Switzerland – based Pin Tech startup X8 AG has received an Ether – based Stable Coin certification in compliance with Islamic Shariah. X8 says the stableboy can avoid some of the speculative aspects of Islamic law scholars worrying about cryptography.
This is the SRB (Shariyah Review Bureau). The Bahrain Central Bank is an accredited Islamic law consulting firm. It is active in 12 countries and has a share of more than 13% in a national investment company which is licensed by the Saudi capital market and has a share of 21% or more of the listed companies listed on the Saudi Arabian stock market.
Whether or not the cipher money complies with the Islamic law has been discussed mainly in terms of its compatibility with the dumping regulations of the Islamic law. Some Muslim scholars regard the cipher transactions as equivalent to the transfer of rights, and see these cipher transactions as legitimate according to Islamic law. In the case of X8, etherium-based encryption assets are linked to seven legal currencies and gold as stabile. It is argued that some Islamic scholars can control the volatility and the overheated speculation.
The X8 plans to launch a cryptographic exchange that includes a trading platform that complies with Islamic law for the purpose of doing business in the Middle East. It has also contacted Dubai, Abu Dhabi and the Bahrain Exchange. The reason for the X8 to enter the region is that the Gulf countries are desperately trying to become pin-tec hubs.
Of course, the first place to receive Islamic law compliance was announced in July by Stella for the first time in a block-chain protocol in the field of remittance and asset tokenization. However, some places like Norcoin claim that they were first certified by the World Sharia Advisory Committee in March. For more information, please click here .