Just as Bitcoin hits a two-week high since the 23rd February to US$53,761, a Germany-founded team unveils a cryptocurrency apparently deemed compliant with Islamic principles.
Caizcoin joins a small but growing universe of Shariah compliant digital currencies such as HelloGoldTokens and X8 Currency targeting the affluent global Muslim market with a decentralized faith-based financial solution.
While Caizcoin, whose founding team is not publicly known, claims that it follows guidelines from within the “Islamic faith that align with the best moral utilization of the technology”, IFN Fintech cannot confirm if the cryptocurrency is indeed officially certified as there are no records of the Fatwa in the public sphere.
The token, which has already begun its private sale, in a statement noted that: “By staying within the principles of Islam law, Caizcoin tokens will promote charitable aspects such as collaborating with organizations and institutions to enable Waqf and Zakat donations.” It added that the digital coin is built on its own decentralized blockchain.
According to the entity’s roadmap as viewed by IFN Fintech, Cazcoin plans to conduct its public sale on the 16th March 2021 with a view of launching a digital wallet in the third quarter. It said the coin will be available “soon” on several exchanges, including Uniswap and Binance.
IFN Fintech has reached out to Caizcoin for comments.