While the adoption of Bitcoin (BTC) and other cryptocurrencies accelerates every day, the Muslim Coins project introduces its own cryptocurrency – MUSC. In order to make a beneficial impact on the economy on an international scale, the project has no intention of limiting MUSC to the Muslim world.
A real earthquake hit the crypto ecosystem the moment when President Nayib Bukele announced that El Salvador was going to make Bitcoin legal tender at the beginning of September, alongside the US dollar, its national currency at the time. On top of the debate on the use of Bitcoin as an exchange currency, the announcement became a turning point showing that the phenomenon of digital currencies is no longer, or can no longer be, ignored by the authorities.
Now that the adoption movement is thriving, institutional investors, whether they be investment funds, large banks or even entire states, have become a part of the technological and monetary revolution movement driven by Bitcoin and other cryptocurrencies. The trade volume figures of the international crypto market confirm this underlying trend which took root at the end of last year, bringing up colossal volumes.
While in late 2017 and early 2018, the volumes were reaching the level of $340 billion, since February 2021, they have been exceeding $1 trillion every month, peaking in May 2021 at $2.21 trillion, according to The Block’s statistics. Whether we believe it or not, the crypto industry is no longer a parallel economic ecosystem, it’s now a full-blown segment of what is referred to as the “real” economy.
We had an opportunity to present the Muslim Coins project to you in the first introductory article and then tell you about their IEO launching on 30th September. The listing will take place on the Probit exchange and then on Pancakeswap starting 1st November.
The MUSC developers insist: their currency must be accessible to all. It’s not reserved for the Muslim world alone, although it is its primary target.
The project is based on Zakat, one of the Five Pillars of Islam, that aims to share the resources of those honoured by Divine Providence with those in need. In the Muslim Coins project, Zakat manifests itself as a 2% tax on transactions carried out on decentralised exchanges.
The funds raised for Zakat are donated to internationally recognised charities such as the International Red Cross and Red Crescent Movement or Muslim Aid. Each individual, Muslim or not, can participate in their daily activities of helping those in need. Ultimately, the other branches of Muslim Coins will also be called upon to take part in this redistributive aspect of the project.
Furthermore, Muslim Coins wishes to integrate companies that will use MUSC as a means of exchange, using a set of motivations intended to encourage the development of halal businesses, such as a system of cashback, partnerships, and a mobile app.
Thus, the crypto sphere solidifies its presence in the real economy.
It is no longer just a speculative asset but a real powerful economic tool that can and will be used by companies and individuals of the Umma and the rest of the world. As you may have noticed in one of our previous articles, the Muslim world is currently trying to catch up with the Western economy, and exchanges will continue to mount up between the Umma and other worldwide economic zones. Therefore, MUSC is coming just at the right time to serve as a safe and powerful interface for these present and future exchanges.
The MUSC cryptocurrency issued by the Muslim Coins team has great potential within the Muslim world as well as outside of it thanks to the concept of redistribution by Zakat and integration of cryptocurrency within the real economy on the international level. This project is part of a more global cryptocurrency adoption movement and is just the beginning of the story of the proliferation of the crypto economy as well as the Muslim Coins project!
Les propos et opinions exprimés dans cet article n'engagent que leur auteur, et ne doivent pas être considérés comme des conseils en investissement. Effectuez vos propres recherches avant toute décision d'investissement.
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