Saudi to launch Islamic crypto Noorcoin ICO in April 2019
For any Muslim nation to adopt a digital currency, that crypto needs to be sharia-compliant.
Noorcoin is the 1st Sharia-compliant crypto token and platform in the world and will launch in Q1 of 2019, as it will be built on the Zilliqa blockchain platform, headquartered in Singapore, using new blockchain protocol that is designed to scale securely in an open, permission-less distributed network.
Saudi will launch the coin’s ICO next April, according to Ambassador of the Kingdom of Saudi Arabia to Indonesia, Osamh Mohammed Abdullah Shuibi, as published by CCN, an industry site.
Right: Ambassador of the Kingdom of Saudi Arabia to Indonesia
Shariah-Compliant Token, Noorcoin (www.noorcoin.io) was recently featured in the official website of the President Joko Widodo of Indonesia as the face of the industry revolution 4.0. Noorcoin also successfully displayed its testnet mobile application demo using the Ethereum Virtual Machine on the 23rd of October 2018 in the annual meeting of ICCIA with 57 OIC countries in Jakarta, Indonesia.
“Indonesia must be agile and quickly take advantage,” Widodo said.
Noorcoin was invited to collaborate in Boston University’s Asian Alumni Festival on 3 November 2018 at Grand Hyatt Hotel in Jakarta, Indonesia.
Attending ambassador of the Kingdom of Saudi Arabia to Indonesia Shuibi said, “We are planning to launch Noorcoin ICO next April 2019 in Riyadh, god-willing, with President Joko and Crown Prince Mohammed Bin Salman.”
“We are expecting Noorcoin with its advanced technology to give impact not only to a captive market of 30 million visitors of Hajj and Umrah but also to 1.8 billion Muslims around the world. Aside to the Muslim world, there is a strong demand for Noorcoin from other countries in Asia, Australia, America, and Europe,” Shuibi added.
Noorcoin’s CEO Sofia Koswara emphasized that the legality of cryptocurrency as of June 2018 is that it is similar to commodities, which is classified as a digital asset.
Sofia said, “The Kingdom of Saudi Arabia is Noorcoin’s partner from the beginning, along with the Crown Prince’s 2030 vision to move away from oil. KSA has secured an allocation 20 billion of Noorcoin.”
Noorcoin’s CBDO Iskandar Purnomohadi said: “In the future, Noorcoin will offer the option of providing its digital asset & cryptocurrency with gold. This to ensure the security and stability for Noorcoin holders.”
Noorcoin project timeline (as per whitepaper)
Noorcoin will launch in Q1 of 2019, as it will be built on the Zilliqa blockchain. Noorcoin uses the Zilliqa platform as Zilliqa facilitates transactions per second (tx/s) from 4,500 tx/s to 8,000 tx/s (in their testnet). The design of Zilliqa supports thousands of tx/s while maintaining strong security and decentralization. In contrast, Bitcoin and Ethereum can support only about 3-15 tx/s today.
Noorcoin will aim to decrease payment fees up to 90%.
Noorcoin’s whitepaper said that typical transactions are costly and include complex transaction settlements with up to 16 steps to accept and settle transactions.
“They might include up to 15 different type of fees including a transaction fee of between 2% to 6%, and a chargeback fee of $20, with extremely high cross-border transaction fees, and long transaction times ranging from 2 days to several weeks to receive money,” the Whitepaper said.
Noorcoin can facilitate governments in collecting sales tax & zakat.
Noorcoin’s dApp (decentralized application) will facilitate merchants to become vendor & give members access to Shariah-compliant platforms.
Thomson Reuters’ State of the Global Islamic Economy, 2017 to 2018 report, projects that the Islamic economy will be worth $3 trillion by 2021.
Despite Muslims making up around 25% of the global population today, many Muslims cannot use cryptocurrencies due to their restricted legal status and high barriers to entry in many countries in the Islamic world, according to Reuters.
“Currently the Islamic finance sector is responsible for managing around 1% of global GDP and growing at nearly 20% per year. With there being an estimated 1.8 billion Muslims worldwide according to a study in 2015 – equating to around a quarter of the global population of approximately 7.5 billion today,” said Reuters.
Noorcoin has been certified as shariah-compliant by the World Shariah Advisory Committee, as a secure and digitally transferable, including across borders, and given that the number of Muslims in the world is expected to grow to 2.2 billion by 2030, Noorcoin is opening the doors for cryptocurrency trading to the Islamic world.
Saudi is key
20 million guests come to the Kingdom of Saudi Arabia for pilgrimage every year (to be increased to 30 million per year).
Noorcoin says in its white paper that if each of the pilgrims spends $10,000 for their pilgrimage, then the total potential annual transaction of the pilgrimage is $300 billion.
“Many pilgrims, however, struggle to reconcile their spiritual needs with their wallets. This is because there is a long chain of transactions from their home fiat money to Saudi Arabia’s fiat money. The transaction platforms are also collecting high fees in the process. They really need useful currency for transactions among them and to fulfill their religious and civic duties such as zakat and tax payment,” said the white paper.
Noorcoin’s whitepaper said tokens will be available and displayed within 7 (seven) calendar days upon the completion of ICO according to the conditions of the Smart contract.
Upon the completion of ICO, Noorcoin will be available for trade at any cryptocurrencies markets that listed it.