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New Gold-Based Shariah Compliant Digital Currency Launched

Mumm-Ra

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An Islamic financial services and technology company, OneGram, has partnered up with GoldGuard to build one of the world’s largest gold vaults in Dubai.

The merger will also result in the creation of the world’s first entirely gold-backed digital currency.

According to a statement, the currency will be in the form of tokens and each token will constitute and be exchanged for one gram of gold.

The main company, OneGram said in an official statement that they have appointed Sharia scholars on their board to make sure this new venture is in full compliance with Islamic Shariah.

The statement also stated that there will be a limit total of 12,400,786 OneGramCoin tokens (OGC) which will be sold in the market. This will in effect make this the biggest cryptocurrency crowdsale goal the world has seen as of yet.

The digital currency will be in the form of tokens and each token will constitute and be exchanged for one gram of gold.

Estimates right now, taking into account the current price of gold, say that a crowdsale of this size would raise around $555 million.

Furthermore, the statement also revealed that the Islamic finance sector around the world currently makes up about one percent of global GDP. Islamic finance continues to grow at a rate of almost twenty percent per year.

For the nearly 2 billion and growing number of Muslims all over the world, OneGram is thought to be in line with the guidelines detailed by the Sharia.

It is also a way for Muslims to keep their gold in a digital format, for increased safety as well as being easily transferable, especially for cross-border remittances.

Via ArabianBusiness
 
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I have heard about the Shariah Law and can anyone say how Shariah will be maintained over a digital currency ?
 
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So here comes "hallal sharab".

If it is gold currency, it must be with you, in your possession physically to qualify as Sharia Compliment.. Virtual gold is as worse as virtual paper.
 
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Careful with that, last time someone mentioned gold/oil as currency..."freedom" came.
 
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OneCoin is a global Ponzi scheme still going strong. I hope this isn't some kinda sister currency

If they don't open up to mining, I don't see how it will be a digital currency similar to BitCoin. Just asking people to buy block chains ahead of time by throwing around Sharia buzzwords to fool people?
 
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One gram of Gold = $40

It is a good idea..
 
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Personally unless I hold the "Gold" commodity in hand don't consider it anything related to old style currency

Digital currency / Credit card / Debit same thing

No body has time to carry pouch of gold these days in small bag pack
 
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