The Null Device

Posts matching tags 'e-currency'

2003/1/26

An interesting WIRED article about E-Gold, an anonymous, gold-based online payment system which can be used to buy everything from EFF memberships to ammunition to cheap books and flag-burning kits (not to mention shares in pyramid schemes and online gambling). It has a related denomination called the E-Dinar, based on an Islamic gold standard defined in the Koran, and for all the anarcho-libertarian kudos it gets, it owes its existence to a radical Islamic sufi sect sworn to the cause of eliminating the evil of paper currency and destroying capitalism:

E-dinar's British COO, Yahya Cattanach, and his family share a communal condo with Castiñeira in the comfortable Jumeirah district of Dubai. The company's Spanish president, Umar Ibrahim Vadillo, is also the president of the Islamic Mint. And finally, uniting all three men - as well as e-dinar's Swiss CEO, Malaysian CFO, and German CTO - is one crucial biographical datum: All are high-placed members of the Murabitun movement, a modern, Western offshoot of Sufi Islam and possibly the only religious sect in history whose defining article of faith is a financial theory.

A global gold-backed Islamic currency may not be so far-fetched. Malaysian prime minister Mahathir Mohammad (best known for berating Australia for its racist commitment to pluralism and intolerance of "Asian values" and such, and denouncing currency trading as a Jewish plot to destroy the economies of Muslim nations) has proposed a global "Islamic trading block" based around the gold-backed "Islamic dinar", which would instantly make E-Gold the currency of a big chunk of the world.

Meanwhile, the Anti-Defamation League, the pressure group best known for releasing a list of "hate symbols" including the "peace" and "anarchy" symbols and the Wiccan five-pointed star, has warned that E-Gold is a terrorist tool; then again, aren't open 802.11 access points and MP3 sharing networks also a terrorist tool? Is anything not a terrorist tool these days? (via vigilant.tv)

e-currency e-gold economics fringe islam mahathir mohamad paranoia sufi terrorism the long siege 3

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