Topic: Sharia coin Stop dollar dependency in the middle east (Read 230 times)

we can build coin if you want, contact us

Actually there were two ways I thought about doing this.
First fork stellar and make the coin anonymous.Stellar is already deemed a sharia compliant blockchain by the Bank of Bahrain and maybe change the algo

Secondly have a token based on gold or silver price as the old arabic community traded and a coin like this would pass the banks Sharia test.I was looking for some people to kick around both ideas to see what was best.If it was metal based it can easily be seen that all coins have the metal backing by storing it at a metal seller who will show account balance

Sharia Compliant Stable Coin Based On An Ounce Of Silver

According to Thomson-Reuters, the global Islamic economy is projected to reach upwards of 3 trillion USD by 2021. Within this market, cryptocurrencies will play a role in the ever-emerging capitalization of global markets and trade. In this light, it is important to understand the issue of cryptocurrencies and their compliance with Sharia law. The Bank of London and the Middle East (BLME), a Sharia-compliant bank, states that “the main principles of Islamic Finance are the avoidance of all haram (harmful) activities such as charging interest. In addition to the prohibition on charging interest, Islamic financial institutions must ensure that ambiguity (gharar) or gambling/speculation (maysair) is minimized in transactions and contracts.” In order to be compliant, cryptocurrencies must meet these standards, as well as additional crypto regulations.

As we know now I think as long as the dollar is still strong and in power it will be difficult to stop dependence even though in a Muslim-majority country, before there have been ico projects with Islamic labels like Adab solution after ico is finished what happened seems to be that coin too not much demand.

This should be quite simple and zero cost for coin/token setup.  Do let me know if you need help

Do you know that many thoughts come up like this? Dependence on the USD makes people jealous all over the world. But this is a diplomatic agreement on the second world war. Britain and the US came to power at that time, so that international languages emerged with English and the world currency exchange rate was USD. The real solution is already in sight, namely Bitcoin. If you want to eliminate the influence of the USD then you must be able to increase the effect of the great Bitcoin. But now USDT coins appear as USD in the form of coins and get great support from all over the world. This has an impact on the influence of the USD. So to eliminate the influence of the USD is very difficult.

They are looking for developers to make sharia coins and I think that is not sure because it requires a state regulation because it carries a country name, and I think it has to be involved by some government officials in order to be able to propose a good idea, if only developers are needed in sharia coins this I think is less interesting and and will not be formed in the project.

I think Iran is already proposing a Muslim cryptocurrency and they proposed it even to Malaysia recently who agreed it would be a good idea. The concept of Islamic currency has been in the talks for many many years since the 80s or 90s even, but until there is true harmony among the nations, they cannot make this happen.

EU themselves are also discussing how to stop US monopoly so maybe stick to existing projects instead of making new ones?

What is sharia coin and how this coin give us benefit, why do you talking about sharia coin without have exchange and market, You need give source link about sharia coin before you can give explain about sharian feature coin, how long this coin have exist in the cryptocurrency or this coin only have planning for listing to the public investor.

can you explain what is meant by sharia coins? in the cryptocurrency market there are now thousands of altcoins and only the highest altcoins can survive in the crypto market. and bitcoin, which is the mother of all altcoins, can be used as a global coin that can replace dollar dominance. so if bitcoin already exists and has been proven to have good performance for what we make new coins. I think bitcoin is a good coin used to reduce dollar dominance.

I think this Sharia coin is just a scheme to make Muslim countries support their project thus creating wealth for the developer of this coin.  There is no way this kind of cryptocurrency will stop Middle east's dependency on dollars unless the authority itself ban USD on their country.  That said without the authority's support this project will fail.

I think OP is just looking for the right people that can help with his concept, probably his concept is to independently create a new economy and alternative. Its a free world if the intention is good then proceed but if not forget about it for it won't attract users that much for sure.

There are many efforts to move away from the U.S. dollar throughout the world, but it has been very difficult to do so. The reason why the U.S. dollar is so dominant is because the U.S. has the largest military and very deep and sophisticated financial markets. We are seeing China and Russia buy gold and consider making a digital currency. More than likely, other nations will follow, including those of the Middle East. I doubt any newly-issued tokens will replace the U.S. dollar if major governments have had a hard time doing so. Anyway, I hope this is done in good-faith.

I think bitcoin has the best shot among cryptocurrencies to replace the U.S. dollar!

Maybe he wants to create a coin that backed by gold. but it looks like that will never happen as the middle east in the high tension. Bitcoin even depends on the dollar to determine the value and whole of the system are using dollars too. Im not feeling happy if that will be used to scam people.

I understand that the OP has a far-reaching view and is different from bitcoin, therefore he makes Sharia coins which may only be aimed at the Middle East region.
But for me, as many projects as they appear, think about the future of your coins, don't just think about profits, because this is the same as you will become a scam in the future after getting a lot of benefits. Don't make the situation worse.

You do not need to make own coin for that. All you need is to pick one coin and use it instead of USD. Normal crypto coins are premisionless censorship resistant and decentralised. So everyone can use them.

I don't think you should post it on this altcoindiscussion and the big question is whether sharia coins can lead to decentralization? and will the sharia coin be transparent?
This is impossible and absolutely impossible !!!

for the purpose of stopping dependence on USD, you can see the Dinar Dirham (crypto) coin as an example.

The sharia target of crypto coins will not get attention if it is consolidated with shares and businesses, many people will choose to use gold alone. the concept of sharia will still be inseparable from the concept of usury and will not be able to give full effect, this is not an active solution for now unless it is developed legally by the government as a stable coin.

I don't like currency as Sharia coin, this will greatly limit users because of religious affiliation. Middle East can decided to have their stable coin.

Is this a joke or a real thing? I don't understand that. Already bitcoin or many projects offer alternatives to the current economy. If you want to be a rival to the big states, you should produce. Removing new altcoins won't get you anywhere. Venezuela is the best example of this.

Looking for developers to help produce a sharia coin to stop US dollar dependency in the middle east.Please write here your thoughts and offers or email [email protected] enquiries only