Celo Brazilian Real
Crypto Overview
Overview
Celo Brazilian Real (cREAL) is a stablecoin on the Celo blockchain platform that's pegged to the Brazilian Real (BRL). It's designed to provide a stable, digital representation of Brazil's national currency.
Purpose and Utility
The primary purpose of cREAL is to serve as a stable medium of exchange and store of value for Brazilian users, particularly enabling easier cross-border transactions and access to decentralized finance services. It aims to provide financial inclusion for Brazilian citizens while maintaining price stability relative to their local currency.
Business Model
cREAL operates on the Celo platform, which uses a proof-of-stake consensus mechanism. The stablecoin is collateralized by a basket of cryptocurrencies, including CELO, BTC, and ETH, managed through smart contracts. This model aligns with Islamic principles as it involves real asset backing and transparent operations.
Real-World Adoption
The token has gained traction in Brazil's crypto ecosystem, being used for remittances, payments, and as a gateway to DeFi services. Several Brazilian businesses and payment processors have integrated cREAL into their operations.
Platform Development
The Celo platform maintains active development, with regular updates and improvements to the protocol. The team consistently works on expanding the ecosystem and improving the stability mechanism of their stablecoins.
Token Distribution
cREAL is minted based on demand and backed by collateral, rather than having a fixed supply distribution. This model helps maintain its peg to the Brazilian Real while ensuring transparency in the minting process.
Crypto Impact
To assign a comfort level investing in Celo Brazilian Real 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 Celo Brazilian Real.
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.