Stellar becomes the first crypto project with Sharia certification, XLM/USD jumps above $0.27

Stellar (XLM) is the 7th largest coin with a total market value $4.9B and average daily trading volume about $64 million. XLM/USD gained nearly 12% on a daily basis amid global cryptocurrency market recovery. The coin spiked to $0.2750 during early Asian hours before settling down at $0.2720 by the time of writing. Stellar coin is in strong bullish trend, growing for the six consecutive days. It has cleared both 200 and 50-DMAs and now moving towards the nest hurdle at $0.2850 (100-DMA).

The Stellar foundation announced that its blockchain is now certified by the Central Bank of Bahrain. The company obtained formal Sharia Certification, and became the first crypto project compliant with Islam regulatory requirements, according to the official press-release.   This development should promote the cryptocurrency adoption among banking institutions and payment processors in the Middle East.

"Stellar is the first distributed ledger protocol to receive Sharia compliance certification in the money transfer and asset tokenization space. Additionally, the Sharia compliance certification extends to applications and usages of lumens (XLM)."

Stellar Foundation hopes that this certification will stimulate Stellar ecosystem growth in the regions where financial institutions shall comply with Islamic laws. They will be more willing to adopt Stellar technology. 

"In the next few months, members of the Stellar Development Foundation will meet with global financial institutions and engage them on how to best utilize Stellar in their Sharia-compliant financial services and products. We’re excited to add even greater diversity and inclusion into the Stellar ecosystem," the press-release says.

XLM/USD, the daily chart