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Corrents are specifically invented for temporary Corona aid

Updated: Mar 28

Corrents are specifically invented for temporary Corona aid

Does the Czech Republic show its neighbors where to go in terms of payment? In the south of the country, the small town of Kyjov is currently paying out part of its pandemic aid in a cryptocurrency. A project that could catch on.

Whether buying bread rolls, visiting the hairdresser or coffee to go: around 2,000 residents of the small town of Kyjov can currently pay for their everyday errands in a cryptocurrency. This is called Corrents and was specially invented for the temporary project.

Almost 40 Stores In Kyjov Are Participating In The Project

The dealers are so far satisfied. Like Hornakova, who runs a candy store: "The customers think it's great. We see that they are really excited and that small retailers are happy to support us with their purchases."

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The project is managed by the producer and entrepreneur Pepe Rafaj. He sees it as a good aid tool for the municipality: "The currency has an expiry date. That means that the owner has to spend it within a certain time. And because he can only pay half with it, he also has to spend real money". The aim is to stimulate trade with the pandemic aid.

Cryptocurrencies As An Auxiliary Tool

Even outside of the Czech Republic, many governments are currently debating how they can distribute the aid and ensure that it also benefits the economy. Cryptocurrencies could play a special part here. Temporally and limited currencies such as corrents can give municipalities more chances because they can determine where and when the money has to be spent.

Because even at the global level, the topic is moving ever more into focus. The Central Bank in Europe is currently discussing the possibilities of a so-called e-euro. This cryptocurrency, which exists in to the conventional euro, could be issued to people by the central bank. Especially in times of pandemic, this would be a safe, efficient and environmentally friendly way of distributing aid payments.

The contents of this article are for informational purposes only and are not investment advice.

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