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Are Islamic Gold-Backed Cryptocurrencies Bridging Digital and Traditional assets in OIC Emerging Markets?

Joana Vevila Rahardjo et al.

Organizations and Markets in Emerging Economies2025https://doi.org/10.15388/omee.2025.16.13article
AJG 1
Weight
0.50

What the paper says

This research explores the financial role of Hello Gold (HGT) and X8X Token (X8X) as Islamic gold-backed cryptocurrencies to bridge digital (Bitcoin, Ethereum, UCRY Price, UCRY Policy, and ICEA) and traditional (conventional stock indexes, government bonds, foreign exchange, and Islamic stock indexes) assets. Quantile via moment by Machado and Santos Silva (2019) was utilized as the main methodology, followed by a feasible generalized least square (FGLS) and a difference generalized method of moment (Diff-GMM) as robustness testing. The research term spanned from August 6, 2018 until June 30, 2023 within five emerging countries in the Organization of Islamic Cooperation (OIC) including Nigeria, Turkey, Indonesia, Malaysia, and Pakistan. It was found that Hello Gold and X8X Token primarily bridge the function as strong diversifiers, particularly for Bitcoin and Ethereum. However, Hello Gold performs strongly as a safe haven for Islamic stock indexes in bearish conditions and as a strong diversifier during high cryptocurrency price uncertainty.

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https://doi.org/https://doi.org/10.15388/omee.2025.16.13

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@article{joana2025,
  title        = {{Are Islamic Gold-Backed Cryptocurrencies Bridging Digital and Traditional assets in OIC Emerging Markets?}},
  author       = {Joana Vevila Rahardjo et al.},
  journal      = {Organizations and Markets in Emerging Economies},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.15388/omee.2025.16.13},
}

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Are Islamic Gold-Backed Cryptocurrencies Bridging Digital and Traditional assets in OIC Emerging Markets?

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.