Crypto On LYO: The Blend — LYOPAY Pro to Launch on April 24, World’s First Islamic Digital Coin to Launch in May, US Congress to Introduce New Draft Bill for Stablecoins

What happened in the crypto world in the last week? Let’s see some interesting news together!

LYOPAY to Launch LYOPAY Pro on April 24

LYOPAY is thrilled to announce the launch of LYOPAY Pro, a payment application that enables users to transact with both cryptocurrencies and fiat money across 150 countries, on April 24, 2023.

The primary goal of LYOPAY Pro is to create a crypto-friendly app that integrates fiat currencies, extending its reach beyond Europe and making it available to multiple countries worldwide.

LYOPAY Pro is designed to enhance financial services for individuals and promote global economic prosperity through financial inclusion. Its main objective is to increase financial freedom worldwide by providing easy, fast, and flexible access to both fiat and digital currencies.

The innovative payment application is built to evolve financial systems that encourage the adoption of cryptocurrency by enabling users to buy, sell, and transfer crypto while using digital currency in their daily lives.

The app supports multiple fiat and crypto currencies, as well as a payment card that incorporates the user’s preferred fiat currency along with crypto. This enables seamless adoption of crypto payments within the mainstream preference of fiat payments, transcending borders and spanning the geographies the user may originate from or travel to.

To learn more about LYOPAY Pro, visit https://docs.lyopay.pro/

World’s First Sharia Compliant Cryptocurrency Islamic Coin to Launch Next Month

According to Arabian Business, one of the co-founders of Islamic Coin recently announced that the world’s first Sharia compliant cryptocurrency will be launched to the public next month. Islamic Coin, which is currently only available for private sales, operates on the Haqq Blockchain – a network that adheres to Islamic principles and is compatible with various global applications.

Haqq Blockchain, which means “truth” in Arabic, strictly follows Islamic principles and traditions in finance. Islamic Coin is its native cryptocurrency and has been gaining support from venture capitals and financial institutions during its private sales mode.

The currency’s compliance with Islamic principles is ensured by a Sharia board comprising the “top five” experts in the region, representing 40 banks, including Standard Chartered, Abu Dhabi Islamic Bank, and Dubai Islamic Bank.

Mohammed AlKaff AlHashmi, the co-founder, stated that the support from these institutions would build trust and confidence in the cryptocurrency before its public release. He also noted that Islamic Coin is targeting non-crypto users and promised that the project would have a “very big future.”

Although AlHashmi did not specify a date, he confirmed that the coin would launch in May.

US Congress To Introduce New Draft Bill for Stablecoins

The United States House of Representatives recently published a draft bill that establishes a framework for stablecoins, just before a scheduled hearing on the topic on April 19. The bill proposes that the Federal Reserve would be responsible for overseeing non-bank stablecoin issuers, including Tether and Circle, who issue stablecoins like USDT and USDC.

Stablecoins are a type of cryptocurrency that aims to provide price stability by being backed by specific assets or using algorithms to adjust their supply according to demand. BitUSD introduced stablecoins in 2014.

As per the document, insured depository institutions that wish to issue stablecoins would be supervised by the appropriate federal banking agency. Meanwhile, non-bank institutions would be subject to the Federal Reserve’s oversight. Failure to register could result in a $1 million fine and up to five years in prison. Foreign issuers would also have to register to operate in the United States.

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