HelloGold Targets Islamic Investors with Certified Sharia-Compliant Token

Malaysia-based fintech firm HelloGold announced that its gold backed ‎token, ‎GOLDX, has been certified as being compliant with Islamic financial ‎law.‎

GOLDX is backed by physical investment-grade gold, with each token ‎equal to one ‎gram. The gold is stored in a vault in Singapore. HelloGold says that ‎it never issues a GOLDX ‎token unless it holds its equivalent amount of gold, ‎and to guarantee transparency its ‎records are publicly accessible and ‎verified independently by its vaulting partner.‎

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Investors can buy GOLDX tokens using Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, including Bitcoin ‎and ‎Ethereum. It provides them with exposure on gold through a digital ‎token, as well ‎as a liquid investment vehicle as the token itself is ‎transferable between ‎Ethereum wallets.‎

The question of whether cryptocurrencies themselves comply with Islamic ‎‎law has not been addressed. However, the certification by Amanie Advisors ‎‎of Malaysia, a sharia advisory company specializing in Islamic ‎financial ‎institutions, is expected to stimulate investment in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-‎based ‎platform within the Muslim world. ‎

The authorization opens up investment opportunities in digital ‎currency ‎products to Muslims around the world, ‎which could see a spike in demand ‎after being adjusted to ‎the new guidelines.‎

All economic activity in Islamic finance must be compliant with sharia law, ‎which has stringent rules to ensure certainty and immediacy of transactions. Islamic ‎law also prohibits the acceptance of interest or fees for loans of money.‎

Commenting on the news, Robin Lee, co-founder and CEO of HelloGold, ‎said: “Having ‎earned the world’s first Syariah-compliance certification for our ‎GOLDX token, HelloGold ‎has opened the door to over a billion Muslims to ‎access a new financial product. As the ‎international Islamic financial market ‎continues to grow and draw interest from non-‎Muslim countries, the Islamic ‎financial services industry’s total worth has reached US$1.9 ‎trillion (RM7.4 ‎trillion) in 2016.”‎