BiLira
Crypto Overview
Purpose and Utility
BiLira (TRYB) is a stablecoin cryptocurrency designed to maintain a 1:1 peg with the Turkish Lira (TRY). Launched in 2019, it aims to provide a bridge between traditional Turkish finance and blockchain technology, enabling Turkish Lira holders to participate in the digital economy while maintaining value stability relative to their local currency.
Business Model Analysis
The project operates on a fully collateralized model where each TRYB token is backed by an equivalent amount of Turkish Lira held in custodian bank accounts. The business model focuses on facilitating cross-border transactions and providing a stable digital representation of the Turkish Lira. This model aligns with Islamic principles as it involves real asset backing and transparent value exchange.
Real-World Adoption
BiLira has established partnerships with several Turkish banks and financial institutions. It is actively used on various cryptocurrency exchanges and has integration with multiple blockchain networks including Ethereum and Avalanche. The token serves its intended purpose as a Turkish Lira-pegged stablecoin, with verifiable on-chain transaction activity.
Platform Development
The project maintains active development with regular updates to its infrastructure and security measures. The team consistently works on expanding integration possibilities and improving the token's utility within the Turkish digital economy.
Token Distribution and Governance
The token supply is directly correlated to the amount of Turkish Lira held in reserve, with a transparent minting and burning mechanism. The project maintains public records of its reserves and undergoes regular audits to ensure proper collateralization.
Crypto Impact
To assign a comfort level investing in BiLira from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to BiLira.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.