In the face of widening inequality and a rapidly evolving economic landscape, faith leaders, theologians, and economists from around the world convened in Kuala Lumpur from October 2-4, 2024, for a groundbreaking consultation hosted by the World Communion of Reformed Churches (WCRC) and the Council for World Mission (CWM).
Participants explored the deep intersections between money, faith, and economic justice, particularly in the context of digital financial technologies and their impact on communities and creation. The discussions centered on wealth, greed, inequality, and the broader ethical implications of decentralized financial systems such as cryptocurrency.
The three-day event brought together voices from diverse faith traditions, offering a unique opportunity to engage in theological reflection on some of the most pressing economic challenges facing the world today. Conversations focused on how money—whether in traditional forms or emerging digital currencies—affects both people’s lives and the planet.
“In our world of multiple crises and deepening inequality, it is more important than ever for people of faith to come together to consider how we respond theologically and practically. This consultation has enabled deep learning and reflection from diverse perspectives on the impact of money on people and the planet, including new forms of money such as cryptocurrency. This is just the start of a conversation we intend to take to our churches, to bring a prophetic critique and a vision of hope to the profound challenges we face,” emphasized Sarah Edwards, Executive Director of Just Money (UK).
One of the central issues discussed was how decentralized finance, while offering potential economic freedom and access to the marginalized, can also perpetuate wealth inequalities. The need for transparent and equitable financial systems was a key theme throughout the consultation.
Sudipta Singh, Deputy General Secretary of CWM, highlighted the theological dimensions of economic activity: “Economic activity is a question of faith, and therefore, economic justice is an important theological issue. In this present context of deep inequality and injustice, it is pertinent for us to reflect on new forms of money and their implications for a theology of life for all,” said Singh.
The consultation explored the changing role of money, particularly focusing on the rise of cryptocurrency. Yusuf Jha, a Specialist in Religious Sciences at the UAE Council for Fatwa, added:
“The consultation provided a forum for the meeting of minds and hearts, with the common resolution that the challenging times we live in require all the more from us to draw from the wellspring of our traditions, providing a faith-based stewardship that revitalizes money to serve as a means of connection rather than separation, justice rather than oppression, and a means toward light instead of opaque darkness.”
Another focal point of the discussion was the environmental impact of cryptocurrency, particularly its energy-intensive mining processes. Philip Vinod Peacock, Executive Secretary of the WCRC, warned against the fetishization of money, stating: “We live with the illusion that money can bring happiness and fulfillment. In our world today, money has come to be viewed as having a divine aura. This consultation reminds us that economic systems must serve the common good and protect the vulnerable.”
The consultation concluded with a Joint Christian-Muslim Communiqué, calling for faith communities to engage in public dialogue on the ethical dimensions of cryptocurrency, advocate for transparency in financial systems, and promote ecologically sustainable financial technologies.
This consultation marks the beginning of a broader interfaith conversation on money, ethics, and economic justice as faith communities seek to navigate the complex realities of the digital financial world.
Download the Statement: A Joint Christian-Muslim Communique on Money and Cryptocurrency in the
Contemporary World