Malaysia's potential revolution: embracing gold-backed cryptocurrency into international net settlement via blockchain could transform economic and financial resilience

Mushaddik, Irma Naddiya and Jalal Nore, Abdul Wahed (2023) Malaysia's potential revolution: embracing gold-backed cryptocurrency into international net settlement via blockchain could transform economic and financial resilience. Journal of Islam in Asia, 20 (3). pp. 337-382. ISSN 1823-0970 E-ISSN 2289-8077

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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 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.

Item Type:	Article (Journal)
Uncontrolled Keywords:	Gold, Gold Standard, Cryptocurrency, International Net Settlement, Blockchain, Financial Sustainability.
Subjects:	BPH Islamic Economics
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Islamic Revealed Knowledge and Human Sciences > Department of Fundamental and Inter-Disciplinary Studies (Effective: 5th Feb 2014) Kulliyyah of Islamic Revealed Knowledge and Human Sciences
Depositing User:	Abdulwahed Jalal Nori
Date Deposited:	09 Jan 2024 09:01
Last Modified:	09 Jan 2024 09:01
URI:	http://irep.iium.edu.my/id/eprint/109789

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