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Apr 8, 2018

GATA | THE GATA DISPATCH | Cryotocurrency Traders use old in drive to draw Islamic investors on Aril 8, 2018.

Cryptocurrency traders use old gold in drive to draw Islamic investors

Submitted by cpowell on 07:38PM ET Sunday, April 8, 2018. Section: Daily Dispatches By Andrew Torchia and Bernardo Vizcaino
Reuters
Sunday, April 8, 2018
In Dubai's decades-old Gold Souk, customers from around the world haggle over bangles and necklaces. Elsewhere in the emirate, the region's top center for gold trade, bullion is playing a new role in financial engineering.
A local start-up company founded last year, OneGram, is issuing a gold-backed cryptocurrency -- part of efforts to convince Muslims that investing in cryptocurrencies complies with their faith.
 The global surge of interest in bitcoin, ethereum, and other cryptocurrencies extends into the Gulf and southeast Asia, the main centers of Islamic finance.
But because they are products of financial engineering and objects of speculation, cryptocurrencies sit uneasily with Islam. Sharia principles, in addition to banning interest payments, emphasize real economic activity based on physical assets and frown on pure monetary speculation. ...
... For the remainder of the report:
https://www.reuters.com/article/us-crypto-currencies-islamic-finance-ins...