Barcelona's New Experiment: Launching REC, a Local Cryptocurrency
2 min read · · Korean original
Hello, this is Bitpunk. Barcelona, Spain, is running a new experiment with its own cryptocurrency, REC (Real Economy Currency). REC is a local currency that complements the euro and can be used by individuals, institutions, and businesses within the area. Its goals are to offer an alternative to the problem of monopoly over money and to boost the local economy.
Of course, there are no payment fees, and some shops offer special deals. And of course, since it's a local currency, REC circulates only within the area, which is expected to give the local economy a further boost.
An Android app is currently available. Using it is simple: download the app, register, and then pay through the app. Just like a regular banking app, the REC app lets you pay at shops, send money to other users, and check your payment history.
As the map below shows, about 100 businesses currently accept REC. Local restaurants, laundromats, veterinary clinics, pharmacies, and bars are typical examples. Of all the descriptions I read, what struck me most was this point: "recognizing that most small markets are closing down because of large corporations, it will address this problem by introducing a token economy policy."
If you'd like to learn more about REC, it's worth taking a look at https://rec.barcelona/en/what-is-it/. It's a project I'm personally interested in, so I've also signed up for their newsletter. I hope Barcelona's new experiment, the launch of the local cryptocurrency REC, goes successfully and brings about real change.
