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Which Kind of Blockchain Application for Local Complementary Currencies?

Author

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  • Sothearath Seang
  • Dominique Torre

Abstract

This paper examines the application of the blockchain technology to local complementary currencies through two consensus protocols: the Proof of Work (PoW) and the Proof of Stake (PoS). Given the increasing digitization of local currencies, and the challenges affecting their management and operation, we analyze the potential of a technological solution in addressing these issues. The case of local currencies with a blockchain is different from the case of cryptocurrencies as there is no speculation possible due to the one-to-one fixed exchange rate with the legal tender, and the geographical limit of use for local currencies. In this context, the blockchain offers different services and has different properties. The choice of the right validation process matters in this case, but also incentives of miners and validators to participate in the process. JEL Codes: E42, R5.

Suggested Citation

  • Sothearath Seang & Dominique Torre, 2021. "Which Kind of Blockchain Application for Local Complementary Currencies?," Revue économique, Presses de Sciences-Po, vol. 72(4), pages 667-685.
    • Handle: RePEc:cai:recosp:reco_724_0667
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    Cited by:

    1. Ariane Tichit & Corentin Elissée & Frédéric Hayek & Pascal Lafourcade, 2022. "La Blockchain, avenir des monnaies locales ?," CERDI Working papers hal-03659241, HAL.
    2. Ariane Tichit & Corentin Elissée & Frédéric Hayek & Pascal Lafourcade, 2022. "La Blockchain, avenir des monnaies locales ?," Working Papers hal-03659241, HAL.

    More about this item

    Keywords

    digitization; heterogeneous agents; community currencies;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • R5 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis

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