Spain’s Richest City Launches Blockchain Currency
The city of Barcelona has launched a blockchain-powered currency to facilitate and strengthen local commerce avoid the abandonment of local areas, and avoid the money spent by local people just going to large supermarkets or online stores, according to the city’s deputy mayor, Gerard Pisarello.
Starting with €1.5 million of Recurso Económico Ciudadano (Citizens’ Economic Resource) or just Rec, one Rec at a guaranteed exchange is worth 1 euro.
Rec in Pilot Phase
So far, over 300 families have received part of their benefits in crypto euros as the pilot stage now begins with about 42,590.36 Rec released to the market. The pilot phase which is to last until October 2019 is limited to about 7% of Barcelona’s population within an area called Besòs Axis which counts 100,000 residents after which it will expand to the whole city.
Again, this depends largely on performance but it is showing prospects as over 80 local business are accepting it as a form of payment already in the pilot city.
Rec: What it is
Like cryptocurrencies, Rec is digital money that runs on blockchain and is currently being spent and move around in an Android-only app or with paper wallets with scannable barcodes.
Blockchains may have now reached convenient levels for ordinary people as they’ve become familiar with its general concepts.
“At the moment I do not see it much feasible. Where I spend more money is my wholesaler, this would be the next step, but it is a good start… Right now we can not go buy the fresh fish with these, so it does not interest me,” says Paco Valverde, owner of a Besòs market bar according to a rough translation of reports from local media.
In response, the coordinator of the project, Martí Olivella, says:
“When the consumption is more consolidated and we identify the suppliers, the wholesalers, we will talk to them,”