What is money, and do we really understand our monetary system? Many people believe sustained human and ecological wellbeing is impossible whilst the very way money is brought into existence requires everyone to borrow/steal from the future.
“More important than understanding the basics of blockchain or any specifics of the wide variety of cryptocurrencies that exist is understanding why the most important crypto, Bitcoin, was created, i.e what is wrong with the current monetary system that hardly anyone is talking about?“
At our open discussion forum on 10th February 2022, we brought together all those across Wales who are interested in cryptocurrencies, local currencies, economic regeneration and related topics! Is the future of place-based currencies “crypto”? Could cryptocurrencies be leveraged as a force for good – a tool for building a Wellbeing Economy here in Wales?
What about a digital coin that paid a Universal Basic Income to everyone in Wales? Or a cryptocurrency backed by community owned land bank? Or a new kind of money that enabled us to decide for ourselves what we value? Could we unhook from the global monetary system to keep wealth circulating locally? Could a decentralised Welsh coin help build a flourishing future for Wales?
We’d like to keep the conversation going, and are forming a sub working group to share our learning and explore the development of a wellbeing coin. Get in touch to be part of it!
And for those who want to understand more, please read Dawn Lyle’s paper:
Email firstname.lastname@example.org or email@example.com with any questions about this discussion or to get involved as the conversation progresses. We would appreciate your help in connecting with all those interested in this space.
READING & LINKS
Cryptocurrencies generate a lot of controversy among climate activists because of the terrible environmental impacts of bitcoin mining, and “get rich quick” culture around crypto investing. But the term “cryptocurrency” can be interpreted in different ways, and there is also lots of interesting discussion about alternative technologies and use-cases, as well as some compelling social and economic justice arguments in favour of digital currency innovations.
Check out the CELYN Mutual Credit System for Wales: https://celyn.wales/
Check out Fair Coin as an example of what Cryptocurrencies can look like: https://fair-coin.org
And Manna – a global cryptocurrency designed to distributed a Universal Basic Income: https://www.hedgeforhumanity.org/manna/
Suggested listening and reading around this topic:
Why I’m fascinated by the possibilities of cryptocurrencies by Dawn Lyle, WEAll Cymru