New Gold-based, Sharia-compliant cryptocurrency to enter UAE market

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The first of its kind in the region, Coin M offers the potential to double investment within a year. (Representational image)

Coin M, a gold-based, Sharia-compliant cryptocurrency, a first-of-its-kind in the Middle East region, might be available in the UAE market by end of 2019, according to an announcement made by the Golden M Group.

The first of its kind in the region, Coin M offers the potential to double investment within a year, with a starting investment as low as $100, which according to the company will open doors to investors with all kinds of budgets and income levels.

According to the statement, Coin M is backed by a tangible, real-world asset and is less subject to the price volatility of first-generation cryptocurrencies.

“The upcoming launch of Coin M will undoubtedly have a global impact as it is a one-of-a-kind scheme empowering the working class to safely invest in a new cryptocurrency that is gold-based and Sharia-compliant. Unlike most investment opportunities, investors will have a chance to double their investment within a year,” said Mustafaa Motiwala, founder and CEO, The Golden M Group.

According to Motiwala, investing in Coin M means that you are in a position to you are your money back as it is based on a real asset, which can be bought back. “With cryptocurrencies that are not backed by any asset, you would typically have to find your own buyer in order to make a return on investment, he added.

READ: Dubai Royal Backs Cryptocurrency Investor Invao

Recently, CoinSchedule data showed that UAE emerged as the world’s capital for sales of digital tokens, accounting for more than a quarter of all funds raised in offerings this year through early April. Sales in UAE reached more than $210 million ahead of the market’s longtime leader, the US, showcasing the growing importance of cryptocurrency in the region.

In August, American online publication Stratfor published a report in which it said that Abu Dhabi and Bahrain were in competing to be the next cryptocurrency hub in the Gulf region. According to the report, Abu Dhabi Global Market was spearheading cryptocurrency policy and regulation in the United Arab Emirates through the financial free zone’s Financial Services Regulatory Authority.  The state-owned Mubadala also invested in MidChains through Mubadala Ventures, a subsidiary fund that hopes to expand its asset portfolio to about $1 billion by 2021. Earlier in May and June, the authority granted various cryptocurrency exchanges, such as BitOasis, MidChains, and Arabian Bourse, with in-principle approval to operate.

 

New Gold-based, Sharia-compliant cryptocurrency to enter UAE market

Deepa Rajan wanted to be a lawyer, so she became a journalist. As a sub-editor her favourite thing to do was rewrite copies. Now, a 15-plus-years career later, she spends time rewriting her own copies. Deepa loves the Oxford comma and binge-watching shows when not serving as a “Tell Me Why” encyclopaedia to her 5-year-old. Write to Deepa at: [email protected]

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