Stellar became the first cryptocurrency endorsed by the Shariah

Stellar became the first cryptocurrency endorsed by the Shariah

Stellar is the platform open source for distributed payments, became the first project, which received the official endorsement of Sharia law for the transfer of funds.

Shariyah Review Bureau, a leading international consulting Agency, according to Sharia, licensed by the Central Bank of Bahrain, explored the possibilities and scope of the Stellar and published a conclusion allowing for the use of technology Stellar in Islamic financial institutions.

This certificate will allow Stellar to expand our footprint in the field of financial services in the regions, where necessary observance of the principles of Sharia. It will also allow financial institutions located in the territory of States members of the cooperation Council for the Arab States of the Persian Gulf, as well as some other parts of South-East Asia to implement the technology in their Stellar products and services.

While Stellar calls himself “the first” approved by the Shariah blockchain Protocol in the field of remittances, less well-known cryptocurrency NOORCOIN received a certificate from the World of Sharia Sharia Advisory Committee in March.

In April, bitcoin (BTC) was recognized as “generally acceptable” from the point of view of Sharia. The author of the report, which had made such a statement, Muhammad Abu Bakar believes that digital currencies, in General, are Halal (permissible) but does not recommend traders to purchase with their investment objectives.

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