The Swiss town of Wetzikon will now be using blockchain technology for targeted local business aid induced by the Coronavirus. On Friday, the city which is best known for its idyllic churches and pastures launched a Tezos-backed program to support small and medium local businesses that were affected by the ongoing pandemic so let’s read more in today’s Tezos news.
Valued at 250,000 Swiss francs, the initial aid will be funded with a municipal credit line that has earmarked for the Coronavirus and will be distributed to about 25,000 residents of the Swiss town in the form of an e-coupon that is worth 10 Swiss francs. Residents can access the disbursement via a smartphone app which will be using the aid program as a pilot trial for the platform. According to the website, ecoo is designed to help entities like government agencies and event organizers to distribute earmarked funds in the form of points and coins. The platform was built on Tezos in a collaboration between the Swiss company’s Paper Ag and subsidiaries of Farner Consulting AG.
On the app, the residents will be able to convert their coupons into “WetziKoins” which can later be used to make purchases at local companies. The business owners can then convert the currency back into Swiss francs from the town’s administration via the app. Ruedi Rufenacht, the mayor of the Swiss town said:
Under the current circumstances, it is imperative for us to act in favor of the local economy in a sustainable manner. With ecoo, we have found a viable solution to motivate the people of Wetzikon to shop in local stores instead of just buying online or from wholesalers outside our town. ”
Wetzikon is not the only government that started exploring blockchain technology as a response to the Coronavirus. The Bank of Canada executive Timothy Lane previously called on central governments to prepare for Central Bank Digital currencies by encouraging cross-border digital payments.
As recently reported, The federal Department of Finance of Switzerland initiated a consultation process for blanket ordinance in the blockchain and distributed ledger technology space. The consultation will happen among the Swiss cantons, parties, and other groups in this space. It is also scheduled to continue for more than three months which means it will end on February 2, 2021.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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