Bitcoin

This Week in Bitcoin: Islamic Exchange, Self-Regulation, Social Trading

from Bitcoin Com 5 years ago 0 0 756

In this week’s daily editions of Bitcoin in Brief we reported about a new Islamic trading platform, a couple of steps towards self regulation of the industry and a new app for matching buyers and sellers off-exchange. The most commented-on article during the week covered the claims by Ripple that its coin is more decentralized than Bitcoin.

Islamic Exchange

On Monday, we reported that a company based in the United Arab Emirates has created a Shariah-compliant cryptocurrency trading platform named First Islamic Crypto Exchange (FICE). The company has also gathered an in-house Shariah Advisory Board in order to “ensure that Islam is finally included in the global cryptocurrency market.” And it will take advice from internationally recognized Shariah experts to make sure everything is Halal, according to the Arabian Business Community. The company hopes that the new exchange will support the inclusion of Muslim crypto enthusiasts and traders into the space.

Self-Regulation

Congresswoman Buys Crypto

An interesting discovery we reported on Wednesday is that a lefty American politician has invested in crypto during the 2017 mania. Tulsi Gabbard, the American congresswoman from the Democratic Party serving as the U.S. Representative for Hawaii’s 2nd congressional district, bought both ETH and LTC in December, 2017 according to her latest Financial Disclosure Report to the Clerk of the House of the Representatives. The disclosure doesn’t reveal her current cryptfolio but the initial investment, at least, was somewhere between $2,000 and $30,000 USD.

Tinder for Trading

Bitmex Living Large

Chinese Crackdown

A developing story throughout the week, the latest attempts by the Chinese government to curb the local industry have been featured on Saturday. A regulatory body responsible for monitoring online financial risks wants to investigate transactions to 124 trading platforms, many of which are Chinese-run businesses that moved abroad following the ban imposed in September, 2017. According to Xinhua, the agency noted that domains and IP addresses of websites located outside of the People’s Republic could be banned in order to decrease the number of people using them. The next step would be to apply control measures in regards to China-based companies providing transaction services to local residents.