The date of start of public sales of halal cryptocurrency Islamic Coin was announced
The world's first halal cryptocurrency Islamic Coin will be launched in May
Islamic Coin creators intend to use the advantages of the digital "pioneer" in the world of Islamic finance
The world's first cryptocurrency that complies with Shariah norms, Islamic Coin, will be publicly launched in May, project co-founder Mohammed Al-Kaff Al-Hashmi told Arabian Business. At the moment, only closed sales of the coin are taking place.
Islamic Coin is a native cryptocurrency in the Haqq Network blockchain. The project strictly adheres to Islamic principles and traditions in finance.
The project team conducted market research and found that bitcoin became the most famous and successful coin because it was a "pioneer," the first cryptocurrency, Al-Hashmi said. Ethereum also owes its success to the "first-mover" factor, he said, as the first smart contracts were launched on this blockchain.
"I came to the conclusion that if we want to do something successful and meaningful in the world of blockchain and cryptography, we have to bring something in which we are pioneers, and it has to meet the needs of society," Al-Hashmi said.
He said the global Muslim community has grown to more than 1.8 billion people, representing a huge "underserved" market in the cryptocurrency world. Meanwhile, at least half of the Islamic Coin in closed sales were bought by non-Muslims.
Blockchain created a Shariah council to determine whether cryptocurrency projects launched on the Haqq blockchain comply with Islamic principles.
"I am not claiming that Bitcoin, Ethereum, or other cryptocurrencies are not halal. I can't judge, but it wouldn't make sense to place a Shariah-compliant project on a blockchain that simultaneously has projects related to gambling, casinos, or projects that charge interest, all of which would be against Shariah principles," Al-Hashmi said.
Any project can be placed on the Haqq blockchain, he said, but if it doesn't comply with Shariah norms and doesn't pass inspection, it won't receive the appropriate mark, which "guarantees the trust of the community."
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