RECONFIGURING VALUE: AN ACTOR-NETWORK THEORY STUDY OF GOLD, CRYPTOCURRENCY, AND ISLAMIC FINANCIAL FUTURES
DOI:
https://doi.org/10.54783/30rr8e12Keywords:
Gold, Blockchain, Cryptocurrency, Actor–Network Theory, Islamic Financial System.Abstract
This study seeks to map the sociotechnical network using Actor Network Theory (ANT) analysis. By employing ANT, it is possible to map how gold and oil drive the Global Banking Regime along with the United States to shift the accumulation of activity toward the dollar and the financial system they have designed. The pattern adopted by global and American banking is actually the same, except that in the past, the world was tied together by gold, whereas now it is through the system along with oil as the stabilizer in its sociotechnical network. In addition, ANT also maps how crises always create opportunities for the emergence of innovation and new regimes within a global system. Blockchain and crypto serve as examples that, in order to seize such opportunities, a regime or actor must take various actions to capitalize on them. The task of Islamic banking in this regard is not to overhaul the existing system, but to prepare a new ecosystem for future crises. Gold-backed crypto does not need to immediately become a currency; Islamic banks can prepare this ecosystem as a platform for digital gold investment and become one of the central bodies for global gold-backed crypto.
References
1. Bini Smaghi, L. (2011). Lorenzo Bini Smaghi: The Triffin dilemma revisited. BIS Central Bankers’ Speeches, 1–8.
2. Buterin, V. (2015). A next-generation smart contract and decentralized application platform, 2013. Ethereum White Papaer, Available from: Https://Www. Ethereum. Org/(Accessed Aug. 19, 2019).
3. Fauzan, G. A. (2025). INOVASI SISTEM KEUANGAN GLOBAL MELALUI CRIPTOCURENCY DAN BLOCKCHAIN DALAM ANALISIS MULTI-LEVEL PERSPECTIVE. Gunung Djati Conference Series, 56, 1143–1156.
4. Gogol, K., Killer, C., Schlosser, M., Bocek, T., Stiller, B., & Tessone, C. (2024, April 17). SoK: Decentralized Finance (DeFi) -- Fundamentals, Taxonomy and Risks. arXiv.Org. https://arxiv.org/abs/2404.11281v1
5. Hasan, A. (2017). Dilema Penerapan Emas (Dinar) sebagai Mata Uang Internasional: Studi atas Politik Moneter Dunia. 51(2).
6. Helleiner, E. (2016). Forgotten Foundations of Bretton Woods: International Development and the Making of the Postwar Order. Cornell University Press. https://doi.org/10.7591/9780801470615
7. Hokianto, H. F., Velissia, L., Fernando, K., Tiono, L., Herawan, K., & Jaya, W. (2023). Jatuhnya Emas Sebagai Standar Kemakmuran Suatu Negara. Gudang Jurnal Multidisiplin Ilmu, 1(1), 16–22. https://doi.org/10.59435/gjmi.v1i1.4
8. Latour, B. (2007). Reassembling the social: An introduction to Actor-Network-Theory (1. publ. in pbk). Oxford Univ. Press.
9. Mor, F. (2018). Bank rescues of 2007-09: Outcomes and cost.
10. Nakamoto, S. (2009). Bitcoin: A Peer-to-Peer Electronic Cash System.
11. Nawir, M. (2022). Inclusive and Exclusive Understanding of the Doomsday Prediction Hadith: Pemahaman Inklusif dan Ekslusif Terhadap Hadis Prediksi Hari Kiamat. Takwil: Journal of Quran and Hadith Studies, 1(2), 51–68. https://doi.org/10.32939/twl.v1i2.1690
12. Olive, A. (2020). The Conceptual Schema of Ethereum and of the ERC–20 Token Standard. Department of Service and Information System Engineering Universitat Politècnica de Catalunya – Barcelona Tech, Barcelona, Catalonia.
13. Putra, D. (2025). Keren! UIN dan ITB Bangun Sistem E-Halal Berbasis Blockchain. Blockchain Media Indonesia. https://blockchainmedia.id/keren-uin-dan-itb-bangun-sistem-e-halal-berbasis-blockchain/
14. Salleh, A. D., & Rani, M. A. H. C. (2024). Bitcoin: Digital Currency Analysis Based on Siyasah Shariyyah. International Journal of Academic Research in Business and Social Sciences, 14(11), 1871–1879.
15. Siegel, D. (2023). Understanding The DAO Attack. https://www.coindesk.com/learn/understanding-the-dao-attack?utm_source=chatgpt.com
16. Silva, E. J. L. A. da, Araújo, C. S. de, Junior, J. M. da S., Gomes, R. J. R., Carvalho, L. R., Rodriguez, L. C., & Pinheiro, C. L. (2024). Development of cryptogames with Unity on an Ethereum Blockchain Test Network: Case Study and Challenges. Journal on Interactive Systems, 15(1), Article 1. https://doi.org/10.5753/jis.2024.4188
17. Spahr, W. E. (1945). Gold and the Gold Standard: The Story of Gold Money, Past, Present and Future. by Edwin Walter Kemmerer. Political Science Quarterly, 60(1), 123–124. https://doi.org/10.2307/2144467
18. Suprayitno, D., Sari, A. L., Judijanto, L., & Amalia, D. (2024). Blockchain And Cryptocurrency: Revolutionizing Digital Payment Systems And Their Implications On The Digital Economy. Migration Letters, 21(S6), 932–944.
19. Wilk, R., & Weatherford, J. (1998). The History of Money: From Sandstone to Cyberspace. The Journal of the Royal Anthropological Institute, 4(2), 362. https://doi.org/10.2307/3034519
20. Xie, R. (2019). Why China had to “Ban” Cryptocurrency but the U.S. did not: A Comparative Analysis of Regulations on Crypto-Markets Between the U.S. and China. Washington University Global Studies Law Review, 18(2), Article 2. https://journals.library.wustl.edu/globalstudies/article/id/590/
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Iqtishaduna : International Conference Proceeding
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
1.png)
