Malaysia's potential revolution: embracing gold-backed cryptocurrency into international net settlement via blockchain could transform economic and financial resilience
This research delves into the potential of a gold-backed cryptocurrency as a strategic instrument for international net settlement, leveraging blockchain technology, and assesses its global economic implications. Through a comprehensive evaluation of the efficiencies derived from integrating a g...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
International Islamic University Malaysia
2023
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/109789/7/109789_Malaysia%27s%20potential%20revolution%20embracing%20gold-backed.pdf http://irep.iium.edu.my/109789/ https://journals.iium.edu.my/jiasia/index.php/jia/article/view/1188 https://doi.org/10.31436/jia.v20i3.1188 |
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| Institution: | Universiti Islam Antarabangsa Malaysia |
| Language: | English |
| Summary: | This research delves into the potential of a gold-backed
cryptocurrency as a strategic instrument for international net
settlement, leveraging blockchain technology, and assesses its global
economic implications. Through a comprehensive evaluation of the
efficiencies derived from integrating a gold-backed cryptocurrency, this
study critically examines the prevailing use of fiat currency in
international net settlement, laying the groundwork for fortified
financial resilience within Malaysia's Islamic finance framework. To fulfil
the study's overarching objective, a qualitative research methodology
was meticulously applied, encompassing content analysis alongside
insightful semi-structured interviews. The argument put forth
underscores that a cryptocurrency backed by gold represents a superior alternative to fiat currencies in facilitating international net settlement
through the robust medium of blockchain technology, ushering in characterized by compatibility and enhanced efficiency. Furthermore,
this article posits that the revolutionary potential of blockchain will
permeate Malaysia's Islamic financial system, aligning with Islamic
finance principles and accelerating international net settlement. This
integration is poised to usher in an unprecedented era of growth,
efficiency, and innovation while adhering to Islamic financial ethics. |
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