Italian Town Creates New Currency to Cope With COVID-19
Coronaviruses caused Italy to have its worst ever epidemic in Italy , and victims died by the thousands. Businesses have warned the move will put them at a disadvantage against the Italian trade in better protection. They also say the return of the euro may be damaging to their businesses, too.
An Italian town has created their own currency to support local businesses in the Coronavirus lockdown.
The local unit of the National Bank of Italy will keep their hands off the area and its businesses, the Bristol Post reports, leaving them free to set up their own businesses and stop paying taxes. The Porta Alfieri currency center was created by the city council to help the town's local economy during the Coronavirus crisis. People working in that sector can charge taxes, since they are in the Coronavirus zone. That money will then be handed out to other local businesses and help them to recover from the virus. The town's government is attempting to stay out of the business of "tax evasion."
A small southern Italian town of 550 residents, Castellino del Biferno, has started minting their own currency, called Ducati, as a method to support their local economy during the coronavirus Pandemic. "We decided to mint money to make sure the local economy could withstand the impact of the situation. However small this economy may be, there are three or four businesses still open, without considering bars or pubs," Fratangelo explained.
Local residents and businesses are now accepting Ducati cash and even making purchases on the Ducati logo. In Castellino, Ducati currency can be used as payment at a large number of local businesses. The coins are limited in number, are not taxable, and offer a variety of benefits. The name Ducati comes from the town's namesake breed of horse, the Ducati of Biferno, and can be paid in one of three ways. Each coin is a reflection of the belief that the Ducati of Biferno should not be sacrificed to the coffers of the Dons.
Ducati are distributed to residents based on their economic needs and can be spent on essential goods. In order to minimize any confusion, the value of 1 Ducati will equal 1 euro. The town council received €5,500 from the government to issue food stamps, and with the addition of their own savings, they were able to fund the solution.
We start off with watermarked paper, then we print the banknotes — according to the design agreed with the administration — on one sheet of paper. We then laminate the sheet, so that the bills can be disinfected. Once it's laminated, we cut the banknotes with their final dimensions.
Bitcoin and the blockchain have the ability to impact the future of monetary systems worldwide. and this town innovation is on small scale but still they will be better using digital currencies because like central banks someone is making those currency notes for them.