Indeed, while some of these “crypto-native” projects that lack intrinsic value and use could reiterate or even exacerbate the same systemic inequities cities are trying to address, other more nascent and less well-known attempts that adopt a community-centered approach suggest alternative paths forward that could more thoughtfully tackle urban challenges through technology.ĭrawing from a combination of gray literature review, archival analysis, semi-structured interviews with founding teams of some selected projects, and digital ethnography of online activities, we have mapped a landscape of current projects in this field. Our investigation and evaluation will delve into cases that represent both top-down and community-oriented approaches, uncovering the potential benefits and pitfalls of combining Web3 technologies with the time-honored custom of community currency as place-based solutions to address urban challenges concerning public financing, local economic stimulation, and community engagement. In this paper, we will survey the recent landscape of community currencies powered by cryptocurrency and Web3 technologies. As we consider the possibilities of community currencies powered by crypto, we ask: Are they just a temporary fad that poses potential risks and little value, or do they hold the potential to truly offer a synergistic solution to the problems facing cities today? Could they digitally revolutionize the age-old practice of local community currency and elevate public purpose value and social impact? With a rich history rooted in times of economic turmoil, community currencies offer both inspiring success stories and cautionary tales of the challenges that lie ahead as cities navigate the evolving financial landscape. cities such as New York City, Jackson, Tampa Bay, Miami, and Austin made headlines by openly endorsing cryptocurrencies and embracing the idea of city-branded tokens in hopes of unlocking alternative ways of fundraising and boosting local economic growth during the crypto market’s heyday. Over the last two years, mayors from major U.S. ![]() ![]() In the wake of the pandemic, a resurgent interest in community currencies-now powered by blockchain and Web3 technologies-is reshaping the way cities approach local financing and engagement of their constituents. ![]() Although these community currencies have never become mainstream practice throughout history, they have repeatedly risen in popularity during times of economic crisis or instability. Tailored to specific geographic areas, local community currencies are alternative monetary systems designed to empower local businesses and foster engagement while promoting a greater sense of unity of a place.
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