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. Although these community currencies have never become mainstream practice throughout history, they have repeatedly risen in popularity during times of economic crisis or instability. 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. 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?
