This is a project to revive the local economy and in the pilot stage we will distribute CZK 800,000 to the citizens of Kyjov in Moravia in the form of corrents. The citizens can spend them from April 26 till May 25, 2021 at registered local merchants. Registration is open even after the project starts until the capacity of 2,000 citizens is filled. Do not hesitate and sign up for your allowance.
Corrency is a system for reviving the local economy using a currency called corrent. The corrent is basically the Czech crown, but it can be set for what, where and by when people can spend it. It works like a smart discount. People will pay with the corrents half of the amount of their shopping in Kyjov, they will pay for the rest with their own money. Corrency will revitalise the economy and revive citizens’ demand for merchant services. The time of economic crisis will thus be significantly shortened.
The goal of Corrency is for businesses to work again, for citizens to not save unnecessarily, and for them to spend their funds primarily on purchases that benefit the local economy. The town hall will select the business and trade areas that it would need to support, ranging from the sale of pastries, lunches in restaurants, haircuts, to the sale of tickets for cultural events. And it will offer its citizens the corrents. Currency will thus return to the local economy, limiting the collapse of merchants, reducing unemployment and strengthening civic affiliation.
The citizens of Kyjov who register for the project are receiving support in the amount of CZK 400 in the form of corrents credited to their corrent account, which we will open for them when they register. They will be able to spend them at registered merchants, craftsmen, for services or culture. When paying at the merchant, they will receive a 50% discount on goods or services. This will motivate citizens to put more money into circulation, setting local trade in motion.
The first 2,000 residents of Kyjov can sign up for the pilot project. On the other hand, local merchants, craftsmen, tradesmen, Kyjov restaurants and organisers of cultural events can join it without any limitation. The condition for joining is that their registered office or place of business is in the town.
You can register as a citizen or a merchant. Registration takes place online at kyjov.corrency.cz . You can physically sign up at the Kyjov Infocenter, located in Svatoborska Street, and at the town hall filing office. Registration for the Corrency project in Kyjov takes place from December 11, 2020, until further notice, i.e. even for the duration of the project from April 26 till May 25, 2021.
The merchant verifies the citizen’s identity using their identity card or an SMS code on their phone. The merchant sends an SMS to the Corrency system which returns the information on how much the citizen should pay with their own money. The merchant will receive the rest of the payment from Corrency the next business day to their bank account in Czech crowns. They will also be able to process the payment using the web aplication.
Corrency is supported by the Ministry of Industry and Trade of the Czech Republic. It is under the auspices of the Czech Chamber of Commerce, the Association of Small and Medium-Sized Enterprises and Crafts of the Czech Republic, and the chief architect of the e-government department of the Ministry of the Interior of the Czech Republic. The pilot project has also received a great support by the Mayor Frantisek Lukl and the Kyjov town council. The Corrency system has entered into a Memorandum of Cooperation on the pilot with them.
The corrents, gifted to the citizens of Kyjov, have been donated by the Corrency system founded by the company I, Foundation, s.r.o.