The Swiss city of Witziquon - formerly famous for its pastures and exemplary churches - launched a blockchain-based program last Friday to support local small and medium-sized businesses affected by the coronavirus pandemic. < / p>
According to Queen Telegraph, the program will be valued at 250,000 Swiss francs (equivalent to $ 280,000), and initial aid payments will be funded by a local coronavirus credit line that will be distributed For nearly 25,000 Witzki residents in the form of an electronic coupon for 10 Swiss francs.
and residents can access the payments through the Eco smartphone app, which will use the help program as a beta for its platform.
According to their website, Eco is designed to help entities such as governments and event organizers distribute allocated funds in the form of coins and pips, and is built on the blockchain chain Tezos through Collaboration between Swiss companies Peppers and several subsidiaries of Farnercsulting AG.
and on the app, residents will be able to convert their coupons into WetziKoins that they can later use to make purchases at local businesses. Local business owners can then convert the currency back into Swiss francs from the city administration, also via the app.
Rudi Rovnacht, Mayor of Weitzikon, commented on the program: “Under the current circumstances, it is essential for us to work for the benefit of the local economy in a sustainable way. With EcoW, we found a viable solution to incentivize Witzicons to shop in local stores rather than just buying online or from wholesalers outside of our city.
Witzikoon is not the only government that has explored the use of blockchain technology in response to the Coronavirus, as Bank of Canada Executive Director Timothy Lynn has previously called on central governments to prepare for digital currencies To central bank (CBDCs) in an effort to encourage cross-border digital payments.
