Catholic churchgoers in the USA can now make a crypto donation towards their church’s efforts. But where does the Vatican stand on cryptos?
While most religions are thousands of years old and full of outdated nonsense, an Archdiocese (area that the archbishop is responsible for) has shown it is going for modernity when it comes to donations. It has embraced a new asset class by partnering up with Engiven, a crypto donation platform.
The Roman Catholic Archdiocese of Washington, D.C. will use funds raised to grow their ministries and increase their digital stewardship initiatives.
Catholic Crypto
Catholics across the world don’t have uniform views on the moral standpoint of using cryptocurrencies. Other religions, like Islam, have sanctioned the use of some crypto offerings like Islamic coin.
According to the National Catholic Register, the Vatican hasn’t made any comment on the use of crypto. “No sort of official moral assessment or guidance has been issued by any curial office.”
Some commentators say that early investors in cryptos have become ridiculously wealthy. And they did this without working for it. “Billionaires will exchange their artificial, value-inflated currency in exchange for real lands, goods and infrastructure in a poverty-ridden country.” And this, they say, is unjust.
Other Catholics think cryptocurrencies can actually solve a lot of problems for the poor. In Thank God for Bitcoin, author J.M. Bush, says the US’s fiat system “can effectively introduce new currency into the system at its own discretion, manipulating the value of currency and potentially distorting the relationship between the work people have done and the wealth they actually have. As several critics have pointed out, this kind of inflationary monetary policy has the greatest negative impact upon the lower classes, who tend to have more of their wealth tied up in cash, as opposed to more stable assets like land and capital.”
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