Crypto Expansion
A Feminist Audit of Economic Policy
The introduction of cryptocurrency and blockchain technology has been touted as a libertarian alternative to a world dominated by centralized banking systems. Bitcoin has solved a fundamental problem of the Internet: it gives users, for the first time, a way to transfer a unique piece of digital property in a way that is guaranteed to be safe, secure, and transparent[1]. However, despite claims of a currency revolution, one thing has remained constant throughout the growth of this community; the lack of female representation. Estimates of the number of women investors and users of cryptocurrency vary, but most peg female participation at between 1% to 5%[2]. This disparity in representation and the lack of female voice is highly problematic considering the utopian plans for this technology. Given that the regulatory landscape in Canada is not clearly defined to date, there is room for an incorporation of a multitude of voices in formulating policy surrounding this technology.
The case of Bitcoin is no exception to male-dominated tech culture. While some women in Bitcoin today describe wholly positive experiences in the community, there have also been reports of harassment and various forms of 'othering,' from male community members[3]. When a virtual currency company called DateCoin recently tried to entice investors for its initial coin offering, it posted a Facebook ad that featured a reclining woman in a swimsuit with text over her body that read, “Touch my I.C.O.”[4] Furthermore, the 2016 North American Bitcoin Conference highlighted 84 male speakers and only three women, which is symptomatic of the larger problem surrounding the barriers to this community[5].
Some say the culture is only getting worse, with the male-dominated culture buoyed by a new fleet of wealthy crypto speculators known as “blockchain bros.”[6] The culture and community act as a barrier to entry to those who may not identify with the majority. Despite this exclusive community, cryptocurrency is giving a voice to individuals who have no access to financial services. There are significant developments within cryptocurrency and blockchain sectors that could have a significant impact on marginalized communities in Canada, and even internationally. Developments such as the Mazacoin technology was designed to replace the U.S. dollar as the official currency of the Oglala Sioux nation and its 46,855 members[7]. Furthermore, According to the World Bank's Global, Financial Inclusion Database, there are currently 2.5 billion people on Earth who do not have access to official financial services[8].
Platforms such as Humaniq, a mobile app that uses a new reputation concept based on facial recognition for identity management, is mobile bank based on the Ethereum blockchain. Aimed at tackling the global problem of financial exclusion for those without bank accounts, it is designed for those who don’t possess the identification that traditional banking services require to open an account. By harnessing the potential of blockchain and cryptocurrency technology as a force for social change, real impact can be made on the lives of those who may not have had prior access to financial services. However, if there is to be sustained growth and innovation in the blockchain sector, there needs to be a wider acceptance of diverse input in the community.Canadians need to recognize the potential of this technology, and foster the growth of it through equitable practices of ensuring low barriers to entry for women and other minorities.