Comment by ryanjshaw
6 hours ago
Right, not intrinsically. Sometime tokens are IOUs e.g. redeemable stablecoins, where the issuer promises to swap the token for bank money. But for tax purposes most jurisdictions still treat them as commodities AFAIK, to my point earlier.
And fiat isn’t that different either: central bank currency are technically liabilities, but there’s nothing concrete you can redeem them for beyond more of the same money…
This is what a lot of people get wrong. Money doesn’t have to have liabilities, only fiat currencies do. Commodity money eg gold or silver are valuable in and of themselves, for instance. The government sues signiorage there.
However, individual liabilities are a great way to introduce currencies into circulation. Start with eg loyalty points at a restaurant or credits redeemable aboard a ship etc. We are working on that: https://community.intercoin.app/t/local-community-currencies...
A city can skip all that and just issue a UBI to all its citizens in its own currency, and start accepting taxes and fees in that currency. Read this: https://community.intercoin.app/t/rolling-out-voluntary-basi...