Dubai Firm Launches World’s First Gold Backed Digital Currency

The world’s first completely gold-backed digital currency may soon be launched in Dubai as OneGram, an Islamic financial services and technology company, partners with GoldGuard to make this happen.

Each token will represent and be redeemable for one gram of gold, reported Arabian Business.

OneGram said in the statement that it has Sharia scholars on its board to ensure that it is fully compliant with Islamic finance requirements.

A maximum total of 12,400,786 One Gram Coin tokens (OGC) will be sold, making it the largest crypto currency sale goal in history, it added.

At the current spot price of gold, a sold out crowd sale would raise nearly $555 million.

There are more than 2 billion Muslims worldwide and OneGram is seen as a Sharia-compliant method for them to keep gold in a digital format that is both secure and digitally transferable, including across borders, at the same time.

(Source: FilipinoTimes.ae)