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Stellar has officially become “Sharia Compliant”
Editorial Team

The Bahrain Central Bank has officially announced that the Stellar project is in line with the national law, as the publication of coindoo.com reads. Now, Stellar.org is ready to get the Sharia certificate. This means that the decentralized company can execute crypto operations in the Islamic country according to the legislation in force without being restricted.

This development is particularly encouraging for both Stellar.org and Bahrain, as most crypto-related projects have faced problems entering the Islamic markets. Meanwhile, the approval indicates that cryptocurrency and Blockchain technology present interest to the Bahrain community.

As reported by the News of Bahrain, here’s what a spokesperson from Stellar claimed:

“We advance our mission of financial access and inclusion by obtaining a Sharia compliance certification for the Stellar technology and network. The Shariyah Review Bureau (SRB), a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has reviewed the properties and applications of Stellar and has promulgated guidance and guidelines that enable Sharia-compliant applications of Stellar technology in Islamic financial institutions.”

Furthermore:

“Stellar is the first distributed ledger protocol to receive Sharia compliance certification in the money transfer and asset tokenization space. Additionally, the Sharia compliance certification extends to applications and usages of lumens (XLM).”

From now on, Stellar.org will have the opportunity to inform the citizens of Bahrain that cryptocurrencies are a globally accepted payments means and support the interested investors.

Moreover, doubtlessly this decision will be catalytic for the model for other Islamic countries.

This is a new success for the decentralized company which is promising a bright future.

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