-Dinar, which is backed by gold, was launched yesterday on the sidelines of the opening day of the 5th Doha Islamic Finance Conference.

The I-Dinar Platform is a blockchain based e-token, in which its initial value of 1-Dinar e-token is backed by the value of 1 gram of gold.
The digital I-Dinar e-token serves not only as a form of ‘digitalised’ gold investment portfolio, but also with the advent and advances in current block chain technology enables the I-Dinar e-token to be used as a value transference and settlement denominator for exchange, trading, and payment settlements.

This unprecedented achievement is the result of extensive work, studies, and meetings among a distinguished and professional team of work from Qatar Financial Centre (QFC) led by Yousuf Al Jaidah, CEO of Qatar Financial Centre (QFC) Authority, Khalid bin Ahmed Al Suwaidi, Chairman of the Board of Directors of QAF Holding Group, and Ibadah Inc from Malaysia. P06

According to Ibadah Inc Managing Director Abbas Ali, through its incorporated company in Qatar, Ibadah Inc has been given the principal approval by QFC to operate the I-Dinar E-Exchange, a multi-product digital trading platform which trades the I-Dinar with and against other commodities, cryptocurrencies, financial instruments and products as well as major fiat currencies globally. This is the first “hybrid” digital online exchange of its kind in the world, with the base denominator exchange medium being the digital, gold backed I-Dinar e-token.

As for the future development of the I-Dinar platform and the e-stock exchange, Al Suwaidi said that as part of the completion of the digital trading ecosystem, The I-Dinar platform should work to develop the role and presence of many institutions operating in the field of financial services, especially specialized banks and financial institutions, which are used to provide the optimal solutions and financial instruments necessary to conduct financial and commercial operations accurately and completely taking into consideration the criteria of acceptance globally other than the enormous technological and electronic development and speed.

The idea of I-Dinar has found generous patronage and support from the first day from the Qatari establishment, including the Prime Minister and Minister of Interior, Sheikh Abdullah bin Nassir Bin Khalifa Al Thani, and QFC as well. The actual implementation of I-Dinar idea in Qatar demonstrates and reflects the progress and the cultural awareness of Qatar as well as the understanding of the future variables and requirements in spite of all the challenges in general. On the other hand, I-Dinar concept is considered an unprecedented achievement on the ground to develop the economic cooperation, trade, prosperity, and wealth to the Islamic World despite of the current challenges of rapid digital economic development in particular.
 

FunnyMoney

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#2
You hold an e-token. They hold the corresponding gold.

You hold a series of numbers, which if you can get back in touch with them, they can explain to you that it means you have a number which represents gold which they have.

If the telephone line doesn't go down, you may be able to ask about "allocated" "delivery" and other concerns you may have. They are under no obligation to answer those questions to your liking.

Furthermore, although I have not read the fine print and don't know them personally, and this is JMHO, but those block-chain numbers you have or had, or thought you had, well, make sure you pay attention to forks, alterations, internal or external hacks, potential bail-ins, logistical charges, extraordinary fees and so forth.

Depending on your personal situation, JMHO, it's not exactly the same has holding gold.
 

Mujahideen

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#3
“Digital gold”, lol.

That’s like trying to mix oil and water.
 

the_shootist

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#4
Can I hold it in my hands? No? Then I'll pass!

How is this any different that the paper gold we see today?
 
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Joe King

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#6
This is exactly what so many on here were bitchin' about bitcoin not being. Ie: gold backed. So what's the problem now?
 

Cigarlover

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#7
If i want to use gold in a transaction I will just use gold. Surely it's safer in my pocket than in their vault that may or may not exist.
 

Joe King

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#8
If i want to use gold in a transaction I will just use gold.
That's great for arms-length transactions, but how can you buy something from someone further away than your immediate neighbors using your gold? One or both of you would be required to travel, or trust some third party to handle the transaction for you. Which again involves having to trust others.
 

Cigarlover

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#9
That's great for arms-length transactions, but how can you buy something from someone further away than your immediate neighbors using your gold? One or both of you would be required to travel, or trust some third party to handle the transaction for you. Which again involves having to trust others.
How often do you use gold for your everyday transactions? I just booked 2 weeks in Mx as well as the airlines and used my CC. No gold needed. My metals are nothing more than insurance for now. If TSHTF than I would use some to acquire some farm land. Love the wealth storage facility that they provide. Other than that they don't have much use. I love to stack em though. :)
 

oldgaranddad

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#10
Didn’t support of the gold dinar get Gaddaffi killed?

How much do you want to bet that TPTB will have a bunch of hackers corrupt their tokens to dissuade the public from using them?
 

the_shootist

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#12
How often do you use gold for your everyday transactions? I just booked 2 weeks in Mx as well as the airlines and used my CC. No gold needed. My metals are nothing more than insurance for now. If TSHTF than I would use some to acquire some farm land. Love the wealth storage facility that they provide. Other than that they don't have much use. I love to stack em though. :)
Precisely why I had gold stacked away, but of course you all know about my tragic boating accident during which all my gold and silver went to the bottom of the Atlantic!

 

edsl48

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#13
Some years ago the Sunshine Mining Corporation, a NYSE listed company that dated back to 1918, had bonds that were backed by so many ounces of silver that was supposed to be held in reserve. Long story short Sunshine went under and the silver well...wasn't there. My thoughts are if Sunshine didn't pay up no one will...just sayin
 

Joe King

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#14
How often do you use gold for your everyday transactions?
Never.


I just booked 2 weeks in Mx as well as the airlines and used my CC. No gold needed. My metals are nothing more than insurance for now. If TSHTF than I would use some to acquire some farm land. Love the wealth storage facility that they provide. Other than that they don't have much use. I love to stack em though. :)
The point is though, that people on here oftentimes complain about not being able to use gold as money. Do people want it as money, or not?
 

Ragnarok

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#16
Digital anything and physical gold cannot coexist. You can have one or the other, which wuold you choose?

R.
 

Cigarlover

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#17
Never.


The point is though, that people on here oftentimes complain about not being able to use gold as money. Do people want it as money, or not?
It is money and I use it as such. Silver as well but truth be told I normally just accept it as payment for something I am selling, firewood, a truck or car or even a gun. In fact a friend of mine has been wanting to buy my sig 45. I told him if there's enough silver on the table anything is possible. he knows the drill. :). Another friend approached me about buying my truck. Same deal, gold or silver. Also looking at some land and if I decide to make an offer it will be in gold or silver and maybe some cash thrown in.
We have a dual currency system in the US. I try to use both whenever it makes sense to. If we went strictly gold as money then we would probably have to have a bank account, make a deposit and use a debit card to make online purchases.
The world revolves around credit nowadays. One of the reasons we will not be going back to simply a gold or silver economy but as long as the two tier system is in place it is best to use it.

Be the change you wish to see.
 

skychief

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#18
Sounds like a gimmick to me.
Me too, Nick. . . . . Here's the hint that the I-Dinar is a gimmick:

"The I-Dinar Platform is a blockchain based e-token, in which its initial value of 1-Dinar e-token is backed by the VALUE of 1 gram of gold. "

Note that the I-Dinar is not backed by 1 gram of gold - rather, it is backed by the VALUE of 1 gram of gold.

Scam busted!
 

Mujahideen

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#19
Digital anything and physical gold cannot coexist. You can have one or the other, which wuold you choose?

R.
I agree. People need to stop trying to digitize gold.