Abstract
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 an era 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.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
