OneGram: Backed by Gold and Sharia Law
Сryptocurrency OneGram started its operations in South Africa's Cape Town. The coin was created in accordance with Shariah requirements, to make the cryptocurrency more attractive to the Islamic community.
The cost of each OneGram unit will be supported by at least one gram of gold to limit speculation. The representatives of the project say that they create a bridge between goods and cryptocurrencies using physical gold and combine them together via blockchain. Thus, they want to provide users with a certain degree of confidence in the volatile crypto market.
Earlier in June, the team reported on a successful first transaction conducted through its own blockchain to celebrate the end of Ramadan.
WHY IS IT IMPORTANT?
- The Muslim community is skeptical about cryptocurrencies. This is due to the Shariah norms, which focus on economic activity based on real assets.
- In August, it became known that the world's first crypto exchange operating in accordance with Sharia rules will be opened in the UAE. The exchange has been started by Adab Solutions under the supervision of the Sharia Advisory Board (SAB), which includes experts on Sharia law from around the world.
- In April, Mufti Muhammad Abu Bakar, an Islamic scholar from Jakarta, said that bitcoin was in compliance with Sharia law and was suitable for use by Muslims. With the recognition of cryptocurrencies, new opportunities open for the industry in the markets of states with predominantly Muslim populations.
Bitcoin Falls by Almost $1,000
On Thursday, September 6, bitcoin (Bitcoin) is approaching $6,450. At 08:15 (GMT+1), the first cryptocurrency was traded at BitForex exchange at $6,451.02, BitMEX - $6,418.5, and Binance – $6,451.47.
Currently, the weighted average rate of the first cryptocurrency is $6,458.53 (-7.37%), the capitalization of the cryptocurrency is $111.4 billion. A day ago, bitcoin was approaching the $7,400 mark.
All top-100 cryptocurrencies by market capitalization are in the red zone at the given moment except 6 altcoins that are showing growth under 10%. The ethereum (ETH/USD) rate fell 9.22% to $225.80, XRP (XRP/USD) has managed to stay green showing insignificant growth of 0.19% trading at $0.295.
WHY IS IT IMPORTANT?
- On Wednesday, September 5, the bitcoin rate fell sharply by 5%, the currency fell to $7,000, although a few hours ago its value was $7,400.2.
- Experts believe that there are no objective reasons for such sharp leaps. They assume that the high volatility will continue for several more weeks, until the final decision on the launch of bitcoin-ETF.
- Yesterday, the bitcoin rate collapsed after it became known that the largest investment bank Goldman Sachs stopped the development of its own trading platform for cryptocurrencies.
Kraken Fends off Closure Rumors
The American currency exchange Kraken denied rumors that it is massively dismissing employees and closing one of its service centers.
Rumors began to spread from Reddit portal. On Thursday a user named throwaway34034324 wrote that the stock exchange was about to close its office in Canadian Halifax and had just fired hundreds of people because of a security breach. Another user under a nickname MysteriousPlankton supported this news. He claimed that the company asked employees to resign at their own will with a compensation package equal to eight weeks' salary.
An anonymous user also added that employees who were responsible for procedures related to customer identification and countering money laundering, security, and investigations, as well as processing of input and withdrawal of funds, were involved in the dismissal.
WHY IS IT IMPORTANT?
- Earlier this year, Kraken, on the contrary, intended to increase its staff by 800 people.
- Nevertheless, in April the exchange decided to stop servicing the Japanese market because of the costs and resources that are necessary to maintain the service in this country.
Korea Post Learns to Work with Сryptocurrency at Goldman Sachs
Representatives of the national postal service of South Korea (KP) communicate with the heads of the investment bank Goldman Sachs to master the skills of working with cryptocurrencies.
The first meeting of the postal service representatives, that are managing an investment fund of $112 billion, with their new mentors has already taken place in New York. The incoming chief executive, David Solomon was representing the Goldman Sachs.
Korea Post President Kang Seong-ju has confirmed that his colleagues would also travel to Hong Kong to meet with the members of the Goldman’s task force on cryptocurrency issues, that the banking giant created just this year.
WHY IS IT IMPORTANT?
- Learning about crypto is part of Korea Post’s broader effort to keep up to speed on the changing investment environment.
- The irony is that on the same day the news came that Goldman Sachs postponed their plans for cryptocurrency sales. This caused a surge in volatility in the cryptocurrency markets: bitcoin has lost $500 in minutes.
- Unlike its mentor, KP has no plans for any kind of crypto investment. Nevertheless, Kang emphasizes that digital currencies are a phenomenon that is more likely to be studied and accepted than to close the eyes on it.
Blockchain Enlists Support From Bahrain Minister
Bahrain Minister of Electricity and Water Affairs, Dr. Abdulhussain Mirza, urged local companies to take advantage of the blockchain.
Speaking at the SmartSec Cyber Security and Blockchain Conference 2018, Mirza said that the distributed ledger technology (DLT) has become an important achievement. He expressed confidence that blockchain is one of the most reliable ways to carry out transactions.
Mirza's speech indicates that the government of Bahrain may take steps to develop blockchain in the country. The state has already issued a license to create a sandbox and digital exchange Palmex, funded by ArabianChain Technology.
WHY IS IT IMPORTANT?
- The Government of Bahrain has not previously expressed its position on blockchain and cryptocurrency. Other eastern states, for example, Dubai uses DLT in a variety of areas and create the most comfortable environment for innovative projects.
- The Minister focused on cybersecurity specifically. Recently, the Central Bank of the country issued a warning to financial institutions about the possibility of organized attacks planned around the world.
At 19:15 (GMT+1) total cryptocurrency market capitalization stands at $204,1 billion
Bitcoin (EXANTE: Bitcoin) $6462 (-7,06%)
Ethereum (ETH/USD) $224 (-8,58%)
XRP (XRP/USD) $0,29 (+1,69%)
Bitcoin Cash (EXANTE: Bitcoin.Cash) $511 (-4,84%)
EOS (EOS/USD) $5,07 (-7,60%)
MCO (+6,76%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $16,98 (+0,4 billion per day)
Mining Profitability
BTC $2,6 for 10 TH/s
ETH $0,17 for 10 MH/s
BCH $0,14 for 1 TH/s
LTC $3,06 for 1 GH/s
DASH $0,09 for 1 GH/s
Ongoing ICOs:
Expected ICOs:
- 13 September PavoCoin
- 18 September eMusic
- 1 October Open Packaging Network
- 1 October Tiberius
- 2 October CryptoCasher
Click here for the full list of ongoing ICOs.
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