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Can Islamic cryptocurrencies save the industry?

Cryptocurrencies lost over a trillion dollars in value in 2022, yet Islamic coins are emerging with ethical practices claiming to potentially resist such losses.
A man watches stock movements on a display at the Dubai Financial Market stock exchange, Dubai, United Arab Emirates, April 12, 2022.

As FTX’s former CEO faces US criminal charges for defrauding investors and stealing billions from customers before filing for bankruptcy in November, new Islamic finance-based coins are being launched by companies claiming that their checks and balances can help reinstate faith in cryptocurrencies. 

“Islamic finance can help provide protections with its ethical practices, using the transparency of blockchain technology,” said Mohammed AlKaff AlHashmi, co-founder and chief business officer of Haqq Association, a nonprofit digital financial services company that follows Islamic law.

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