OneGram: Backed by Gold and Sharia Law
Main page News, Islamic Finance, Cryptocurrency
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Sept. 6, 2018
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–°ryptocurrency OneGram has launched it's opearion in South Africa's Cape Town. The coin was created with consideration of the 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.

In addition, in accordance with the principles of Islamic Shariah donations, a 2.5% of the amount of every transaction will be directed to OneGram Foundation. Earlier in June, the team reported on a successfull first transaction conducted through its own blockchain to celebrate the end of Ramadan.

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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.
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