A Switzerland-based Blockchain firm, X8 AG recently received the approval from Islamic Scholars to be marketed as a Sharia-complaint virtual currency. The move is following a decision by most scholars in the middle eastern region to allow innovation in the field of finance.
Expansion into The Middle-East
The Switzerland based company confirmed that their token, the X8X will now be marketed in the Middle East region, thereby opening up a new market for the company. The certification provides the company the opportunity to introduce a new set of innovation and incentives to the people of the region.
X8 currency uses Artificial intelligence to manage funds, combining AAA grade fiat currencies and gold. Currently dedicated to preserving its value and create price stability, in other not to fall prey to currency devaluation.
X8X currently have eight fiat currencies in the X8 portfolio; they are the Japanese Yen, American USD, Swiss franc, Pounds Sterling, Euro, and the Australian, New Zealand and the Canadian Dollars. X8C can only be issued or exchanged for fiat using X8X Utility token.
X8 AG has also employed the services of the Bahrain Central Bank’s backed Shariyah Review Bureau as an independent advisor, the purpose of employing the bureau is to help X8 AG on the intricacies and general proceedings in Halal banking and finances in general.
The Bureau also helped the investment company comply with the critical procedure of Shariah compliance, in other to expand fully in the Middle East. Giving voice to thought, the director and Co-founder of X8 AG Francesca Greco stated that:
“With the changing environment of banking, and asset management primarily due to fintech -driven shift, the market for wealth preservation in Islamic finance is poised to see disruption, and it is for this reason that we see an increasing demand for our product in the Islamic market.”
The CEO confirmed that X8 AG would be opening a regional office in the Middle East later this month. The firm is also in talks with some countries in the Middle- East, on its plan to launch a cryptocurrency exchange that will not go against the doctrine and teachings of the Shariah.
An Unending Debate
The legality or otherwise of cryptocurrency has been causing a lot of intellectual discussion in the Middle-East, while some hardliners are against any innovation, especially on crypto and blockchain, others are more relax and tend to embrace the new digital currency with modifications that will soothe the teachings and doctrine of Halal banking.