“Women, Consider Crypto”: Gender in the Virtual Economy of Decentralized Finance

Abstract

AbstractDecentralized finance, including cryptocurrency and other blockchain-based applications, promises participants benefits such as financial freedom, security, privacy, and wealth accumulation. More recently, it has also offered the promise of participation, lowering financial barriers, and empowerment—especially to women, the poor, and those residing in the Global South. I argue that the rise of decentralized finance as an alternative development platform is explicitly gendered and calls for feminist analysis. I discuss how cryptocurrency-based approaches to development rest on foundations that are gendered, interacting with hierarchies of race/ethnicity and class. I also explore how they are part of a lineage of neoliberalism, leveraging neoliberal beliefs about entrepreneurialism, financial inclusion, and gender roles. The discussion further introduces the concept of neolibertarianism as an extension of neoliberal logics that advocates for bypassing states entirely in favor of private actors. The current analysis compares this new model of decentralized finance to similarly problematic development trends and assesses how it has—as of yet—failed to deliver on the promises of participation, lowering financial barriers, and empowerment. This analysis concludes with a call to action for feminist and critical scholars, encouraging further work on the topic.