In August, Islamic Coin was launched – a new idea to push Arab countries (and not only) into the cryptocurrency industry. The project, backed by the rulers of Abu Dhabi, has huge funding and promises a lot to investors. It’s even halal certified.
Islamic Coin sounds like another little meme coin, of which there are thousands in the world of cryptocurrencies. However, this is not a joke, but an initiative worth a dizzy sum. As the creators praise, the digital currency specially prepared for Muslims meets the strictest commandments of religion.
Islamic Coin backed by the United Arab Emirates
Islamic Coin has been a developing project for some time, but it hit the main pages of portals again in July. Back then, the ABO Digital Alpha Blue Ocean fund practically doubled the value already invested in the Muslim token. The amount of support jumped from 200 to 400 million dollars. What’s more, in social media, the creators announced the grand premiere of the token on August 1.
The great advantage of Islamic Coin is to be the absolute compliance of the cryptocurrency with the beliefs of Muslims. One of the basic rules prohibits the faithful from paying and charging interest. Most financial institutions are based on this principle, including many cryptocurrency projects. Therefore, strong believers could not use them
However, the token in question is completely different. It has a halal certificate and meets all Sharia law requirements. The creators even set up a special Shariah Board – a five-member commission constantly watching over the fulfillment of the commandments of religion.
What’s more, Islamic Coina was supported by the House of Nahyan – one of the six ruling families of the United Arab Emirates from the capital Abu Dhabi. Obviously, the royal family is a significant authority for the faithful of Islam.
Islamic Coin – real business or scam?
The first doubts appear in the so-called Islamic Coin white paper. The document, which is supposed to explain the advantages and the need to introduce the token, is filled with empty but round-sounding sentences. It’s about, among others to strengthen the Muslim community around the world.
“If 3-4% of the Muslim online community owns Islamic Coin, it will become a Bitcoin-scale crypto asset, generating $1 trillion for its holders and $100 billion for the Evergreen DAO” – optimistically assumes the document.
The only value of IC at the moment, however, is the iconography referring to Islam and ensuring the fulfillment of the rights of this religion.
The token launch plan is quite profitable for the founders. Initially, 20 billion pieces of Islamic Coins will go to the market, of which the issuing company will keep 3 billion pieces for itself. Another 3 billion will go to the Evergreen foundation supporting Web3, project partners and investors will receive 5.5 billion tokens, and another 5.5 billion will go to the so-called. business initiative reserve. For ordinary customers, there will be only 4 billion Islamic Coins to be distributed.
The fact that the creators plan to add as much as 4.3 billion IC to the pool within just 2 years of their debut, which may significantly reduce the value of the token, is also worrying. The total supply is planned for a dizzying 100 billion Islamic Coins.