2025 Working paper by BNM on Syariah ontology of modern money, and relevance to CBDC
https://www.bnm.gov.my/documents/20124/826852/ahmad-et-al-2025-wp325.pdf
Here, BNM appears to take an EITHER-OR stance on the ontology of money :
- - either it's a COMMODITY, with intrinsic value,
- - or it's a DEBT INSTRUMENT, merely a double-entry item.
** THIS IS INCREDIBLY NAIVE **
In modern monetary use, each transaction is a CONTRACT between THREE parties.
- 1. The ISSUER of money, a.k.a. bank, controls its BASE SUPPLY
- 2 & 3. OTHERS who use money, are counterparty to 1, and needs 1. to be sane
I skimmed the paper, and may go back for a deeper read later.
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