Like Satoshi Nakomoto, Mark Soon has several things in common. Both use an alias and both have been involved in P2P currencies since about 2007. Satoshi may be the better known but Mark has a long history with cryptocurrencies as a developer and advisor and helped some of the biggest platforms come to market at the start of the ICO frenzy.
Now we hear Mark is one of the people behind the Cobalt token a Sharia-compliant token-based on an ounce of silver and the token will adhere to the new AAOIFI guidance. The silver will be kept in a vault in the UAE and will be totally transparent by audits posted on its website, you can also redeem your tokens for silver by giving the company notice in advance
New standards for the use of precious metals in Islamic finance are encouraging the development of financial products based on gold and silver, from cryptocurrency to a mobile app.
The Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which sets guidelines followed in whole or in part by Islamic financial firms around the world, approved new standards last month for precious metals.
The standards will reduce uncertainty over what is religiously permissible, which has hampered the development of products using precious metals. The greater clarity provided by the standards could spur an increase in the use of gold and silver in Islamic finance over the next few years.
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