Al Sharq newspaper reported last Tuesday (March 19) that the first Islamic platform to exchange the e-currency (supported by gold "i-Dinar"), is launched for the first time in Qatar after the Central Bank announced in a circular on February 9 of last year that trading in Bitcoin is not anymore allowed in the country and penalties will be levied upon violation of the new law.

This unprecedented achievement is the result of extensive work, studies and meetings between a distinguished Qatar Financial Center team led by HE Yousif Al Jaidah, HE Khalid bin Ahmed Al Suwaidi, Chairman of QAF Holding Group and Ibadah In Malaysia.

The project will be launched during the 5th International Islamic Finance Conference under the title "Islamic Finance and the Digital World", which began yesterday with a wide participation.

Gulf Blockchain Foundation, a non-profit organisation founded in Doha with teams in other neighbouring Gulf countries, shared in one of our articles that while many people in Qatar are interested in the concept of E-currency, a lot of them “are scared of it.”

He continued by saying:

“People are intimidated by it because it’s quite complex. And there’s also a stigma attached to bitcoin; some people believe cryptocurrencies are only used for crimes, which isn’t true."

The I-Dinar platform is based on its concept of being an e-symbol based on the exchange of digital currency, where the initial value of one dinar is supported against one gram of gold, that is, it is not only a digital currency, but it is in exchange for real gold. As such, the digital I-Dinar is not only a form of e-gold portfolio, but with the remarkable and continuous progress of the e-exchange chain technology, I-Dinar can be used as a common denominator for the execution and settlement of many financial, exchange and trading operations.

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Sonkie

Content writer

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