Vitalik gets in on smart cities and local currencies

Local crypto according to Buterin

According to Buterin, these cryptocurrencies should meet at least three of these points:

  • Act as a sustainable source of income for the government.
  • Facilitate economic cooperation between residents and the city.
  • Promote savings and wealth creation for all stakeholders.
  • Encourage social initiatives throughout the city.
  • Reduce wealth inequality.

Regarding the last point, Buterin proposed that the vast majority of the newly issued city tokens go to residents as a form of universal basic income. The Ethereum co-founder criticized current economic mechanisms for favoring β€œthe rich over the poor.”