Innovation In Currency New Gold-Based Shariah Digital Currency Tossed

Gold-Based Shariah Digital Currency

An Islamic financial service and technology company, OneGram, joined up with GoldGuard to form one of the world’s largest gold arches in Dubai. The union will also result in the conception of the world’s first completely gold-backed digital currency. On the word of the statement, the currency will be in the sort of tokens, and each token will develop and be exchanged for one gram of gold.

Innovation In Currency New Gold-Based Shariah Digital Currency Tossed

The main company, OneGram revealed in an official announcement that they had appointed Sharia scholars on their board. In order to make certain this new project is in full acquiescence with Islamic Shariah. The statement also specified that there would be a total limit of 12,400,786 OneGramCoin tokens (OGC). And it will be sold in the marketplace. It will remain in effect to make it the biggest cryptocurrency crowd sale goal the world has seen. The digital currency will be in the face of tokens, and each token will set up and exchanged for one gramme of gold. Approximations right now, captivating into account of the up-to-date price of gold; it is said that a full sale of the size would raise around $555 million.

Collectively, every transaction of OGC makes a small transaction fee that is put into more gold (net of administration costs). And in that way increases the amount of gold that backs each OneGram. For that reason, in line with the pitch, apiece OGC upturns in real value over time. Further, is advertised as “producing OneGram unique amongst cryptocurrencies.”

What’s more, the statement also exposed that the Islamic finance sector all over the world, currently make up around one percent of global GDP. Islamic finance endures raising at a rate of more or less twenty percent for every year. Intended for the approximately 2 billion and an advance number of Muslims all over the world; OneGram is imagined to be in line with the guidelines mention by the Sharia. It also provides a unique way for all Muslims to keep their gold in a digital format. Designed for greater than before safety over and above being easily exchangeable, chiefly for cross-border transfer of funds.

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