Cities are chasing crypto. But why?
Make Me Smart
Marketplace
4.6 • 5.4K Ratings
🗓️ 13 April 2022
⏱️ 22 minutes
🧾️ Download transcript
Summary
Government leaders all over the world are taking a hard look at cryptocurrencies.
El Salvador made bitcoin a national currency last year. Cryptocurrency investors continue to move to Puerto Rico for its tax incentives. And Miami and New York are in a race to become the nation’s crypto capital.
Supporters believe crypto could be a way to drive economic growth and address income inequality and a host of other issues. But how likely is that?
“Right now, there are far better technology or even policy solutions to address the issues local leaders claim to want to address,” said Tonantzin Carmona, a fellow at The Brookings Institution. “Lawmakers do not, for example, need cryptocurrencies to address issues of financial inclusion, equity or wealth inequality. They need political will.”
Carmona is skeptical that cryptocurrencies could solve a city’s problems.
On an abbreviated show today (sorry, technical difficulties!), we’ll discuss why that is and the lessons we can learn from places that have already laid out the welcome mat for crypto business ventures.
Plus, the Joe Biden administration announced plans today to suspend a ban on selling higher-ethanol E15 gas between June 1 and Sept. 15 in an effort to bring down gas prices. We’ll explain why the move might be shortsighted and what it’s doing to corn futures. Also, the subway shooting in Brooklyn is making our fill-in host rethink plans to go back to the office.
Here’s everything we talked about today:
- “Mayors: Cryptocurrency won’t solve your cities’ problems” from The Brookings Institution
- “Is crypto good for cities?” from Tech Monitor
- “Tax Breaks Are Driving a Rush to Buy Property in Puerto Rico” from The New York Times
- “Biden will allow summertime sales of higher-ethanol gas as prices remain elevated.” also from NYT
- “Power restored in Puerto Rico nearly 5 days after blackout” from The Associated Press
- Live updates: Multiple shot in a Brooklyn subway station from CNN
We want your answers to the Make Me Smart question. Send us an email at [email protected] or leave us a voice message at 508-827-6278, or 508-U-B-SMART.
Transcript
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| 0:00.0 | All right, so Kai, I'm gonna I'm gonna need you to hum the thing before I start cuz otherwise I just I don't think I can |
| 0:05.6 | I don't think I know how to hum the thing |
| 0:09.0 | You just start consider that hum consider that consider it hum go |
| 0:13.5 | Hi, I'm Mary El Sigerra. Welcome to make me smart. We're none of us is as smart as all of us |
| 0:19.2 | I'm Kai Rizdol. It's Tuesday. Me to time for a weekly deep dive into a single topic today |
| 0:23.2 | We're talking about cryptocurrency specifically how some cities and countries are embracing crypto |
| 0:27.7 | And we're not just talking about El Salvador if you know you know |
| 0:31.1 | Let me just also say here that this show is gonna be a little different. We're not gonna be able to do a mailbag because |
| 0:37.3 | Technical difficulties happens to podcasts happens in radio happens television it just happens |
| 0:41.8 | So we'll do the interview we'll do a little news and then we'll send you on your way call it an abbreviated Tuesday show |
| 0:46.5 | Anyway, so crypto and countries Mary El go |
| 0:50.4 | Yeah, so I was just in Puerto Rico where this is happening a lot of crypto investors moved there |
| 0:55.9 | Because of tax incentives, but we're also seeing a lot of places in the states whose leaders see crypto as a way to grow the economy |
| 1:03.0 | And it's funny because you know the mayor of New York City has said he wants New York to become a crypto |
| 1:10.0 | Center is same thing with with the mayor of Miami |
| 1:13.0 | So there's a lot going on here talking about the economic boom that people are hoping to get from crypto |
| 1:19.1 | Let me just say cards on the table here. I'm skeptical |
| 1:22.3 | But that's why I have somebody really smart to help us explain this to nenson Carmona is fellow at Brookings |
| 1:27.9 | Also, she wrote a piece called mayors cryptocurrency won't solve your cities problems |
| 1:32.1 | Sounds like she might be a skeptic to miss come on. Thanks for coming on the pod |
| 1:36.0 | Thank you for having me. All right, so look so so brass tax year, right? |
| 1:41.2 | Is crypto and let's be clear here. We're not talking web 3 we're not talking NFTs |
... |
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