On Friday, the Swiss city of Wetzikon, formerly known for its idyllic pastures and churches, launched a blockchain-based program to support local small and medium-sized businesses affected by the coronavirus pandemic.
Value at 250,000 francs (280,000 USD), the initial effort It is financed with a municipal credit line for the coronavirus and distributed to the around 25,000 residents of Wetzikon in the form of an electronic voucher worth CHF 10.
Residents can access the payout via a smartphone app. “Ecoo”, that you are using the utility as a pilot test for your platform.
According to their website, ecoo is designed to help companies such as governments and event organizers distribute allocated funds in the form of coins and points. It was built on the Tezos blockchain through a collaboration between Swiss companies Papers AG and several subsidiaries of F.arner Consulting AG.
In the resident app You can convert your vouchers into “WetziKoins” which you can then use to shop at local businesses. Local entrepreneurs can also use the app to convert the currency back into Swiss francs from the city administration.
Ruedi Rüfenacht, The mayor of Wetzikon said about the program: “In the current circumstances, it is imperative for us to act sustainably for the local economy. With ecoo, we have found a viable solution to motivate people in Wetzikon to shop in local stores instead of just shopping online or at wholesalers outside of our city. “”
Wetzikon is not the only government that has investigated the use of blockchain technology in response to the coronavirus. The executive branch of the Bank of Canada, Timothy Lane previously urged central governments to prepare for central bank issued digital currencies (CBDCs) to encourage cross-border digital payments.