The Stellar.org project was officially approved by the Bahrain Central Bank (CBB) and is now considered as Sharia compliant.
The Bahrain Central Bank has officially announced that the Stellar project is in line with national law. By getting approval, Stellar.org has the green light to get the Sharia certificate. This means that the decentralized company can carry out its crypto operations in the Islamic country according to the legislation in force without being restricted.
This is an important step for both Stellar.org and the Islamic country, as most crypto-related projects have encountered problems entering the Islamic markets. Once the Bahrain authorities have agreed with the proposal, it 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.”
“Stellar is the first distributed ledger protocol to receive Sharia compliance certification in the money transfer and asset tokenisation space. Additionally, the Sharia compliance certification extends to applications and usages of lumens (XLM).”
This is thrilling for Stellar, as it will start informing the citizens in Bahrain that cryptocurrencies are a globally accepted payment means, and thus, support those who want to interact with the crypto world to start with XLM or Stellar Lumens.
Moreover, the decision of the CBB will be a model for other Islamic countries. This is a new success achieved by the Stellar.org project. By signing new collaboration, the decentralized company is paving its way into a bright future more and more.