Domesticating disruption: Cryptocurrency adoption, institutional absorption and the cultural politics of digital finance in the Global South
TL;DR
Examining cryptocurrency adoption in the Bicol Region of the Philippines through 14 months of multisited ethnography with the Bicol Blockchain Community (BBC), three national government agencies and three national government agencies reveals institutional absorption as a concept for the cultural studies of technology.
Abstract
This article examines cryptocurrency adoption in the Bicol Region of the Philippines through 14 months of multisited ethnography with the Bicol Blockchain Community (BBC) and three national government agencies. Against libertarian narratives framing blockchain as a tool of financial emancipation, the Bicol case reveals institutional absorption: the incorporation of a nominally anti-statist technology into existing hierarchies of governance, credentialing and capital accumulation. While agencies and community entrepreneurs forged mutually beneficial alliances, material and symbolic benefits accrued primarily to those with prior educational and economic advantages. Extending domestication theory and scholarship on techno-politics, the study develops institutional absorption as a concept for the cultural studies of technology: a culturally constituted process through which digital disruption is translated into legible, governable and hierarchical form. Rather than a universal account of the Global South, the concept offers a core analytical perspective for remittance-dependent, climate-vulnerable peripheral regions, with boundary conditions specified for comparative testing.