In a post-pandemic world, what would make sense as money?
Porto Covo is the first coastal town in Portugal to implement its own coin after a pandemic decimated global trade and economies. The city has chosen Bitcoin as the currency for their coins so that people have an alternative in case of emergencies or worse.
The “cascais” is a coin that was designed by the city of Cascais, Portugal. The coin will be used to trade goods and services in the event of a pandemic.
According to Diário de Noticias, Cascais, a municipality in Portugal’s Lisbon District, is ready to introduce an innovative cryptocurrency aimed at strengthening the local economy while rewarding sustainable behavior.
The currency, dubbed Cashcais, is expected to generate a cyclical paradigm of production and consumption, transforming socioeconomic practices in the seaside tourist town.
The circular economy is a way of thinking about things.
“We’ve been working with Universidade Nova de Lisboa and Nova SBE for more than a year to set up this entire process of local digital currency, which is very much based on the three main vectors of sustainability–social, environmental, and economic,” said Carlos Carreiras, Mayor of Cascais, about the project that was carried out in collaboration with the two universities.
Although no formal debut date has been set, Carreiras had previously committed to this initiative as one of his campaign commitments for the start of his third term.
The introduction of Cashcais is planned to “stimulate the local economy in the municipality,” according to town officials.
The municipality stated the underlying economic aims as follows: “Whenever consumers make purchases from participating partners, they will earn a cashback–a reimbursement of a percentage spent.”
“Good practices that assist minimize the ecological impact and social inequities in the municipality will be recognized in Cashcais,” according to the environmental and social sectors.
Cashcais may be gathered and used to make purchases from participating partners later.
Since 2018, it has been in the works.
The municipality noted, “Cashcais’ strategic aim is to be a currency for everything and everyone, building a circular economy in the municipality.”
Carreiras called the coin’s release “a giant step forward,” one that he expects will be emulated by many local governments throughout the globe in an attempt to “grow the local economy while maintaining social cohesion and natural resource preservation.”
The municipality confirmed that an investigation is underway “with the goal of assessing and analyzing the market in order to integrate the interests of residents in the creation of the currency.”
Carreiras claims that the municipality has been planning to launch a local cryptocurrency since 2018, when Cascais’ City Points program earned the UN World Summit Award for digital innovation in government and public engagement, making it the first municipality to do so.
The winning application enabled individuals to earn points by recycling, donating blood, using public transportation, or adopting an animal.
City Points in Cascais may be traded for local goods and services, like as show tickets, cultural venues, and biological products sold at Quinta do Piso–with offers and swaps changing over time.
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