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Malaysian Firm Receives Sharia-Compliant Certification for Cryptocurrency

© AFP 2021 / JACK GUEZA picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the "Bitcoin Change" shop in the Israeli city of Tel Aviv
A picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the Bitcoin Change shop in the Israeli city of Tel Aviv - Sputnik International
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The firm HelloGold plans to launch its cryptocurrency product, dubbed GOLDX in Thailand later this year, according to the company representative.

The Malaysia-based cryptocurrency called GOLDX has now received certification from Amanie Advisors, a local Islamic finance consultancy.

GOLDX, unlike other cryptocurrencies involves issuance of a token which is backed by physical gold.This means the issuance process and audited assets can provide clients with transparency, certainty and immediacy of transactions, which are all important principles in Islamic financial contracts.

Islamic finance consultancy firms such as the Amanie Advisors permit the new technology to become “halal” and that allows it to extend its influence to Islamic finance markets across the Middle East and Asia.

Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018 - Sputnik International
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According to the company HelloGold, the next step is to extend its gold platform to Thailand.

Recently the company also launched a mobile app which is based on blockchain technology.

 The price of the world's most famous cryptocurrency, Bitcoin, has surpassed the $11,500 mark and continues to grow. 

Other popular cryptocurrencies are also becoming more expensive. For example, Ethereum grew by 2.1 percent to $952.02, Ripple by 1.35 percent to $1.15, and Bitcoin Cash's price increased by 2.5 percent to $1,545, according to CoinMarketCap.

The cryptocurrency market capitalization is currently $512.21 billion, according to the data provided by CoinMarketCap. Bitcoin, Ethereum, and Ripple have 38, 18 and 9 percent of shares in the market, respectively.

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