Swiss-Based X8 has Obtained Licensing from Islamic Scholars To Operate in the Middle East
Based on a recent report, a Swiss-based fintech firm, X8 is now certified to launch its own digital currency. The company received this certification from Islamic scholars in the Middle East. The certification has been described as a proof of its business being Sharia-compliance. The company is set to launch in the Middle East.
X8 Set for the Middle East
Several western companies are shifting their focus towards the middle east region in recent time. With X8 joining the league of companies looking to tap into the rapidly expanding crypto and blockchain industries in these regions, there is a need for the company to receive certification from Islamic scholars. These scholars are charged with assessing crypto-currencies and blockchain startups for compliance and how well they fit into the religious settings of the region.
A report has shown X8, referring to itself as ‘pioneer of a unique class of stable tokens’.
The Switzerland based company’s website also states some of its missions, goals, and objectives. Excerpt from the web page reads:
“A revolutionary new store of value for the distributed and traditional economy brought to you by the ultimate currency. The X8 Project developed two Ethereum based Tokens: X8Currency that is fully backed with 8 fiats (cash) currencies + gold and X8X Utility Token that functions as a key to the issuance and exchange process of X8C with 0% fee.”
The Co-founder, of the company, Francesca Greco, has also told reporters that “The Gulf region is a really good place for financial technology companies because they all want to become hubs for fintech,” The also mentioned that a “regional office would be opened later this month.”
The Middle East and its Crypto Related Concerns
Although regulators in the region have been quite positive towards cryptos in recent times, the report has shown that they are still quite skeptical about it to some extent. Their major concern is over the volatility of cryptocurrencies. As a result for this, they have developed an affinity for stablecoins.
X8 has also announced plans to launch a Sharia-compliant crypto exchange.
