Wetzikon Takes a Bold Step

In a surprising yet strategic move, the picturesque Swiss town of Wetzikon has embraced the digital age by launching a blockchain-powered aid program. This initiative aims to bolster small and medium-sized enterprises that have been hit hard by the Coronavirus pandemic. With an initial funding of 250,000 Swiss francs (equivalent to around $280,000) sourced from municipal credit lines, this program is stirring up excitement among locals.

Money in Your Pocket: The eCoupon System

Residents will receive a nifty eCoupon worth 10 Swiss francs via the smartphone app dubbed “ecoo.” The concept sounds easy enough: download an app, claim your coupon, and support local businesses. It’s like a treasure hunt, but instead of gold, you’re hunting down WetziKoins!

How It Works

• Step 1: Download the ecoo app.
• Step 2: Claim your 10-franc eCoupon.
• Step 3: Convert that coupon into WetziKoins.
• Step 4: Spend WetziKoins at local businesses.

Simple, right? Residents can use their WetziKoins to shop at local stores, thereby keeping the economy alive and kicking.

Supporting Local: The Mayor’s Insight

Ruedi Rüfenacht, the Mayor of Wetzikon, expressed the need for sustainable measures to boost the local economy. He remarked, “Under the current circumstances it is imperative for us to act in favor of the local economy in a sustainable manner.” Plus, who doesn’t love a little incentive for shopping locally? This program aims to sway residents from online shopping sprees to once again frequenting their quaint local shops.

Blockchain: The Future is Here

The use of blockchain technology in this program isn’t mere fluff. The ecoo app is backed by the Tezos blockchain, ensuring security and transparency in transactions. Residents can rest easy knowing that their digital coins are as safe as their Swiss cheese! This initiative also serves as a pilot for ecoo, showcasing its potential in distributing earmarked funds efficiently.

A Trend Among Governments

Wetzikon isn’t operating in isolation; it’s part of a growing trend of municipalities leveraging blockchain for economic recovery during the pandemic. The Bank of Canada’s Timothy Lane has emphasized the importance of Central Bank Digital Currencies (CBDCs), suggesting that governments worldwide should be poised for cross-border digital payments. Turns out, the Swiss town may have just started a trend that’s catching on quicker than a viral TikTok dance!