Digital Currency and Mammon: Navigating the Moral Compass of Finance

Digital currency and Mammon are an unlikely pair. Still, they have an interesting story to tell about money and its biblical connection. As governments think about swapping physical cash for digital money, there's a tale of both connection and caution. Before we jump into changing how we handle money, it's crucial to look carefully at the possible problems that come with digital currency and Mammon joining forces. For the moment, let's say that Mammon and money are synonymous. But as you will learn today, Mammon is more than currency. This article shines a light on those issues and reminds us to be careful. We're turning to an old but wise friend—the Christian Bible- to guide us through this tricky path. Even if you're not into Christianity, the teachings of Jesus have some valuable lessons here. He warned about the destructive influence of wealth, calling it Mammon. His words are still relevant today, especially when we think about how digital money might impact what we value and what we believe is right.

The Origins and Significance of Mammon

The term "Mammon" is thought to originate from Aramaic. Jesus probably spoke Aramaic, which was a widespread language in Judea during his time. Jesus' disciples wrote much about his life and influence in books of the Christian Bible called the New Testament. In the Book of Matthew, chapter 6, verse 24, the word "Mammon" was transliterated from Aramaic rather than translated into Greek. The use of the term "Mammon" in the Book of Matthew suggests that it had a specific meaning beyond a generic concept. The scribe who wrote or translated the Book of Matthew chose to keep the original term, indicating its importance.?

The term "Mammon has unique significance. In the context of Jesus' teachings, "Mammon" is often interpreted as representing wealth, material possessions, or the pursuit of worldly gain. It is personified as a force that opposes God's values. The danger of Mammon is that it separates man from God. If man allows Mammon to overwhelm him, he has substituted Mammon for God. Instituting a digital dollar enables the government to give Mammon control over man and further separate him from God. Here is the logic.??

The Duality of Jesus' Teaching

Two statements made by Jesus have left scholars and believers needing clarification regarding money. One of these statements is in The Book of Matthew 6:24, where Jesus declares, "You cannot serve God and Mammon."?

The more profound mystery lies in understanding why Jesus suggests that one cannot devote oneself to God and wealth in the same way as serving God and Caesar. To solve this problem, we can look at what Jesus said in response to the Pharisees or teachers of the law who tried to trap him with their words. In his second statement, Jesus gave a clue to resolving this dilemma.,?

"Tell us, then, what you think. Is it lawful to pay taxes to Caesar, or not?' But Jesus, aware of their malice, said, 'Why put me to the test, you hypocrites? Show me the coin for the tax.' And they brought him a denarius. And Jesus said to them, 'Whose likeness and inscription is this?' They said, 'Caesar's.' Then he said to them, 'Therefore render to Caesar the things that are Caesar's, and to God the things that are God's.' When they heard it, they marveled. And they left him and went away (Bible, 2001, Matthew 22:17-22)."

Money's unique power distinguishes it from even the most powerful rulers in history, such as Caesar. This power has become the driving force behind societies. As governments have grown, so has the power of money. Therein lies the connection to today's governments.

The Nuanced Approach: Serving Caesar and God

In the epoch of Jesus, the figure of Caesar loomed large over the Roman Empire. The empire's subjects grappled with the ethical problem of paying taxes to this pagan sovereign. Jesus, in his wisdom, advised his followers to "Render to Caesar the things that are Caesar's, and to God the things that are God's" (Bible, 2001, Matthew 22:21). He advocated for a nuanced approach, acknowledging the authority of Caesar and the distinct reverence owed to God. This teaching suggests that while we must differentiate our service to the earthly realm from our devotion to the divine, it is possible to navigate both realms. We'll make that connection to digital currency in a moment.

The Divergence: Serving God and Mammon

However, when it comes to money, Jesus' teachings take a markedly different path. He imparts that it is conceivable to serve God and Caesar, not God and money. The teachings of Jesus raise questions about the power of money over Caesar. To better understand this, we must look further into the complex nature of money itself.

The Intricacies of Money

Now and then, money assumes three roles in economics:?

1. A medium of exchange - It serves as a means of transaction.
2. A unit of account -?It measures worth.
3. A store of value -?It is a reservoir of wealth.

However, beneath these functional attributes, money exudes a profound power – the power to effect change in the world, to materialize one's desires, independent of consensus. Money's versatility sets it apart from most other forms of power. It exists in a state of latent potential, waiting to be transformed into myriad forms. This difference starkly contrasts the power of someone like Caesar, whose influence is limited by their context and location. Caesar's dominion extended only to the boundaries of the Roman Empire. In contrast, money empowers its possessor to exert influence wherever their money is used in commerce.?

