Newark Bucks
Reimagining Community Wealth, Empowerment, and Equity
Prepared by Jhamar Youngblood
The Newark Bucks program draws inspiration from Modern Monetary Theory (MMT), which emphasizes that governments can use their ability to issue currency as a tool to address economic challenges and promote community well-being. MMT highlights that the true limits of currency are not deficits but inflation, making it possible to focus on stimulating growth and creating equitable opportunities. Similar to other localized currency programs implemented by many municipalities throughout America, Newark Bucks embodies these principles by introducing a localized currency designed to empower residents, strengthen the local economy, and address systemic inequalities. This program leverages MMT’s insights to create a sustainable and inclusive economic model tailored for Newark’s unique needs.
Vision Statement
To establish Newark Bucks as a community currency program that leverages blockchain technology to:
Enhance local spending power
Prevent displacement
Stimulate economic growth
Stabilize prices through controlled inflation and sustainable local production
Core Objectives
Stimulate the local economy by encouraging consistent spending and supporting local businesses
Operate government-owned establishments to serve residents affordably while creating jobs and addressing supply gaps
Promote economic inclusion by addressing systemic inequalities and offering additional support to marginalized groups
Manage inflation by increasing local production, controlling excess demand, and monitoring spending
Use modern technology, including blockchain, to ensure transparency, security, and efficiency in managing the city’s budget
What is Cryptocurrency?
Cryptocurrency is a type of digital money that exists entirely online. Unlike cash or traditional bank accounts, it uses secure technology called blockchain to record and track transactions. Think of blockchain as a digital record-keeper that permanently records every time money is transferred or spent, ensuring every transaction is secure and tamper-proof.
For Newark Bucks ($NB), blockchain technology ensures that every transaction is transparently tracked, fostering trust and accountability in how the currency is used. This open system allows residents and local businesses to confidently participate, knowing their $NB is secure and recorded.
Just like the American dollar, Newark Bucks will derive its strength from the trust and belief of its users. The more Newark residents embrace and use Newark Bucks, the stronger and more impactful it will be in building a vibrant and sustainable local economy.
What is Newark Bucks?
Newark Bucks ($NB) is a cryptocurrency issued and managed by the City of Newark, pegged to the US dollar but incentivized to create greater spending power. For every $1 transferred into Newark Bucks, residents will receive 2 NB, effectively doubling their purchasing power when transacting within the Newark Bucks ecosystem.
How Does Newark Bucks Work?
Receive Your Digital Wallet: Each resident gets access to a secure online account, called a wallet, to hold their Newark Bucks. Think of this wallet as an app on your smartphone, similar to your banking or payment apps. It’s easy to use, secure, and designed to help you manage your Newark Bucks seamlessly. With this app, you can check your balance, track your spending, find participating businesses, pay directly, and even send Newark Bucks to others.
Transfer Money: Transfer dollars into your wallet, and for every $1, the system will double it into 2 Newark Bucks ($NB). For example, $20 becomes 40 NB in your wallet.
Spend Locally: Use your wallet to pay for goods and services at government-owned establishments, participating local businesses, or on essential services like groceries and utilities.
Why is Newark Bucks Important?
Newark Bucks empowers residents and strengthens the local economy. It does this by:
Boosting Your Spending Power: Doubling the value of your money lets you afford more goods and services.
Keeping Money in Newark: Every transaction supports local businesses, creating jobs and economic growth.
Ensuring Transparency: Blockchain technology ensures every transaction is secure and traceable, preventing fraud.
Fostering Community: Encourages residents to shop locally, investing in their neighborhoods and building a stronger, more connected Newark.
Key Features of Newark Bucks
Incentive-Based Spending: Residents receive 2 Newark Bucks (NB) for every $1 converted, effectively doubling their spending power and encouraging local transactions. This incentive boosts economic activity within Newark, driving demand for goods and services in the city.
Flexible Expiration Policy: To maintain active spending and prevent hoarding, regular accounts are subject to a monthly expiration policy.
Government-Owned Essential Services: The program establishes affordable service outlets, including grocery stores, pharmacies, clothing stores, and housing options. These outlets focus on serving low-income residents and promoting sustainability while partnering with local suppliers to reduce costs, support Newark businesses, and strengthen the city’s economic ecosystem.
Why Should You Use Newark Bucks?
Save Money: Double your purchasing power by using Newark Bucks.
Support Local Businesses: Every transaction strengthens Newark’s economy.
Shape Newark’s Future: Participation helps create a resilient, equitable city for everyone.
In conclusion, Newark Bucks represents an innovative approach to addressing the unique challenges faced by Newark’s residents and economy. By combining the principles of Modern Monetary Theory with cutting-edge blockchain technology, this program offers a practical and forward-thinking solution to promote economic growth, empower communities, and create equitable opportunities. Newark Bucks is not just a currency but a commitment to building a stronger, more connected Newark where residents have opportunities to improve their quality of life and the local economy flourishes. With community support, Newark Bucks has the potential to serve as a model for other cities looking to embrace bold and inclusive economic strategies.