Catholic Organization of the USA UU Create cryptocurrency for donations to the Church.
A Catholic organization in the United States has launched Cathio, a cryptocurrency that aims to help boost donations and stimulate commitment between the new generations and the Church.
Currently, there is a growing amount of curious and strange cryptocurrencies, and Cathio is presented as a demonstration that new experiments are emerging with this technology in the world, which impact politics, sports, luxury items and even the Church.
On its website, Cathio is touted as an element that provides “Catholic organizations with a payment platform that aligns with Catholic values and provides the necessary tools to increase donations and connect with local and global Christian communities.”
The project has the backing of former Senator Rick Santorum, who said in a press release that young people do not carry cash, on the contrary, they use applications and ask for entertainment.
“We have to be there, we have to learn from successful technology companies, and we have to provide a universal solution that makes it easier for younger generations to participate in the Church,” the ex-senator urged.
Cathio’s CEO, Mattew Marcolini, also said that Cathio’s use of blockchain technology could bring “visible visibility” to the church, so that the faithful can begin to wonder where the money comes from. However, as reflected in the Financial Times, this seems to be one of several ways in which Cathio contradicts biblical teachings.
In fact, Catholics are told in the first and second verses of the sixth chapter of the Gospel of Matthew that “when you give to the needy, do not announce it with trumpets, as the hypocrites do in the synagogues and on the streets, for be honored by others.”
The issue of usury worried the newspaper, since it is a company that plans to charge a rate of almost two percent for each donation transaction, although the members of the advisory board have shares in the company.
This is not the first time that cryptocurrencies enter into debate with the teachings of religion. Last November, fintech X8 AG, based in Switzerland, received a certification from the Shariyah Review Bureau for its stable cryptocurrency based on Ethereum. This type of authorization, which Stellar has also received, is due to the fact that there is a debate about whether cryptocurrencies are in conflict with the Islamic prohibition of monetary speculation.
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