Think of today's business billionaires. Elon Musk and George Soros have lots of money. They are affecting countries and people around the world. Depending upon your social beliefs, that could be for good or bad.?

The United States wields this power like none other. The US has the most widely accepted currency in the world. They use the power of money as a weapon. In fact, the United States freezes the assets of specific individuals and countries as a penalty by not allowing them to access their money (Horton, 2022). It's no secret that having power over other people's money can be even more influential than having your own money. Look at politicians around the world.

Independence and Impartiality

The most striking attribute of money is its independence. Political and military authority often rely on external factors or the consent of the governed. In the long run, even in modern democracies, power is typically bestowed for a finite duration, subject to the people's will. In stark contrast, substantial wealth empowers individuals to enact their objectives with minimal external validation or scrutiny. Money operates as an impartial force, a singularly potent form of power.

When the United States was founded, its founders paid significant respect and honor to God. Yet today, money...Mammon has changed the character of the country significantly. The same thing has happened in democracies, dictatorships, and theocracies around the world. In possessing such power, some who govern question the necessity of God. The need for a higher power may decrease with unlimited resources and security. This foundational disparity between serving God and serving money arises from the fact that the power conferred by wealth directly competes with the influence of God in human affairs. It is this influence that is the danger with a digital dollar.?

If formally adopted, the digital dollar will be known as the US Bank Central Digital currency (CBDC) (The White House, 2022). With CBDC, the government could control anyone's ability to obtain the basic needs of life: shelter, nutrition, and healthcare. With a digital currency, a totalitarian government could instantly turn these basic necessities off.?

The Power of Money

Credit scoring is common in the United States and is a unique way to manipulate the power of money. The better your credit score, you get a financial reward with loans and better interest rates. China has taken the power of money to a whole new level with its social credit law. Individuals or companies with good credit records get priority treatment and subsidies. In contrast, those with bad credit records get publicly displayed information and are banned from government procurement bids, luxury goods, and leaving the country (Yang, 2022).

Quantifiability and Preservation

As you can see, money possesses a unique characteristic because it can be easily quantified. In contrast to other forms of power, which may be difficult to measure, one's financial wealth can be precisely determined. This quality distinguishes money from other methods of influence, where determining a precise measurement is often elusive.?

Think how the power of money compares to other types of powers such as social, political, knowledge, and ethical powers. Money is a unique tool that distinguishes itself from other forms of power. One of its most notable characteristics is its ability to be preserved for future use, unlike many different forms of power that require immediate exercise. Additionally, while other powers are constrained by time and place, money can be used at one's discretion. Converting to a digital currency will only add to this power.?

Unveiling the Meaning of Mammon

It is essential to examine His specific terminology to understand why Jesus teaches differently about Caesar and money. As stated earlier, the authors of the Bible sometimes retain untranslated Aramaic words. One such word is "Mammon," which refers to money or assets entrusted to someone.

The early church believed that "Mammon" was not just an idea or principle but a personification of a being in service of Satan or the devil. Mammon emerged as an antagonist to God's benevolent work in the world, a servant of the ultimate antagonist of God.

In essence, Mammon epitomizes the pursuit of worldly outcomes divorced from God. Its will opposes that of God, who fashioned a world of abundance, beauty, and goodness. God populated this world with people, affirming its inherent goodness and instructing humanity to engage with it in a spirit of loving dependence. God's ultimate aspiration is for every corner of the world to be brimming with individuals who possess a profound understanding of His divine nature and hold a deep affection towards Him and the magnificent universe He brought into existence.

The Ethical Dilemma of Mammon

Understanding what Mammon means, which represents chasing after money and possessions without considering spiritual values, makes us think about how it connects to things like digital currency today. In other words, a digital currency would take a very powerful thing, traditional currency, and turn it into a superpower. Mammon is like a force working against what's good and caring, just as how digital currency might impact what we value in our society. Values such as fairness, equality, and due process could be severely limited if a digital currency is misused. Mammon almost takes on a life of its own and creates a struggle between wanting lots of money and staying connected to higher spiritual ideas. How else can you explain why many politicians around the world take a job making a modest amount of money and end up millionaires? Mammon has overwhelmed them.

