The Council for World Mission (CWM) and the World Communion of Reformed Churches (WCRC) jointly organised a “Consultation on the Theology of Money in the Age of Cryptocurrency” in Kuala Lumpur, Malaysia from 2-4 October.
Attended by 18 participants from the member churches of the two organisations, scholars from academia, and Islamic scholars on finance, the consultation offered a faith-based response to the rise of cryptocurrency in recent years.
A relatively new idea in the financial landscape, cryptocurrency has the potential to reshape wealth distribution, often through means that bypass traditional systems. This raises critical questions about justice, inclusivity, and the impact on the environment as the monetary system runs on digital platforms, increasing the carbon footprint.
The consultation brought Christian and Muslim communities into mutual dialogue over whether digital currencies align with values of fairness, stewardship, and community wellbeing.
Participants noted that, as blockchain innovations grow, the voices of the various faith communities play an integral role in guiding society in using these technologies responsibly, while at the same time addressing issues like economic inequality, speculative greed, and environmental harm.
“Cryptocurrency mining invites both innovation and caution. While digital currencies can open paths for financial inclusion, their environmental footprint challenges us to pursue technologies that respect and preserve creation. In balancing progress with responsibility, we are called to seek an economy that honours both human ingenuity and the sanctity of the earth,” explained Rev. Daimon Mkandawire, CWM Mission Secretary for Ecology and Economy.
The consultation also marked a key milestone in establishing the beginning of a broader interfaith conversation on money, ethics, and economic justice as faith communities seek to navigate the complex realities of the digital financial world.
A Joint Christian-Muslim Communiqué at the closing of the consultation calls for increased engagement from faith communities as they pursue more concrete and constructive public dialogue on the ethical dimensions of cryptocurrency, advocate for transparency in financial systems, and drive the focus on ecologically sustainable financial technologies. The communique also calls on faith communities to take into account creation care and promote life-flourishing ideals amongst the varied interest groups and stakeholders who may be tempted to engage in life-denying systems that exclude and marginalise in favour of wealth accumulation.
“In our world of multiple crises and deepening inequality, it is now more important than ever for people of faith to come together to consider how we respond theologically and practically. This consultation has enabled deep learning and reflection from diverse perspectives on the impact of money on people and the planet, including new forms of money such as cryptocurrency,” emphasised Sarah Edwards, Executive Director of Just Money (UK). “This is just the start of a conversation we intend to take to our churches, to bring a prophetic critique and a vision of hope to the profound challenges we face.”
Click here to read the full contents of the Joint Christian-Muslim Communiqué.