Islamic Council Approves New Swiss Stablecoin

[kreslik.news]

A financial firm has received approval from Islamic scholars to offer stablecoins in the Middle East, according to Reuters

Cash and gold

The firm is called X8 AG, and the product is an Ethereum-base cryptocurrency called X8C, backed by a basket of fiat currencies and gold. Specifically, the Swiss franc, euro, pound sterling, Japanese yen, and the US, Australian, New Zealand and Canadian dollars. According to the company’s website, the commodities are held at bank accounts and managed by “propriety software”. The site mentions UBS AG, and says that the money is insured and audited daily.

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