The Barcelona authorities are going to launch own cryptocurrency for local citizens. Its name is REC (Real Economy Currency).
The blockchain-based REC was created to award local trading activity. The pilot project is launching in May. It will contain 10 city areas forming Besòs Axis district. This district is considered as the most problematic. The administration of Barcelona has been working to decrease the level of social disparity in Besos Axis since 2016. In spite of Barcelona municipality, Novact ans B-Mincome companies are involved in this project. The international Institute for non-violent acts of Novact is a guarantor of functioning of social cryptocurrency in REC project. Also the Institute involved Canvi Taula – the oldest financial social-oriented organization- to participate in this project.
As REC team noted, the project mission is to promote local economy and to improve the population quality of life. The users will get safe, rapid and free means of payment on platform convenient for users. In the REC application, merchants accepting crypto currencies will be able to promote their goods and services, creating special offers for loyal customers.