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In the News October 22, 2020

Nikhil Raghuveera: Mission-driven cryptocurrency requires an active commitment to equity

By Atlantic Council

Nikhil Raghuveera, resident fellow of the GeoTech Center, and program assistant Stewart Scott recently published an article on Cointelegraph discussing how cryptocurrency can serve to reverse the historical inequalities of the global economy through a mission-driven approach. As the authors pointed out, finance as an institution is intimately intertwined with an economy system that continues to perpetuate historic inequities, including racism, sexism, and homophobia. Using the unique traits of cryptocurrency, guided specifically with justice in mind, Nikhil and Stewart envision a new, more equal financial system through which everyone can be empowered.

“In the United States, we cannot separate finance from its history in slavery or more recent racial discrimination in lending. Similarly, in Europe finance is intricately tied to colonialism. The history of oppression connects seamlessly to current wealth inequality and financial exclusion. If people do not have enough money, they simply have no need for access to the financial system.

Cryptocurrency does not generate wealth simply from nothing — it only facilitates the holding and transfer of wealth. Without ways to generate wealth and amid widening economic inequality for over 70% of the global population, people will still find it difficult to use cryptocurrency or have no real use for it at all.

For cryptocurrency to meaningfully move “the needle on large global challenges,” as Armstrong writes, the underlying causes of inequality must be addressed. And while mission-driven cryptocurrency organizations cannot expect to do this alone, they have an important role to play in developing and directing their products to be used in the service of addressing the underlying problems. Those who declare they’re on a social mission inevitably sign themselves up for this challenge.”

Read Nikhil and Stewart’s full article at the link below for more information on how cryptocurrency can be intentionally designed to remedy social inequities within our country and the world.

The GeoTech Center champions positive paths forward that societies can pursue to ensure new technologies and data empower people, prosperity, and peace.

Related Experts: Nikhil Raghuveera and Stewart Scott