Global interest in CBDCs has steadily increased in recent times. Recent reports suggest that as many as 100-plus countries, are currently exploring a CBDC, up…
“Do they distribute the mercy of your Lord? It is We who have apportioned among them their livelihood in the life of this world and have raised some of them above others in degrees [of rank] that they may make use of one another for service. But the mercy of your Lord is better than whatever they accumulate.” (al-Quran, 43:32)Accordingly, we see that before the advent of money, as it came to be over time, a barter system of exchange was used. In such a system, people could just trade back and forth ‘in kind’, because they all had similar possessions and aligned needs due to their circumstances… ….So by way of example, if a person had more berries than required, and a fellow citizen happened to have more chickens, they would make a transaction between these two ‘counter-values’. Ultimately, both would eat what was desired on that day. This was known as the BARTER trade system… Now, given that our preferred exchange-based practices are naturally linked to our norms, it is important to note that a barter system for trade thrived in its time for two important reasons:
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