According to Joerg Hansen, CEO of Caiz Development, “within 2018 and 2019. We received the concept of establishing a currency that can be utilized in the Islamic nations with all its constraints. Including no interest, recognizing your counterparties, no secrecy, or speculating.”
Joerg Hansen: Caiz Will Comply With Islamic Laws
Before deciding how to design Caiz, we asked certain Islamic experts whether doing so would be acceptable. Of course, we made every effort to ensure that Caiz complies with Islamic law, but our goal was always to provide a platform that anybody could utilize.
According to a survey released this month by blockchain analytics platform Chainalysis. The Mena area is the quickest crypto market globally, accounting for over 9.2 percent of worldwide virtual trading activity from Mid-2021 to July 2022.
Strategy & Consulting estimates that 22% of people in the GCC do not have bank accounts. At the same time, this figure is 50% in North Africa.
Based on the Arab Economic Forum, 79% of young people in the Mena area do not have bank accounts. 72% of the region’s lowest residents might gain from financial intermediation.
One of the major difficulties for immigrant populations throughout the globe. And particularly in the Islamic culture, it was pinpointed by the FinTech firm as remittance payments.
Caizcoin’s “strongest use cases” are not even in America or Europe since everyone already has a bank. Instead, “underbanked” and “unbanked” people in emerging nations with lesser economic service coverage, as Mr. Hansen put it.
Users of digital currencies often trade on decentralized exchanges. Whereby they face the dangers and uncertainties of dealing with unfamiliar counterparties.
To counteract this, Caizcoin will function inside a system with built-in safeguards for all users’ wallets. In addition, Mr. Hansen said that only verified individuals would be allowed access to the system.
Caizcoin’s “know your customer” policy forbids the cryptocurrency from working with companies involved in activities that Muslims consider sinful. Such as those involved with narcotics, gambling, and explicit material.
In addition to constructing the asset on a bespoke blockchain. The firm maintains a promotional firm in the UAE.
For instance, we are not creating our currency on Ethereum’s infrastructure. Mr. Hansen explained that they “forked” the underlying technical Stellar system so that they could start from scratch.
In addition to supporting philanthropic endeavors, Caizcoin’s creators will actively pursue their own. For example, the Euro artwork in Frankfurt, Germany, was recently funded by Caiz Development.
Additionally, the FinTech firm intends to establish youth football academies in Malaysia, Singapore, and Indonesia.
In the first three months of 2023, Caiz Development plans to implement its network and application programming environment. In addition, to link it with financial services companies, banks, and online payments.
Mr. Hansen said, “we will launch a Caiz purse and an application so that consumers may connect to the network without a financial institution. And only via their mobile phone.”
Caizcoin In The Midst Of a Funding Drive
“While we have conducted private sales, we want to commence trading on various exchanges. To broaden the fund-raising for future currency growth,” Mr. Hansen added.
We plan to migrate to the Stellar network in early 2023. However, for the time being, this will remain on the Ethereum network.
You might put your coins there if you purchased Caiz during the pre-sale. Mr. Hansen has said that exchange access would be made available aftermarket circumstances have stabilized.
He indicated that the business would reach out to one or two major stock markets this year and next. The company is also working with an exchange to provide a Sharia replacement to stakes in the coming months.
Staking is a method of earning interest on crypto investments while they are held in a “cold wallet,” and their value rises. Investing in staked coins is like putting funds in a savings account or a bond, which may provide a return on your principal.