Saudi Arabia and UAE announced a cryptocurrency project last month. This is part of a seven-point cooperation plan. This project is experimental for now aimed at banks. What does this mean economically, politically, and religiously?
During the 2017 Bull Run, there was much debate about if crypto was Halal or Sharia-Compliant. Does this mean that crypto is halal?
What does this mean for oil? Saudi Arabia and UAE are two of the largest oil producers in the world. Currently, the oil is denominated in USD. Could this mean that oil could be denominated in crypto in the future?
This development is not the only attack on dollar-denominated futures, however. Last year China introduced Yuan-Denominated oil futures. China is the world’s largest economy and the largest importer of oil in the world. In less than a year, yuan-denominated oil futures accounted for 6% of the oil futures market.
The US dollar derives much of its strength from being the worlds reserve currency as well as the benchmark pricing mechanism for most commodities. Given the fact that oil is the most critical commodity in the world, these two projects can be considered threats to the dollar’s status.
Articles mentioned in this episode
This podcast is brought to by....… Coin Gamma. If you are looking for help with your blockchain strategy, need blockchain engineering help to create a dapp, or want help growth hacking your blockchain related business, get in touch: email@example.com