Individual Paper: Cryptocurrency of the Degrowth
To transform the society towards degrowth we need to change the way we use, own, create and interpret money in all its functions (unit of account, store of value, medium of exchange). Most of the money related practices, which can be found in Degrowth research, are either a) organizing money available in the community or b) creating new community currencies. These include ad a) e.g. ethical banks, investments and loans or crowdfunding and pooling platforms; ad b) e.g. local, social and convertible currencies, LETS and time banks. The current development of the practices is also due to development of ICT and digital platforms. Whereas the first mentioned have to deal with regulations of central banks, the latter also with the purchasing power as a result of (semi)closed economies they tend to develop. All practices must deal with trust and hesitation of local communities to get involved. But do they have a potential to change the status quo globally? What is the role of ICT in the degrowth global cooperation? Shall they be inclusive to outsiders such as users with pro-growth mindsets and speculators? Is there a future for offline practices?
With the development of blockchain algorithm (decentralized database of transactions) used in cryptocurrencies, a new potential for degrowth transformation of the monetary system has occurred with the degrowth-related cryptocurrency called FairCoin, developed by a global cooperative FairCoop. Technologically, economically and biophysically, the system designed by FairCoop is based on cooperativism and the commons. It aims to create a complex global infrastructure for its members, such as online market place, legal anchoring, ethical banking and global social currency. It also aims to redistribute wealth from FIAT economy to fair economy using cooperation strategy on financial markets.
This paper reflects some of the questions related to potential of cryptocurrencies in the degrowth society. FairCoin opens a field for Degrowth research concerning e.g. the technology (its global inclusivity or biophysical limits of the transactions), the economic strategies (the relative value growth /the exchange rate trade-off from the capitalist to degrowth economy), the governance and trust in the global commons community.
Start time: 14:30
Room: Nöjesteatern (Theater)
Track: Technology in a Degrowth Society