The Ethereum Foundation is heading for the Middle Eastern countries in the hope …

Ethereum Foundation Takes Course in Middle Eastern Countries with Trillions of Investment Hope

Virgil Griffith, Ethereum Foundation Special Projects Manager reported, what him the organization starts cooperate with finance experts on Middle East, trying to show them that the second largest cryptocurrency operates in accordance with Islamic law, writes CoinDesk. This step is seen as an attempt to attract funding from local wealthy families..

“Perhaps nothing will work out. But let’s consider a hypothetical situation when which Saudi sovereign wealth funds invest a trillion dollars to Ethereum projects. It was would be great “- stated Griffith.

Finance expert Van Hafizi Halim said his company had prepared a document in which stated, that Ethereum smart contracts can comply with Islamic banking regulations. The work was carried out on behalf of the Ethereum Foundation.

The Ethereum Foundation is heading for the Middle Eastern countries in the hope ...

“We just provided guidance,” he said. – Any companies, willing attract funding in Muslim countries, may apply to Sharia scholars who will appreciate their projects for compliance. Having received the appropriate permission, they are can try to convince Muslim investors to accept participation”.

The Ethereum Foundation is heading for the Middle East in the hope ...

Trader of Saudi Arabia, on condition of anonymity, reported that local leaders interested in using Ethereum for “National projects that will help the economy”.

“Most developments on blockchain here it is done using Ethereum. People stay alert and until are engaged only testing, “he said.

Ethereum studio ConsenSys is also trying to establish relations with local authorities. According to source, the Saudi sovereign wealth fund PIF is in talks with company, but nothing is known about direct investments in Ethereum projects.