There Are Now Gold-backed Cryptocurrencies For Muslims That Conform With Sharia

 Cryptocurrency is not great for your blood pressure. With prices soaring and plummeting on a weekly basis, there is a fast buck to be made, but also a lot to lose and quickly. That doesn’t go down so well with Muslim nations. In the Islamic faith, it’s believed that economic activity should be based on real, physical assets, not speculation; observant Muslims also do not invest in banking products that offer returns via interest payments. Therefore, many people in the Gulf states and beyond don’t consider bitcoin, ethereum, and other cryptos to be compliant with Sharia law.Cryptocurrencies writ large have not yet been officially banned in Saudi Arabia and the United Arab Emirates, but these governments have issued warnings about their citizens purchasing bitcoin. Because of this, Muslim markets have been slower to trade in digital currencies. And there is a lot of money to be made in Islamic finance: Muslim countries contribute about 1% of global GDP.To serve these wealthy Islamic populations, a new type of Sharia-approved crypto is cropping up.