As cryptocurrencies have gained prominence in the West, investors in arab countries, especially the Middle East, felt a need for their own cryptocurrency that can help them work with Islamic Finance. Since there wasn’t an option available, businesses and individuals hesitated to use cryptocurrencies. However, this changed through the advent of OneGram Coin in Dubai.

Background

OneGram is an Islamic financial services organization that cooperated with a company in Dubai, GoldGuard to develop OneGram Coin. It is backed by gold and has been termed as Sharia-compliant by scholars. Moreover, OneGram has its own team of Islamic advisors that continually help to assist them in following Sharia laws.

What Is OneGram Coin?

The problem with the adoption of cryptocurrencies is their volatility. Since they fluctuate crazily, businesses cannot adopt them in their real life processes.

OneGram Coin aims to be the game changer by providing a payment method that can provide stability for businesses. One Gram Coin is supported by one gram of gold (hence the name).

As Islamic Finance makes it mandatory for a cryptocurrency to be backed by gold, therefore OneGram Coin follows the core foundations of an Islamic currency.

Why OneGram Coin?

There are a number of reasons OneGram Coin is an excellent option for investors in the Middle East.

1-Halal Factor

OneGram Coin is not only profitable but it also provides Muslims in the Middle East a way to reap profits without having to worry about the illegality of a cryptocurrency that is not compliant with Sharia laws.

2-PwC Partnership

One major problem with the adoption of cryptocurrencies is that many of them have been involved in scams as they do not provide transparency in their processes to their investors.

Luckily, this is not the case with OneGram Coin. All the gold supply of OneGram Coin is audited by the reputable financial organization PwC. Thus, OneGram Coin offers investors a level of transparency and honesty that many big names in the crypto world are unable to provide.

3-Gold Factor

Other cryptocurrencies are prone to crashes with time. Many cryptocurrencies often take a huge dive and investors are faced with considerable losses. The reason behind these crashes is the unavailability of an asset to back these cryptocurrencies.

Gold is one of the most stable assets out there and many experts have credited it to being more reliable than traditional currencies. As OneGram is backed by gold, this means that the price of OneGramCoin can never crash due to gold’s stability.

4-Profits

In other cryptocurrencies, transactions require certain fees that go into the pockets of miners. On the other hand, OneGram Coin instead provides profits to the owners. Each transaction in OneGram’s network requires a fee that is utilized to purchase further gold and thus gold backing a single OneGram Coin increases with time. Consequentially, the worth of OneGram Coin will grow as the network will be adopted by businesses and individuals.

Final Thoughts

OneGram Coin has been able to fulfill a huge vacuum and looks set to help businesses and individuals based in UAE have a cryptocurrency that can be used by Muslims. With its strong technology and partnerships, OneGram Coin is the future of the financial Islamic world.