"Blockchain proves ownership of the asset - it proves you actually
have the money you're sending in a transaction. Conventional banking
literally loans money into existence, and that is completely
incompatible with the Shariah principles of money" said Blossom CEO
Matthew J. Martin, referring to the Shariah rules of money that
require all money to be exchanged "hand to hand" and never on a
fractional reserve basis, as is the norm in the conventional
(non-Islamic) global banking system.
"Blockchain gives you mathematical proof of ownership and that's
overall much more in line with the spirit of Islamic finance than
any digital fiat money."
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