Why Produce Cities Desire Their Ain Cryptocurrencies?

Just flagging the tendency here. There's then much boosterism involved inwards both municipalities in addition to crypto that combining them....we'll exit it to others to practise the analysis.

From CityLab:

The allure of digital currencies has hitting Dubai, Seoul, Berkeley, in addition to more. What looks similar closed to other offshoot of the Bitcoin craze could hold upwards an development of the municipal bond.

Coming before long to Slovenia: a construct novel metropolis that runs completely on cryptocurrency.
If all goes according to plan, BTC City volition ascent from the ashes of a one-time commercial shopping district inwards the country’s working capital missive of the alphabet of Lubljana, offering wallet-less shoppers in addition to wide-eyed tech enthusiasts a peril to engage inwards a to a greater extent than modern construct of conspicuous consumption. Every store inwards the 1.5 million-square-foot plot volition halt accepting cash in addition to laid out accepting crypto.

It’s a large bargain for the small, one-time Yugoslav country. But it’s small-scale potatoes compared to closed to other municipal efforts to wade into the globe of digital fiscal systems. BTC City’s aim is to larn people to role the dozens of digital currencies that already exist. Elsewhere, cities are vying to practise novel ones from scratch.

The listing of cities experimenting with cryptocurrencies is diverse, in addition to then are their goals. Dubai launched emCash inwards 2017 to flex its high-tech prowess every bit a “smart city.” Berkeley, California, is exploring a city-branded cryptocurrency motility to fund municipal bonds, making upwards for inadequate exterior investment. Cities inwards Venezuela are bartering with Petros in a desperate—and questionable—attempt to heighten funds with the country’s economical crisis. And Seoul’s mayor has floated the persuasion of creating S-coins to fund social welfare programs for the sake of efficiency in addition to advancing technology.

What’s less clear, though, is how just a city-specific cryptocurrency would work—and what cryptocurrencies tin practise for a metropolis that cash can’t.

Why become crypto?

The starting fourth dimension affair to sympathise is that there’s a major distinction betwixt government-backed cryptocurrency in addition to the to a greater extent than well-known fiscal instruments similar Bitcoin or Ripple. Those virtual currencies are essentially “built past times air, in addition to backed past times air,” said Sheila Warren, projection caput of blockchain in addition to distributed ledger technologies at the World Economic Forum. In other words, their value is determined past times the complicated coding it takes to mine them, inwards the example of Bitcoin, in addition to how much people are willing to pay for them....

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