LOCAL TRADE RECOVERY PROJECT

This is a project to revive the local economy and in the pilot stage we 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 June 26, 2021 at registered local merchants.

WE EXTEND THE OPPORTUNITY TO PAY CORRENTS UNTIL JUNE 25, 2021.

In addition, we send a special bonus of 200 corrents to all registered citizens, which they can spend at Kyjov merchants and support them.


1 573 citizens of Kyjov involved

38 places where it is possible
to pay with corrents

LIST OF THE MERCHANTS

EVERYTHING YOU SHOULD KNOW ABOUT THE CORRENCY PROJECT

WHAT IS CORRENCY?

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.

HOW DOES CORRENCY HELP?

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.

HOW CORRENCY WORKS IN KYJOV?

The citizens of Kyjov who registered for the project can receive support in the total amount of CZK 600 in the form of corrents credited to their corrent account, which was opened for them during registration. 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.

WHO was able to REGISTER FOR THE PROJECT?

The first 2,000 residents of Kyjov were able to sign up for the pilot project. On the other hand, local merchants, craftsmen, tradesmen, Kyjov restaurants and organisers of cultural events were able to join it without any limitation. The condition for joining was that their registered office or place of business is in the town.

WHEN AND HOW was it possible to REGISTER FOR THE CORRENCY PROJECT?

There was a possibility to register as a citizen or a merchant. Registration took place online at kyjov.corrency.cz. There was also a possibility to sign up physically at the Kyjov Infocenter, located in Svatoborska Street, and at the town hall filing office. Registration for the Corrency project in Kyjov took place from December 11, 2020, until May 25, 2021.

How will BE the payments processED AT THE MERCHANTS?

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.

WHO ARE THE SUPPORTERS OF THE CORRENCY SYSTEM?

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.

WHO DONATED THE MONEY TO THE TOWN OF KYJOV?

The corrents, gifted to the citizens of Kyjov, have been donated by the Corrency system founded by the company I, Foundation, s.r.o.