Swiss town introduces Tezos-backed coronavirus aid program. A blockchain-based programme to help small and medium-sized local businesses impacted by the coronavirus pandemic was unveiled on Friday in the Swiss town of Wetzikon, formerly best known for its idyllic pastures and churches.
The initial aid disbursement, estimated at 250,000 Swiss francs ($280,000), will be financed by a municipal credit line allocated to the Coronavirus and will be distributed to the approximately 25,000 inhabitants of Wetzikon in the form of an eCoupon worth 10 Swiss francs. Residents can access the disbursement through a smartphone app, “ecoo,” which will be using the aid program as a pilot trial for its platform.
According to their website, ecoo was built on the Tezos blockchain through a partnership between the Swiss company Papers AG and several subsidiaries of Farner Consulting AG and is intended to help organisations such as governments and event organisers distribute allocated funds in the form of coins and points.
On the app residents will be able to convert their coupons into “WetziKoins” that they can later use to make purchases at local companies. Local business owners can then convert the currency back into Swiss francs from the town administration, also via the app.
Ruedi Rüfenacht, Mayor of Wetzikon, said of the program “Under the current circumstances it is imperative for us to act in favor of the local economy in a sustainable manner. With ecoo, we have found a viable solution to motivate the people of Wetzikon to shop in local stores instead of just buying online or from wholesalers outside our town. ”