The project to revive the local economy has been successfully completed, with us distributing CZK 800,000 to the citizens of Kyjov in Moravia in the form of corrents in its pilot stage. We thank all the participants.
Together, we supported Kyjov's economy with almost CZK 2 million.
We evaluated the data obtained with the Ministry of Industry and Trade, which supported the Corrency pilot operation.
Stay tuned. We believe that Corrency will soon start helping in other cities as well.
Your Corrency team
Corrency is a system for reviving the economy using a one-off accounting unit 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 paid with the corrents for half of their shopping in Kyjov and for the rest with their own money. Corrency aims to 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 rather spend their funds primarily on purchases that benefit the local economy. The town hall selects the business and trade areas that it needs to support, ranging from the sale of pastries, lunches in restaurants, haircuts, to the sale of tickets for cultural events. And it offers its citizens 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 registered for the project and carried out at least one payment during its first phase, could 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 the registration. They were able to spend them at registered merchants, craftsmen, for services or culture. When paying at the merchant, they received a 50% discount on goods or services. This motivated the citizens to put more money into circulation, setting local trade in motion..
Up to 2,000 residents of Kyjov above 18 years of age were able to sign up for the pilot project. On the other side, 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 was in the town.
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. The merchant can also 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.