MAG Lifestyle Development will encourage purchases in OneGram.
UAE property developer MAG Lifestyle Development will start accepting OneGram, a Sharia-compliant cryptocurrency backed by gold, as payment for its properties in 2018.
MAG Lifestyle Development, which is part of UAE-based conglomerate Moafaq Al Gaddah Group, said that buyers who opt to use the cryptocurrency, which is due to launch in June 2018, will receive a 5% discount on the property they are purchasing.
“Investors will purchase OneGram to the value of the property and receive a 5% discount on the property price as a result. OneGram will then remit to MAG according to the payment plan, which is 35% over six to nine months and 65% on completion at the end of 2019,” MAG Lifestyle Development explained.
Each OneGram coin is backed by a gram of gold, a measure that is intended to ensure the currency remains fully capitalised and stable. In compliance with Islamic Sharia law, the digital currency is also zero interest, profit-loss sharing and “non-speculative” as it is pegged to gold.
Mohammed Ibraheem Khan, co-founder of OneGram, said: “This is a mega announcement as it is our first real-world application for OneGram.”
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