Bitcoin News — Fiat
Posted by Marie Huillet on
Switzerland-based fintech firm X8 AG has received a certification from the Shariyah Review Bureau for its ETH-based stablecoin.
SRB is a leading Sharia consultancy and audit firm licensed by the central bank of Bahrain. It reportedly has a presence in twelve countries, and holds the market share of over 13 percent of Saudi Investment Companies licensed by the country’s Capital Markets Authority (CMA), and over 21 percent of the Cooperative Insurance Firms Listed on the Saudi stock-exchange market.
The debate over whether or not cryptocurrencies are Sharia-compliant has centered on their compatibility with the Islamic prohibition on sheer monetary speculation. Reuters notes that some Islamic scholars have deemed crypto trading to be analogous with the “transfer of rights,” which is legitimate under Sharia law.
According to X8 director and co-founder, Francesca Greco, X8’s ETH-based crypto asset is a “stablecoin,” whose backing by a basket of seven fiat currencies and gold is considered to assuage Islamic advisors’ concerns over excessive volatility and speculation.
As part of its plans to expand its business to the Middle East, X8 reportedly plans to launch a crypto exchange that would include a Sharia-compliant trading platform. To this end, Greco told Reuters that the company has met with local exchanges in Abu Dhabi, Dubai, and Bahrain. “The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech,” she added.
As reported this July, altcoin Stellar (XLM) received a Sharia compliance certification in the money transfer and asset tokenization field, claiming to be the first blockchain protocol to have done so. Other crypto companies claiming “firsts” in the sector include crypto utility token NOORCOIN, which was certified with a Sharia Certificate from the World Sharia Advisory Committee in March.
Bitcoin (BTC) was was recognized as “generally permissible” under Sharia law this April by an internal Sharia advisor to fintech startup Blossom Finance. Sharia advisor Muhammad Abu Bakar included a warning that while he considers digital currencies to be halal (permissible), in most cases traders should not purchase them for investment purposes.
Blossom Finance CEO and Founder Matthew J. Martin told Cointelegraph this February that as a payment network, Bitcoin may be even more halal than fiat currencies due to it being based on Proof-of-Work (PoW), rather than on debt.
Posted by Jamie Redman on
When the idea of a working digital currency like bitcoin was introduced, many of its early adopters disliked the current bureaucratic system, with a cartel of bankers pulling the world’s monetary strings. Over time, however, something weird has happened and the idea of permissionless innovation perverted into people literally asking nation states for permission, begging […]
The post Bitcoin Intentions: Are We Aiming to Replace the Status Quo or Become Them? appeared first on Bitcoin News.
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Posted by Jeffrey Gogo on
On Oct. 15, Binance announced the launch of its fiat-to-cryptocurrency exchange in Uganda. The world’s biggest digital currency exchange said users in the East African country are now able to complete full account verification starting immediately. Deposits and withdrawals of the local fiat currency, the Ugandan shilling, start on Wednesday. Also read: Bitcoin After Death: The […]
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- Tags: Bank of Uganda, Binance, Bitcoin, Blockchain, BTC, crypto, Cryptocurrency, deposits, Emmanuel Tumusiime-Mutebile, ETH, Ethereum, Exchange, Exchanges, Fiat, Michael Kimani, N-Featured, trading, Uganda, Uganda Shilling, Wei Zhou, withdrawal, Yoweri Museveni
Posted by Ana Berman on
Binance will officially launch its fiat-to-crypto branch in Uganda this week, where the national currency will be traded with Bitcoin and Ethereum pairs.
As per Binance Uganda’s press release, the new branch will officially start accepting deposits and withdrawals of Ugandan shillings (UGX) Wednesday, Oct. 17. Binance Uganda notes that exchange has already begun its know-your-customer (KYC) procedures.
A Cointelegraph analysis of cryptocurrency in Africa noted that although the Bank of Uganda issued a warning to investors about cryptocurrency risks in March 2017, the country’s government has showed interest in using blockchain technology.
Binance's CFO Wei Zhou says that company's first fiat-to-crypto exchange in Uganda will help maintain sustainable economic stability in Africa, noting that the company plans to bring “more innovations to the region.”
As Cointelegraph previously reported, this year Binance has revealed plans to open several fiat-to-crypto exchanges.
In August, Binance LCX — a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX) — had announced plans to launch a fiat-to-crypto platform in Liechtenstein and offer trading between Swiss francs (CHF) and euros (EUR) against major digital currencies pairs. However, the exact date of the launch was not revealed.
Binance is the largest international crypto exchange by 24-hour adjusted trading volume, seeing almost $1.8 billion in trades on the day to press time, according to CoinMarketCap.
Posted by C. Edward Kelso on
In what could be construed as calling the casual enthusiast’s bluff, BTC maximalists at the Samourai project announced, “All fiat currency conversions have been removed from Samourai Wallet. We understand this may inconvenience some, it may even be enough to cause us to lose some users, but we believe it is fundamental that our existing […]
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