A new Sharia compliant, gold- backed cryptocurrency has been announced and is set to launch in the Middle East and offered to investors by this year. The Golden M Group will launch Coin M, a digital gold based coin by the end of 2019. Investors can start investing for as low as $100, making Coin M available for a variety of investors. As opposed to many of the digital currencies, Coin M will be backed by a tangible asset which therefore offers more stability as it is less subject to the price volatility of other cryptocurrencies. Sales of cryptocurrencies in the UAE have soared significantly and according to CoinSchedule, UAE has become one of the world’s capitals for sales of digital coins.