ALSO READUPS shares slide on 2018 outlook, spending plans Unilever threatens online ad cuts to clean up internet Corrected: Unilever threatens online ad cuts to clean up internet Facebook shares rebound after optimism about ad revenue White House says 'very comfortable' with economy despite market volatility
By Bernardo Vizcaino
SYDNEY (Reuters) - Malaysia-based firm HelloGold has received a sharia-compliant certification for its gold-backed cryptocurrency and plans to launch its online gold platform in Thailand later this year, the company said.
Its cryptocurrency product, dubbed GOLDX, was launched at the end of last year and has now received certification from Amanie Advisors, a Malaysia-based Islamic finance consultancy, said chief marketing officer Manuel Ho.
Unlike other cryptocurrencies, GOLDX involves the issuance of a token backed by physical gold stored in a Singapore vault, and transactions must be completed within a defined time period, Ho said.
This means the issuance process and audited assets can address transparency, certainty and immediacy of transactions - important principles in Islamic financial contracts.
Over the past year, the firm has rolled out a mobile app in Malaysia that is based on blockchain, the system that first emerged to facilitate digital currencies such as bitcoin.
That mobile app, which allows users to buy and sell physical investment grade gold, was also certified by Amanie Advisors.
The firm is also exploring other unspecified assets for its blockchain technology, which involves a shared electronic ledger that allows parties to track transaction information through a secure network.
(Reporting by Bernardo Vizcaino; Editing by Eric Meijer)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)