With cryptocurrencies gaining massive ground, leading to increased murmurs of an impending end to fiat money, the majority of the Catholic faithful still remain undecided regarding the adoption of digital tokens. Although many are becoming more aware of the possibilities that exist with crypto, the concerns regarding the ethics of its use still loom large, with fears that its adverse social consequences may outweigh its benefits. Despite this, there has been a scarcity of statements from religious leaders on the subject. This has led to the persistence of the questions regarding the right approach of the church to cryptocurrencies.
Fiat Currency as Injustice for Lower Class
One school of thought argues that fiat currency enforces injustice for the lower class, who do not get paid their worth and views crypto as an escape from an oppressive governmental monetary policy. The proponents of this ideology are enamoured by the decentralized nature of Bitcoin and the freedom that it would bring, especially to members of the faith at the lower rungs of the societal ladder. Asides from this, a switch to cryptocurrency, in their opinion, also ensures that prominent religious voices retain their autonomy in an age where they are subject to severe vilification.
Crypto as Rebellion Against Constituted Authority and Institutions
There are others who view accepting cryptocurrency as a rebellion against constituted authority and established institutions. These individuals believe that the cryptocurrency wave is still largely exploitative, citing examples of pump and dump schemes that have become relatively commonplace in recent times. They argue that although decentralized tokens promise freedom from government monopoly, they are still subject to manipulation by high-net-worth individuals and others with unhealthy motives. They also express worry about an approach to wealth that appears to them to be purely speculative, a state which they describe as usurious.
Can Crypto Become the Stable Catholic Currency?
At the moment, however, both parties would agree with the statement of Pope John Paul II, who argued for the need for a currency that provides stability. This means that the church is neither pro- nor anti-crypto but seeks a payment method that promotes moral uprightness through social justice and equity. Can crypto become the ideal stable Catholic currency? That’s impossible to predict. However, the potential is there for cryptocurrencies to either become the new official currency of the Catholic Church or for it to at least curb the government’s unfair financial policies, leading to an improved society for all, an outcome the church would be more than happy with.