Dubai based gold backed cryptocurrency now being accepted as payment for real estate by Ken Schortgen, Jr.
The Daily Economist
TDC Note – This is one of two cryptocurrencies I thought about acquiring – the other was ZenGold and I actually made a play on ZenGold but missed the ICO and I let it go – I’m glad I missed it, especially with everything that I know now.
What attracted me to these was the fact they are backed with physical gold.
In a new press release out on Jan.
8, a multi-national company dealing in real estate throughout the Middle East announced they were going to accept OneGram cryptocurrency as a viable payment platform for their properties.
MAG Lifestyle Development, part of Dubai, UAE-based multinational conglomerate Moafaq Al Gaddah (MAG) Group, has announced that it will accept OneGramCoin (OGC), the first Sharia-compliant digital currency, as payment for real estate it sells, according to a press release CoinReport received from Dubai-based gold trading firm GoldGuard.
The region’s first-of-its-kind strategic association is believed to be a turning point in both the digital currency and property industries, offering real estate investors with an exceptional opportunity to utilize their digital assets while also welcoming OGC into the mainstream with a practical application in the property sphere.
Bitcoin and other digital currencies are struggling to enter the mainstream in the Middle East, where the fundamentally speculative and high-risk character of cryptocurrencies does not go with the local investment culture.
As the first Islamic Sharia-sanctioned digital currency, OGC is entering to fill this void.
Each OGC is supported by a gram of gold, something that makes sure the cryptocurrency stays totally capitalized and stable. In accordance with Islamic Sharia law, it is also zero interest, profit-loss sharing and non-speculative as it is backed by gold.
The Potential of Gold-Backed Cryptocurrency
– Coin Report
As noted in the press release, Bitcoin and other unbacked cryptocurrencies have had a difficult time gaining acceptance in the Islamic world, primarily because they do not fulfill the necessary requirements under Sharia Financial Law.
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