20180426VoaLeb: Cryptocurrency Traders Use Old Gold to ...

Original littleflute 漂泊者乐园 2021-10-05

美国之音(voa)慢速英语 30分钟

(1)Cryptocurrency Traders Use Old Gold to Interest Islamic Investors

(2)Facebook Makes Public its Full Content Guidelines

(3) The Making of a Nation( no script)

(1)Cryptocurrency Traders Use Old Gold to Interest Islamic Investors

Crypto Currency

Dubai is the top center for gold trade in the Middle East.

In Dubai’s old gold market, buyers from around the world argue over prices for jewelry. But in other parts of the United Arab Emirates (UAE), the metal is becoming important in financial engineering.

A local start-up company is offering a gold-backed cryptocurrency. The company, called OneGram, opened last year. Its offer is part of efforts to persuade Muslims that cryptocurrency investments are acceptable under Islamic law.

The worldwide interest in bitcoin and other cryptocurrencies has moved into the Gulf and Southeast Asia, the main centers of Islamic finance. But many Muslims are uneasy with such investments because they are products of financial engineering and objects of risk.

Islamic teachings ban interest payments. These teachings note the importance of real economic activity based on physical possessions, but disapprove of monetary speculation. That has led to a debate among Islamic experts over whether cryptocurrencies are religiously permissible.

Cryptocurrency companies are seeking ways to influence the debate. They have released products based on physical objects, such as gold, that are recognized by Islamic advisors.

OneGram says each one of its cryptocurrency units is backed by at least a gram of physical gold stored in a safe place. The idea is to limit speculation.

“Gold was among the first forms of money in Islamic societies.” said Ibrahim Mohammed, the Briton who founded the company with other investors last year.

To date, tens of millions of dollars worth of the currency have been offered for sale. About 60 percent of the planned number of coins remains to be sold; OneGram hopes to issue them all before listing them on financial exchanges around the end of May.

OneGram received a ruling that its cryptocurrency is acceptable under Islamic teachings from Dubai-based Al Maali Consulting.

It is one of many businesses that offer their opinion on whether financial products meet Islamic teachings.

In Malaysia, HelloGold offered its first gold-backed cryptocurrency in October, after receiving approval from Islamic experts at Kuala Lumpur-based Amanie Advisors.

Manuel Ho, HelloGold’s chief marketing officer, said its coin was Islamic as buying and selling takes place within a defined period, making the currency less speculative.

Sharia committees

Only about 20 to 30 percent of banking in the Gulf and Southeast Asia follows Islamic teachings. Many Muslims use more traditional finance if it offers higher rates of return or ease.

But the issue of religious permissibility is important and could decide whether Islamic banks and financial businesses use cryptocurrencies.

“One of the biggest difficulties is that there is so much to talk about (cryptocurrencies),” said Ziyaad Mahomed of HSBC Amanah in Malaysia. Mahomed chairs a committee that oversees Islamic financing. He added that no one knows the future of cryptocurrencies.

In other countries, Islamic experts have yet to rule on whether cryptocurrencies are permissible. Several international groups have suggested rules for Islamic finance, but none has the power to fully enforce them. Many governments are worried about the possibility of market instability, but are unwilling to lose the chance of profiting from the new technology.

The Saudi Arabian and UAE central banks warned their citizens about the risks of trading bitcoin, but have not banned them.

That leaves Islamic investors to choose between sometimes conflicting judgments by experts at advisory services and at universities.

One of the earliest rulings came in 2014, when California-based professor Monzer Kahf, a writer of Islamic finance books, called bitcoin an acceptable form of exchange.

Since then, Islamic experts in South Africa have ruled in support of cryptocurrencies. Those experts argue they have become socially acceptable and commonly used, said Mahomed.

Complexities

Another problem is that many Islamic experts find it difficult to understand the complexities of digital currencies, said Harris Irfan, managing director of Cordoba Capital in London. He says investors should be careful when listening to the experts because that part of Islamic law is very complex.

Mahomed said there has been some level of agreement that cryptocurrencies are a form of wealth – a move toward acceptance.

But experts have yet to rule on whether cryptocurrencies are, in fact, a form of wealth. This is important for Islamic tax payments, called zakat, and for passing down wealth from one generation to the next.

