Malaysian Firm Adds Islamic Certification To Cryptocurrency

In bitcoin news portal; A Malasian firm called HelloGold has received a certification for its cryptocurrency, which is gold backed and is planning to launch online gold platform this year in Thailand, as the company informed.

Its cryptocurrency product, dubbed GOLDX, was launched at the end of last year and has now received certification from Amanie Advisors, a Malaysia-based Islamic finance consultancy, said chief marketing officer Manuel Ho.

Ho said, that 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.

This means the issuance process and audited assets can address transparency, certainty and immediacy of transactions – important principles in Islamic financial contracts.

The firm has rolled out a mobile app in Malaysia over the past year, which is based on blockchain. It is a system, that first emerged to facilitate digital currencies such as bitcoin.

That mobile app, which allows users to buy and sell physical investment grade gold, was also certified by Amanie Advisors.

Ho said that HelloGold plans to expand its gold platform into Thailand in coming month, potentially adding a third market by the end of the year.

The firm is also exploring other unspecified assets for its blockchain technology, which involves a shared electronic ledger that allows parties to track transaction information through a secure network.