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BY CNA team - November 12, 2018

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X8’s crypto now syariah-compliant

Zug-based X8 obtains syariah-compliant certification for cryptocurrency
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X8, a Zug, Switzerland-based fintech firm, has obtained syariah-compliant status for the X8C cryptocurrency, paving the way for a business expansion to the Middle East.

The firm’s cofounder and director Francesca Greco says in a Reuters report dated Nov 12 that fintech firms keen to expand in the Middle East region are ensuring that their technology is syariah-compliant to work with regulators and financial exchanges.

“The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech,” she says, adding that the company will open a regional office in the Middle East later this month.

Greco says Islamic scholars are assessing the religious validity of digital currencies as some are wary of the price volatility and the types of assets behind digital tokens.

She says that X8’s ethereum-based cryptocurrency, which is fully backed by a basket of eight fiat currencies and gold, can address these scholars’ concerns.

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