Here’s how crypto can foster racial equity, minority inclusion and non-violent change |
June 19, 2023
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Today is Juneteenth, a federal holiday in the U.S. commemorating the emancipation of enslaved African Americans. We decided to take this moment to explore crypto’s role in improving racial equality and minority inclusion as well as a force for non-violent social change.
If you have stories to share about how crypto is helping to build a more inclusive community, please reach out.
– D.K.
Bitcoin Is a Way to Repair Economic Injustice
A week after the extra-judicial murder of George Floyd in 2020, CoinDesk sat down with author Isaiah Jackson to discuss why he thinks bitcoin could help Black Americans. While there are no easy technological solutions to racial tensions, police brutality or economic insecurity crypto can still be a powerful tool for non-violent social transformation, the author of “Bitcoin and Black America” said.
Here are few choice quotes from the interview:
Are there political solutions to bolster civil liberties?
If we actually had a democratic system, where one person equals one vote, we would see a huge difference. Unfortunately, at the national level, there’s the electoral college where states have the authority to overturn the voters’ will.
I’d like to see that repealed. Right now, voting is really just the suggestion of democracy, no one is really electing their leaders. At the local level, I think we need to get money out of politics, where mid-level politicians can co-opt the vote. Fundraising should be standardized, and everyone should only be allowed to give the same amount. That’s where blockchain can be effective, to be able to track how much and where money is coming from, without manipulation.
You’ve mentioned before that the real way to help Black communities is by voting with their dollars. Could you break that down?
From a numbers standpoint, most of the wealth in this country is stored in corporate investments. One of the things I write in the book is that 99% of venture capital flows into other communities, while only 1% goes towards Black founders.
You don’t have to give your money to Black people, I’m not asking for donations, but at least look at Black businesses and shop with Black businesses every now and then. Most are passed by or haven’t built trust with people from other communities.
What do you make of major corporations making statements in support of the protests: Is it empty virtue signaling or representative of a greater sea-change?
I think most of it is virtue signaling. There are genuine actors who want to help, but there are also those who put out empty statements who don’t want to be seen on the wrong side of history. It is what it is, it’s what they have to do. A great form of peaceful protest is to not shop with businesses that don’t show full support of ending systemic violence. That’s how you hurt people, if they can’t make money, then racism becomes really stupid, really fast.
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The Crypto Community Needs to Stand Up and Fight Racism
In this op-ed, Robert Greenfield, CEO of Emerging Impact, argued that “the crypto community is conveniently selective about what aspects of society it wants to change.” That’s a powerful indictment.
Still, this open and universally accessible technology can radically alter all parts of society. And so, the industry has a moral responsibility to stand up for racial equity.
These Black Artists Say NFTs Help Them Monetize Their Work
“There are so many hurdles and obstacles involved with gaining any sort of recognition within the art world as a Black man, as a man of color or as any person of color. The NFT space is changing that and the exhibition is giving us an opportunity to be seen,” Vakseen, a 41-year-old digital artist based in California, told CoinDesk.
Some Black artists said, in addition to helping them independently monetize their work, the recent popularity of NFTs is opening up the typically exclusive art world to artists from diverse backgrounds.
A number of initiatives geared towards amplifying Black artists in the digital space have come to life in the last year, including a Black NFT art club on social media platform Clubhouse to showcase Black artists, as well as the digital art gallery ONE/OFF, currently featuring 33 Black crypto artists.
In this podcast episode of “Money Reimagined” hosts Michael Casey and Sheila Warren are joined by Cornell Executive Director of Fintech Susan Joseph and Blockchain Foundation Executive Director Cleve Mesidor to discuss how education, access and opportunity are critical to improving diversity in the crypto industry.
“It’s time we dare to imagine a technological future with empathy, inclusion and diversity at its core. A growing number of Web3 builders believe in such a future. Here, they describe the culture of the Web3 they strive for.”
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