- 12-13-2016, 08:54 AM #1
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- Dec 2016
The Future of Now: Crypto-Currency
After the separation of the OneCoin cryptocurrency brand and the OneLife Network on June 11th 2016, OneCoin was able to focus entirely on it’s core business and target - to become the number one cryptocurrency in terms of market capitalization, usability and number of users. Over the course of just over a year OneCoin has established itself as a leader in cryptocurrency, with over 2 million users worldwide trusting in our vision and potential.[/B]
In addition to numerous reviews from Brazil to Hong Kong and everywhere in between, OneCoin founder and visionary Dr. Ruja Ignatova has become a sought-after speaker at financial forums around the globe, such as the recent Leadership Summit on Islamic Finance and Cryptocurrency in London, conferences in Tokyo, Macau, Kazakhstan and many more.
1st Leadership Summit on Islamic Finance and Cryptocurrency
The first ever leadership summit to explore the potential applications of cryptocurrency in relation to the Islamic banking and finance industry was held in London on 25th July.
Sponsored by Abacus Ethical Investments, one of the UK’s leading wealth management companies, the IFCC (Islamic Finance and CryptoCurrency) leadership summit attracted some of the most important minds within the Islamic finance and cryptocurrency worlds. Around 60 selected delegates explored how cryptocurrency may be applied to enrich Islamic finance services. IFCC Leaders founder & coordinator of the event, Dr Zareen Roohi Ahmed explained how for decades now the Islamic financial industry had been trying to apply fiat currency to Islamic principles. She said; “The problem is that traditional currencies are born out of interest, which is forbidden in Islam and so the Islamic finance industry has been trying to find ways to purify through its Shariah complaint services. Digital currency is interest free and it cannot be replicated or manipulated by politics or central banks.”
Tehsin Aslam, CEO of Abacus Ethical Investments added; “For the first time, the Islamic finance industry may have found a currency that is not tainted to begin with. That’s hugely exciting and is the reason why I sponsored this event.”
Participants included eminent Islamic scholars such as Mufti Abdul Qadir Barakatulla from the Al Rayan Bank who is also an economist; and Faizal Karbani, the author of ‘Mastering Islamic Finance’ and CEO of Simply Ethical. Other key contributors from the Islamic Finance sector included Muhammad Zubair Mughal, CEO of the Al Huda Centre of Islamic Finance & Economics, a global organisation, which supports the Islamic banking industry from their offices in the UAE, Pakistan and South Africa. The cryptocurrency sector was equally weighted with top experts such as Pehr Karlsson from Sweden who was representing the OneCoin cryptocurrency, which has over 2 million users and is on track to become the world’s largest within the next 12 months. Following Pehr’s presentation, a video message was played in which the founder and CEO of OneCoin, Dr Ruja Ignatova addressed the Leadership Summit and announced that OneCoin was launching its first Shariah compliant product in the form of a savings account called ‘CoinSafe’. Originally it was simply a high interest savings account for OneCoin members’ Coins, however now members would be given Shariah compliant option whereby they can receive Gift Coins rather than interest.
Chris Principe, Publisher of the Financial IT magazine who delivered a key note speech on cryptocurrency and its applications within Islamic Finance said; "The IFCC Leaders Event is monumental for recognizing the convergence of Islamic Finance with Cryptocurrency. For the first time there is a Sharia compliant alternative to the traditional interest based banking system. Cryptocurrency can provide a clean, secure and auditable value of storage and payment that can be fully verified as untainted by the current money supply that runs through the interest dominated system. This is ground breaking, this is real and this is required for Muslims globally".
After delegates listened to the cryptocurrency and Islamic finance experts, they all participated in a series of lively round table discussions. The general consensus reached was that providing that the cryptocurrency is publicly accepted as a form of exchange and can prove its usability, then not only can it conform to the main principles of Islamic finance, but may indeed be a more appropriate form of currency for Muslims. Another significant outcome was the formation of an advisory board, made up of the main experts who were involved in the event. They will work together to raise awareness and educate the Muslim populations of the world about these technologies while exploring new possibilities for utilising digital currency within the Islamic finance sector.
Despite growing efforts by our competition to discredit our growth by bombarding us with a number of unfounded accusations, experts from around the globe are continuously recognizing OneCoin as an innovative and revolutionary digital asset. As posted in the Huffington Post : “No matter what you may think about OneCoin, it has definitely grown into one of the world’s largest cryptocurrencies, and likely won’t be leaving anytime soon.”
It is clear that without the basics of cryptocurrency, laid out by Bitcoin, it wouldn’t be possible for any other variations, alt-coins, or reserve cryptocurrencies (such as OneCoin) to exist. Even so, Bitcoin has not managed to evolve as quickly as the rest and is left behind, especially when it comes to regulatory compliance and transparency. The European Commission even presented an “Action Plan for strengthening the fight against terrorist financing” proposing a set of strict rules on cryptocurrency regulation.
These proposals will impose tighter regulations on digital currency platforms to prevent their use to fund terrorist activities by tracing terrorists and preventing them from moving funds and assets. The main reason this was deemed necessary is precisely the inability of open-source cryptocurrency to control or monitor the flow of assets through their system, which is not an issue for OneCoin (as a centralized cryptocurrency), seeing as it implements strict KYC (Know-Your-Customer) procedures on all its users. Therefore all cryptocurrencies must change and adapt to the new requirements of both the regulators and markets themselves.
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