Using Cash Waqf to Combat Donor Fatigue and Blockchain to Improve Accountability

Donating to a multitude of charitable causes can get tiresome after a while. For working-class people who are financially burdened with their own daily needs and monthly expenses, there is also a limited amount that may be set aside, and the constant giving could weigh them down.

Additionally, a great deal of money is donated to fund charitable causes, but it is hard to observe how efficient or effective these efforts are, or whether they reach the intended beneficiaries, in some cases.

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Key Developments and the Rise of NFTs in Singapore

The wider view of the rise of non-fungible tokens, or NFTs, is the decentralisation of financial services. With the application of the blockchain and its integration with artificial intelligence (AI) and IoT devices[1] (e.g. NFCs and RFIDs), finance has become more efficient and accessible. There are several key drivers that are making decentralised finance work _ tokenisation of real-world assets, maturity of stable coins and the improved implementation or acceptance of some regulations and standardisation.

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Digital Currencies and Their Adoption in Singapore

The three main functions of money are as a unit of account, medium of exchange and store of value. Cash is a financial instrument and physical asset that combines four features: (i) it is anonymous; (ii) it is universal (anyone can take possession); (iii) it is exchanged peer to peer (without knowledge of the issuer); and (iv) it does not yield any interest by itself[1]. Banks are the traditional money creators and maintain their inimitability at keeping reserves at the central banks (CBs).

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