Digital currencies and community empowerment in Austria: Gesell's concept of effective demand as a basis for local digital currencies

F. Janisch, L. Stapleton

Research output: Contribution to journalConference articlepeer-review

Abstract

This paper presents a basic framework of a novel complementary crypto currency and a case study on its acceptance by Austrian people. The currency aims to mitigate the impact of economic crises on local communities by stimulating a constant money circulation within them. We therefore evaluated the concept of effective demand proposed by Silvio Gesell as possible underlying framework. Based on these findings a local crypto currency named circle coin was developed and used in a social survey. We find that circle coin had a much higher potential for general acceptance compared to regular crypto currencies. Furthermore, governmental support for a crypto currency was found to have no impact and the support of the local economy was the single most significant attribute which predicted the possible increased acceptance of circle coin. Given that participants indicated a readiness to use the new currency for everyday payments and refused to use others beyond a short try-out, this is vital information if the implementation of a local digital complementary currency is aspired.

Original languageEnglish
Pages (from-to)698-703
Number of pages6
JournalIFAC-PapersOnLine
Volume54
Issue number13
DOIs
Publication statusPublished - 2021
Event20th IFAC Conference on Technology, Culture, and International Stability TECIS 2021 - Moscow, Russian Federation
Duration: 14 Sep 202117 Sep 2021

Keywords

  • Decentralisation
  • Developing countries support
  • Development of regions
  • Digital local complementary currencies
  • Economic sustainability
  • Intelligent systems and applications
  • Local complementary Crypto currencies
  • Social and cross-cultural aspects of engineering

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