I'm Susan Shand.

This story was reported by Reuters. It was adapted for VOA by Susan Shand and edited by George Grow.

______________________________________________________________

Words in This Story

cryptocurrency – n. a money that only exists electronically

speculation – n. ideas or beliefs about something that is not known

unit – n. a form of measurement; a single thing, person or group that is part of something larger

coin – n. a small, usually flat piece of metal used as money

instability – n. the state of being likely to change

digital – adj. of or related to computer technology

（2）Facebook Makes Public its Full Content Guidelines

FILE - A picture illustration shows a Facebook logo reflected in a person's eye.

Facebook published detailed guidelines Tuesday for what users can and cannot post on the social media service.

Earlier this month, lawmakers called on Facebook chief Mark Zuckerberg to appear in Congress. They demanded that his company take more steps to protect the privacy of its users. Some even raised the possibility of regulating the social media service.

Most of the newly-announced guidelines - which Facebook calls “Community Standards” – have already been in place. But it is the first time Facebook has publicly shared complete and detailed information about all its restrictions on user content.

About 7,600 Facebook moderators use the guidelines in examining Facebook content. The employees work in 40 languages. Facebook says its goal is to answer every report of possible content violation within 24 hours. Facebook removes material that violates the rules.

In some cases, Facebook employees also contact police or other officials to investigate dangerous situations or possible crimes.

The guidelines for posting content cover many areas. These include hate speech, violent threats or incitement of violence, self-harm and human trafficking.

Employees of the Competence Call Center (CCC) work for the Facebook Community Operations Team in Essen, Germany, Thursday, Nov. 23, 2017. (AP Photo/Martin Meissner)

Monika Bickert is Head of Global Policy Management at Facebook. She told reporters that the company felt it was important to be more open about its operations and totally clear about its user rules.

“You should, when you come to Facebook, understand where we draw these lines and what’s OK and what’s not OK,” Bickert said. She added that the guidelines themselves are always being reexamined and the latest changes are sent to employees weekly.

The guidelines demonstrate how complex and difficult decisions on restricting content can be. For example, Bickert said there are “community standards” that differ widely in nations across the world.

Another complex issue is how moderators decide how and when expressions of ideas and opinions violate policy.

For example, the Facebook guidelines permit a user to share another person’s hate speech. But only if it is done “for the purpose of raising awareness or educating others.” Users sharing such content must clearly show such purpose or moderators will remove the content.

Facebook says comments concerning violence must also be carefully examined in an effort to prevent real threats. The guidelines say that many times, people express their disagreement by threatening or calling for violence in “non-serious ways.”

The moderators have to consider “the language, context and details” of posts in order to separate non-serious statements from threatening statements. Facebook says moderators call law enforcement when they believe there is a real risk of physical harm.

In addition to human moderators, Facebook also uses artificial intelligence or AI in an effort to find content violations. Facebook says the machines can help identify some pieces of banned material. But it says they are not equipped to judge the history and context related to it. It is also difficult for AI to correctly identify humor as well as a human can.

Facebook also announced that people will now be permitted to appeal decisions about the removal of individual photos, videos or posts. Until now, appeals could be launched only over the removal of whole accounts, groups or pages. The service is also beginning to provide exact reasons for content removal action.

One of Facebook's new privacy settings will ask users whether they want to block certain features, such as facial recognition, targeted advertising or personal information. (Facebook)

The new guideline information was released one week after Facebook announced a major change to its privacy settings. The change makes it easier for people to approve or deny the company permission to use different kinds of user data.

“Everyone – no matter where they live – will be asked to review important information about how Facebook uses data and make choices about their privacy on Facebook,” the company said in a post on its website.

Users now will be asked directly whether they want Facebook to block facial recognition, some kinds of targeted advertising or personal information. The European Union forced the enactment of those changes. Facebook said its new privacy protections went into effect in Europe last week, but will be extended to users worldwide in the future.

I’m Bryan Lynn.

Bryan Lynn wrote this story for VOA Learning English, based on information from Facebook and reports from the Associated Press and Reuters. Caty Weaver was the editor.

We want to hear from you. Write to us in the Comments section, and visit our Facebook page.