Swiss Firm Obtains Sharia Compliance Certificate for Ethereum-based Stablecoin

X8 AG, a Swiss fintech company has received Islamic finance certification for its stablecoin built on the Ethereum blockchain protocol. As reported by Reuters, the firm was certified by the Shariyah Review Bureau (SRB), an Islamic advisory firm licensed by Bahrain's central bank. According to a company's representative, having obtained the certification for its digital currency, X8 is now planning to expand its business in the Middle East. Several fintech firms are integrating their technology into the field of Sharia-compliant finance, with regulators and financial exchanges in the Middle East region keen to attract new business and encourage innovation in the sector. This has prompted Islamic scholars to assess the religious validity of digital currencies, with some of them being wary of price volatility and the types of assets behind digital tokens. X8 hopes its Ethereum-based cryptocurrency, which is fully backed by a basket of eight fiat currencies and gold, can address such