Caiz Development creates blockchain and cryptocurrency according to Sharia standards – Bits Media

The German company Caiz Development creates the Caizcoin digital token to promote financial products in the developing countries of the Islamic world.

According to the report, Chainalysis blockchains published this month, countries of the region Mena (Middle East and North Africa), became the fastest growing market of cryptocurrencies in the world. I had to 9.2% world transactions in digital currency over the past year, Since July 2021 years to June 2022 of the year.

German fintech company Caiz Development, opening a marketing office in the UAE, announced the intention to use the potential of the region and create by the first half 2023 years of Islamic cryptocurrency. That is, a closed ecosystem, where all Sharia rules will be observed, Explanatory Director of Caiz Yorg Hansen explained (Joerg Hansen):

“We consulted with Islamic scientists, Is it permissible, Before they decided to develop a token. Then they made every effort, To create Caizcoin, cryptocurrency, which could be used in the Islamic world with all its restrictions, such as the prohibition of usury, Knowing their counterparties, without anonymity or speculation ".

According to Hansen, Caizcoin will work in an ecosystem, where for all holders of wallets are provided "Demands and counterweights". Only that one can enter the system, who has passed the full authentication procedure. Inside the system, operations with the manifestations of human nature prohibited in Islam will become impossible, such as the craving for alcohol, drugs, gambling and pornography.

Caiz Development will set up its own blockchain and application programming interface, To connect it with financial services providers, banks and payment gateways.

“We do not create a coin in the Ethereum blockchain. Against, We branched the basic technology of Stellar chain in this way, To build it from scratch ", - said Hansen.

Earlier, Coinmena's cryptocurrency exchange received
License from the Central Bank of Bahrain and passed certification for compliance with the laws of Sharia. The license allows you to provide cryptocurrency services in the Kingdom of Bahrain, United Arab Emirates (UAE), Saudi Arabia, Entertain and oily.