The Ripple effect! Ripple’s XRP is slowly but steadily stumping its presence in the Middle East.
XRP is Sharia compliant (potentially)
Bahrain-based exchange Rain, which is Sharia compliant one, now supports XRP on their platform. Previously, the exchange was supporting Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) as per the sharia certification.
Rain’s primary focus is becoming a fully sharia-compliant exchange and therefore, it has completed all the regulatory procedures with the Central Bank of Bahrain’s’ Regulatory Sandbox (CBB) and obtained Sharia-compliance certification from the Shariah Review Bureau (SRB). It means that the exchange works as per the Islamic rules as well as regulations for investment and trading.
The process involved SRB examining Rain’s brokerage service whereby it was satisfied that the exchange’s sales, purchase as well as custody services all comply with Sharia principles. However, the certification is currently only applicable to three cryptos that include bitcoin, Litecoin, and Ethereum.
At the moment, XRP has been listed in different pairs – XRP/SAR, XRP/BHD, XRP/KWD, XRP/AED, XRP/OMR, and XRP/USD. SAR, BHD, KWD, AED, and OMR are local currencies of Saudi, Bahrani, Kuwaiti, United Arab Emirates, and Oman respectively.
The exchange is now in beta version until they get the full license from Bahrain’s Central Bank. Although the compliance is currently based on the three coins, it is looking to obtain the certification for XRP. Therefore, the process is as good as done.
XRP on the Right Path
Getting listed in the Middle East platform is a big boost that will undoubtedly positively impact its price more probably. Currently, alongside all the top ten cryptocurrencies, XRP trades in slightly red numbers (down by 0.55% in the last 24 hours). But that could change soon now.
As more cryptocurrency players in the Islamic states slowly enter this revolutionary market, (becoming a crypto-friendly region) XRP stands a chance of a mass adoption as well as its price rising. Nevertheless, even though they haven’t gotten the license for XRP, it’s pretty clear that XRP is now Sharia compliant.
Image courtesy of Pixabay.
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