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Organic global cryptocurrency:towards a stable international monetary system that is closer to Maqasid Sharıʿah

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Purpose – The most prominent and persistent problems of our global monetary system are instability and imbalances. We propose an international monetary model to solve these problems while at the same time move the model closer to Maqasid Sharıʿah (objectives of Sharıʿah). We name this an organic global monetary model or abbreviated as OGM. OGM is an international monetary model directly built on the national monetary system of each member country so that the two can co-exist. Design/methodology/approach – Model design, theory and literature. Findings – The model can eliminate interest rates at the central bank level, create non-tradable international money, and make a more stable international monetary system.Originality/value – Original.

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  • Rahman, Abdurrahman Arum, 2020. "Organic global cryptocurrency:towards a stable international monetary system that is closer to Maqasid Sharıʿah," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 28, pages 63-82.
    • Handle: RePEc:ris:isecst:0190
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    More about this item

    Keywords

    Global currency; Zero interest rate; Non-tradable money;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General

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