Tailored to specific geographic areas, local community currencies are alternative monetary systems designed to empower local businesses and foster engagement while promoting a greater sense of unity of a place. Although these community currencies have never become mainstream practice throughout history, they have repeatedly risen in popularity during times of economic crisis or instability. In the wake of the pandemic, a resurgent interest in community currencies—now powered by blockchain and Web3 technologies—is reshaping the way cities approach local financing and engagement of their constituents. Over the last two years, mayors from major U.S. cities such as New York City, Jackson, Tampa Bay, Miami, and Austin made headlines by openly endorsing cryptocurrencies and embracing the idea of city-branded tokens in hopes of unlocking alternative ways of fundraising and boosting local economic growth during the crypto market’s heyday. With a rich history rooted in times of economic turmoil, community currencies offer both inspiring success stories and cautionary tales of the challenges that lie ahead as cities navigate the evolving financial landscape. As we consider the possibilities of community currencies powered by crypto, we ask: Are they just a temporary fad that poses potential risks and little value, or do they hold the potential to truly offer a synergistic solution to the problems facing cities today? Could they digitally revolutionize the age-old practice of local community currency and elevate public purpose value and social impact?