Crypto currency with guaranteed gold was released to the exchange in Dubai


#1

Financial group OneGram Group from Dubai has issued a crypto currency on the virtual exchange, which corresponds to the norms of Sharia. Additional editions are expected in the coming months, the Reuters news agency reported.

The management of the company asserts that each unit of a crypto currency (token) will be guaranteed by physical gold in order to avoid speculation and fluctuations in the market. Virtual coins will be used on a platform called Huulk. Future listings will be provided at regional exchanges in Asia and the Middle East.

According to the executive director of Mohammed Ibrahim, last year, tokens with gold provision worth about $ 400 million were sold to companies that entered the sphere of Islamic finance.

Experts note that in 2017, crypto-currencies bitcoin and etherium were in great demand, but this year they showed great fluctuations. In this regard, some regulators are wary of virtual money.

Islamic representatives want to achieve economic benefits from such instruments and at the same time avoid frank financial speculation. Some experts compare the trade in crypto currency with the transfer of rights, which is considered permissible in Islam.


#2

I can’t say whether this will be beneficial or not or even famous like other currencies. What’s the difference in fiat and crypto if both are backed by gold?


#3

this may be beneficial or famous if promoted well to capture popularity among people who involve in


#4

I see. Crypto coins and gold for Arabs as a final level requirement (self-actualization). They always give ideas that are beyond our reach, they are able and always give credit to ideas from outside their countries.


#5

You don’t understand what I’m saying. our fiat is backed by gold. if crypto is also going to be backed by gold then what is the difference between two. the purpose of creating crypto is then lost.


#6

For arabs, gold is really very important. Their everything has something to do either with gold or oil and their ideas and laws are out of my reach of understanding.


#7

Arabs see in gold a guarantee of reliability and believe that it will give stability to the crypto currency.


#8

government has different type of knowledge and sources they can do anything
government
and really gold is a guarantee of reliability this can give stability to the crypto currency


#9

Then what’s the difference between and crypto and fiat? How the crypto will remain decentralized if we are going to back it up with a tangible asset of a country. What will happen if that crypto which is backed by gold is bought 100% by a citizen of a country which doesn’t possess gold at all. Who will take the guarantee of that coin then? I just can’t understand the concept behind it.

Totally unrelated with which is being discussed here. Not contributing anything.


#10

We do not value crypto currencies based on how much gold we have. In my opinion, we are still like in traditional system. Pegged with gold. It’s like your buying a piece of gold but virtually holding it in the name of the cryptocurrency. In form, your are dealing with cryptocurrency but in substance you are still there, in the traditional system, just like fiat money. Also, blockchain technology must not be misunderstood as plain as cryptocurrency only. It has something better inside it that’s why we support it and speculate its price. We do not rely on how much gold you have but what can it bring out to us today and in the future. What difference can gold make in the future if we had it since oldest of the old? We are going digital and gold is another thing.


#11

That’s why in my opinion, all those crypto currencies which are going to be backed by somethings tangible won’t survive, and even we can’t call them crypto as they’ll mostly be centralized.

That should be explained to all those who are thinking of creating gold backed coins. Why don’t they simply sell the gold coins instead?


#12

Yeah. And it seems so they are trying to inflate gold’s value through virtual currencies since they know and sure of the community’s support because of the ‘gold’ thing. They might not sell the gold since they foresee that it may be more ‘valuable’ if tied with cryptocurrencies. Cryptocurrency should have its own intrinsic value because we know the technology behind it has something in store for our future in every industry unlike gold which has only perceived value as we are all taught that it is valuable but can it do something more than blockchain? Weird right? That’s how it is now, but in the future this might gradually change.


#13

Venezuela created their own coin which is backed by crude oil thinking that maybe it’ll help them with their economical problems but it didn’t do any well in market imo. Same will happen with any other coins which will be created with the same purpose.


#14

It is difficult to say whether this will be profitable or not, but someone sees the solution to the problem in the use of gold. They can be wrong and the future will show it.