Current Situation
Tourism is a major economic force in many cities around the world, and cities and communities work to not only attract visitors but also increase their spending while visiting. This is often achieved with online or hard copy brochures and fliers for events and attractions, websites, or coupons. Visitors struggle with currency exchange.
Goals and Objectives
Local digital currencies are a way to keep spending in a local area, often for specific local crafts or locally produced foods, and to provide a source of revenue for the community. Cryptocurrencies are an option for payments, such as paying for utilities or municipal services. Cryptocurrency is touted to be more transparent and business friendly.
Technology Deployed
Blockchain, crypto mining, mobile payment apps, and Web3
Use Case Summary
Municipalities and communities are experimenting with digital currencies and cryptocurrencies as a way to offer new payment methods for the public and, in some cases, keep spending with local companies, reduce credit card processing fees, and for those with their own currencies, have a new community-driven revenue source.