Firstly the new multi language app version was released today.
https://play.google.com/store/apps/details?id=com.ximcoin.ximwallet with native Chinese, Hindi, Urdu & Russian language version detection . All groups which have strongly adopted XIM. It also includes a live XIM:USD price indicator which is important in the export import world where everyone uses the USD price.
The live price widget
https://price.ximcoin.com also makes an appearance at
www.ximcoin.com/wallet/ which might seem very underwhelming however we have big plans for this little guys underlying architecture to turn into something akin to a fully fledged paypal sales button companies can include in their company websites.
As usual I would have hoped to have gotten more done this week however the first half of the week was spent meeting and discussing Sharia compliance with regards to crypto with a Dubai based potential financial partner, alot of this revolved around Sharia compliance. Im not muslim but it is a subject everyone in the crypto world needs to get familiar with and especially in the export import world you can see XIM
https://www.ExportID.com has a very high adoption from muslim export companies. In a nutshell the jury is out and there is a theological battle going on as to if crypto like XIM is compliant or not. I personally didnt want to form partnerships until the scholarly debate is settled. It boils down to Sharia financial rules were primarily supposed protect people from inflationary lending debt and also currency speculation based on nothing and its the second part which is causing the debate. XIM doesnt have inflation built in which is good (halal) however XLM does (1% per year and technically this isnt good (haram)).
But there is a battle going on regarding the speculation issue because obviously if followed to the very letter you are going back to trading lumps of gold and no one wants that. Islamic scholars are releasing whitepapers on the subject and we will see how it all shakes out but right now it seems that crypto like XIM is halal, in fact a London mosque just started accepting it
https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-halal-london-mosque-donations-cryptocurrency-islam-sharia-law-muslim-ramadan-zakat-a8364846.html.
submitted by An Islamic scholar has declared bitcoin permissible under Sharia Law, potentially opening up the cryptocurrency market to investment from 1.6 billion Muslims around the world.
The publication of the study into whether bitcoin is halal or haram preceded unprecedented price gains for bitcoin, which saw it’s value surge by more than $1,000 in less than an hour.
This has led some analysts to speculate that news of bitcoin’s Sharia law compliance may have contributed to the price spike.
The study, by Muhammad Abu-Bakar of Blossom Finance in Indonesia, explored the functionality of bitcoin and other cryptocurrencies to determine whether they fit with Islam’s strict definitions of money.
“Several recent fatawah issued by prominent Muslim scholars offered incomplete or contradictory opinions on the topic,” said Matthew Martin, CEO of Blossom Finance.
“With all the confusion out there, we wanted to offer clear guidance supported by solid research that benefits both laypeople and practitioners of Islamic finance.”
The study’s author points to the fact that bitcoin is recognised as a legal currency in Germany and therefore qualifies as Islamic money in that country.
“Bitcoin is permissible in principal as bitcoin is treated as valuable by market price on global exchanges and it is accepted for payment at a wide variety of merchants,” the study states.
“Moreover, many private individuals accept bitcoin as a medium of exchange in their private
Bitcoin’s dramatic price gains on Thursday, 12 April, have been largely attributed to a handful of actors who have significant holdings of the cryptocurrency.
In the space of an hour, more than a billion dollars worth of bitcoin trades were registered on exchanges - the largest one hour trade volume in history.
The semi-anonymous nature of bitcoin means it is not possible to determine who was behind the trades, however some analysts have speculated that the significant investment in bitcoin may have been influenced by the positive news.
The price of bitcoin can often be swayed by positive or negative news in the cryptocurrency space and this latest study may have had some influence in the recent rise and could help contribute to future gains.
“Many speculated that the sentiment around bitcoin was getting more positive, and that it may have been related to Sharia law compliance,” Olga Feldmeier, CEO of fintech startup Smart Valor, told The Independent.
“Others assumed there was unwinding of a large short-selling position. I personally think that this rise was due to a large institutional investor.”
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cryptocurrency submitted by But even if bitcoin trading is halal in itself, one should abide by their country’s laws regarding it. Refer to the following: Legality of bitcoin by country or territory: Wikipedia, the free encyclopedia Bitcoin Halal or bitcoin haram is a concept that is not going to be resolved easily. There are some rules that consider bitcoin halal while others consider it haram. However, so far it has been proved that there are some aspects and features of bitcoin that are considered halal but if you are planning to use it for gambling or other such tasks Is Bitcoin Trading Halal. Post Preview. 2. MSAA5534 edited 4 months ago So buying shares of a halal product/company is halal; buying shares of a haram product/company is haram. However, buying shares or entering a partnership means being a partner in both profit as well as loss. Bitcoin can be in ownership of a person and that person can decide what to do with that. Trading in some cases is not halal. When trade something that is not halal like buying goods that you know they are stolen. When the result of trading damages the Islamic society and you may know about it (Ayatollah Shirazi and his verdict against tobacco Is Bitcoin Halal or Haram, in the end? We believe that it is something that left to official religious bodies to decide on. Even the match does not match up with the illegal activity comments of authorities. while at its top market cap Bitcoin never passed above $300 Bln, the criminal world is having over $1 Trln.
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