Cryptocurrency traders use old gold in drive to draw Islamic investors
By GCRU Gold News on Monday, April 9 2018, 00:59 - Permalink
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.
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