Czech town launches hybrid currency scheme to boost recovery

Location: Kyjov, Czech Republic

This Czech town has launched an experimental recovery scheme

Residents are being given a local digital currency called “corrents”

to spend at local businesses hit hard by lockdowns

(SOUNDBITE) (Czech) OWNER OF BEAUTY SHOP AND STUDIO, EVA JUDASOVA, SAYING: "Everything has been working perfectly so far, we haven't experienced any problems. The customer pays half the price and for the second half, they show us a code or the number of their identification card. We enter it into the system and automatically, the customer receives an SMS confirmation of their balance and they can continue shopping if there is some balance left which they could use next time."

The project creator refers to the “corrency” as “drone money”

comparing it to the idea of “helicopter money”

or direct cash transfers to citizens

(SOUNDBITE) (Czech) INVENTOR OF "CORRENCY" PROJECT, PEPE RAFAJ, SAYING: "I've been thinking about the way I could transform the helicopter money to drone money, which would be targeted and would be effectively spent on boosting supply and demand."

The scheme is being funded to the tune of $37,900

by a private individual who does not wish to be named

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