On July 17, 2018, Stellar Development Foundation published an intriguing information on its website. According to the post, for the first time since the existence of the cryptocurrency, technologies and the network of Stellar received a certificate of compliance with the laws of Sharia. No other cryptocurrency has received such recognition from the Islamic states.
After checking the Stellar ecosystem and the principles of its operation, the Shari’ah Review Office (SRB), has concluded that the Stellar Development Foundation operates in accordance with Sharia law, and XLM can be used as a means of payment.
Stellar Development Foundation sees this event as a grand breakthrough. This will allow the company to start its operations in those regions where financial services require compliance with Islamic financial principles.
«Islamic financial institutions in the Gulf Cooperation Council (i.e. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE) and parts of Southeast Asia (e.g. Indonesia and Malaysia) will now be able to integrate Stellar technology in their Sharia-compliant product and service offerings», Stellar Development Foundation reported.
We believe that this is a very important event in the world of cryptocurrency. However, we do not think that it can radically change the situation on the whole market.
Featured image from Pixabay.