The idea of Mammon and its clash with spiritual beliefs can help us think about the ethical side of using digital money and how it affects what we believe is right and wrong in our society. This is what Jesus meant when he said, "You cannot serve God and Mammon" (Matthew 6:24). Look around at the people who have stayed too long in a position of power. Usually, it is the power of controlling money, other people's money. They have become intoxicated by Mammon and feel that they know what is best for people. They have lost their connection to God because the only one who knows what is best for people is God.

The age-old problem that we face is that money is an inevitable part of society and is closely linked to human progress. Scottish economist Adam Smith famously stated, "Money is the necessary instrument of exchange, and the measure of value in all countries", highlighting its importance as a means of exchange and standard of value worldwide (Smith, 1776, p. 26).

The Conflict of Earthly Aspirations and Divine Intent

Jesus' teachings on Caesar and money shed light on a profound conflict between earthly aspirations, represented by Mammon, and the divine intent for creation. As a symbol of power and wealth untethered from God, Mammon embodies a force at odds with God's intentions for humanity and the world. This perennial struggle underscores the enduring relevance of Jesus' teachings, urging contemplation on the true nature of devotion and the perils of misplaced allegiance.

Balancing the Conflict of Digital Currency and Mammon

Consider the possibility that digital currencies, such as Central Bank Digital Currencies, may become a reality. With this in mind, we must be cautious of the potential negative aspects of CBDCs. We can avoid these by regarding them in the same way that Jesus referred to Caesar. That is to distinguish our earthly service from divine devotion. In other words, we can acknowledge the authority of a sovereign government and still regard God with reverence.?That means acting in a Godly way by loving God and our neighbor.

CBDCs have the potential to offer a more efficient, transparent, and secure way to handle financial transactions. They can simplify monetary processes, reduce costs, and help people access banking services even if they don't have traditional accounts. While some worry that digital currency might only benefit the wealthy, it's helpful to recognize that it also provides opportunities to improve society, increase economic efficiency, and promote financial inclusion. On balance, as the US Federal Reserve stated, "As a liability of the Federal Reserve, [...], a CBDC would be the safest digital asset available to the general public, with no associated credit or liquidity risk"(The Fed, 2023).

Ethical Considerations in the Digital Currency Era

Yet, we should not ignore the comparison of digital currency to Mammon. The comparison identifies the complex relationship between financial systems and morality. Governments that adopt digital currencies aim to keep up with the changing technology landscape, not necessarily to become corrupt. In fact, monitoring and regulating financial transactions can lead to more ethical and accountable financial practices, helping to prevent corruption and illegal activities.?

It's crucial to balance these positive aspects with the concerns about CBDC's potential adverse effects to make the most of a digital currency era. We need to recognize the risks and create ethical rules to guide the use of digital currencies. We can use technology responsibly by keeping in mind moral teachings, such as those found in the Christian Bible, particularly regarding wealth. This balanced approach allows us to view digital currencies as more than just tools for transactions but as a way to promote fairness, inclusion, and shared values. We can confidently move forward by embracing new technology while ensuring ethical principles guide our financial systems.

What Can Christian Entrepreneurs Do?

Money has a powerful influence, and it can be difficult to serve both God and wealth. Pursuing riches without considering God's intentions can cause a conflict of interests. Mammon, represented as an evil force, embodies the pursuit of worldly outcomes that go against God's benevolent work in the world. By understanding this conflict, we can reflect on the true nature of devotion to God and make conscious choices in our pursuit of wealth and spiritual fulfillment.

Written by?Van Richards, ChFC

References

Bible. (2001). English Standard Version. Crossway.

Horton, C. (2022, April 27).?Central Bank freeze. The Balance.?https://www.thebalancemoney.com/what-is-a-central-bank-freeze-5268270

Smith, A. (1776). The Wealth of Nations

(p. 26). W. Strahan and T. Cadell.

The Fed. (2023, April 20).?Central Bank digital currency (CBDC). Federal Reserve Board. Retrieved November 11, 2023, from?https://www.federalreserve.gov/central-bank-digital-currency.htm

The White House. (2022, September 16).?FACT SHEET: White House releases first-ever comprehensive framework for responsible development of digital assets.?https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/

Yang,?Z. (2022, November 22). China just announced a new social credit law. Here’s what it means. MIT Technology Review. https://www.technologyreview.com/2022/11/22/1063605/china-announced-a-new-social-credit-law-what-does-it-mean/