According to sources Malaysia based firm HelloGold has received a sharia-compliant certification for its gold-backed cryptocurrency and plans to launch its online gold platform in Thailand later this year. Meanwhile the company said its cryptocurrency product, dubbed GOLDX, was catapulted at the end of last year and has now received certification from Amanie Advisors, a Malaysia based Islamic finance consultancy.
Meanwhile unlike other cryptocurrencies, GOLDX involves the issuance of a token backed by physical gold stored in a Singapore vault, and transactions must be completed within a defined time period. Moreover this means the issuance process and audited assets can address transparency, certainty and immediacy of transactions - important principles in Islamic financial contracts.
Moreover over the past year, the firm has rolled out
a mobile app in Malaysia that is based on the blockchain, the system that first
emerged to facilitate digital currencies such as bitcoin and further that
mobile app, which allows users to buy and sell physical investment grade gold,
was also certified by Amanie Advisors. Accordingly HelloGold plans to expand
its gold platform into Thailand in coming months, while potentially adding a
third market by the end of the year.
People against Jayalalitha's memorial! The general public has been strongly opposing the move to convert former Tamilnadu chief minister Jayalalitha's residence at Poes garden as her memorial. Current Tamil Nadu chief minister Edappadi Palanisamy had earlier announced that the residence of former CM Jayalalitha at Veda Nilayam in Poes garden will be converted into her memorial.
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