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Dubai-based firm issues gold-backed cryptocurrency to draw Muslim investors

A debate among Islamic scholars has been triggered over whether cryptocurrencies are religiously permissible

Reuters  |  Dubai | Sydney 

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 centre 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 centres of Islamic ...

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First Published: Mon, April 09 2018. 01:46 IST
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