Corrency is a system that helps reviving the local economy through a transparent support distribution. It financially supports crisis-stricken groups and enables municipalities, or other issuers, to set rules for an effective use of the support for the citizens or selected business areas.
I am interested in the Corrency system for my town
The municipality sets transparent rules with regard to the needs of the town or region.
Citizens obtain resources to purchase products and services through a unit of account called Corrent with adjustable convertibility.
Merchants, craftsmen and other professions regain their customers and restart their business.
We have successfully completed the pilot in Kyjov together with the Ministry of Industry and Trade, distributing more than 800,000 corrents among 1,500 citizens. The citizens of Kyjov were able to use the money to pay for a period of 30 days of the pilot operation and during its extension at registered merchants located in Kyjov.
A one-off unit of account called Corrent will be generated from the CZK support contributions.
Corrency motivates the citizens to purchase necessary goods or services in a limited time and region. Citizens obtain support in the form of corrents, which they have to apply within a short time frame at local merchants.
Corrent features:
Selected groups of citizens may become beneficiaries of the support by meeting conditions set by the municipality or another issuer.
Holders of corrents can pay at merchants, for example, for 50 % of the total price of the service. The rest they pay for with their own funds either by cash or card. This “lever” can be set individually according to the needs of the region or another issuer.
Local merchants, service providers who meet parameters set by the issuer may join the Corrency system.
Radnice Prahy 18 chtěla podpořit místní obchody, služby a sportoviště. Uvolnila milion korun. Corrency pomohlo ve spolupráci s Městskou částí Praha 1 nastartovat místní ekonomiku. Following Prague 18, the representatives of the Prague 1 district also decided to join the Corrency project. In the pilot, they will distribute 1,000 corrents (each) for 2,000 citizens of Prague 1. Two million Czech crowns have been allocated from the local budget.
News
Letňanské Corrency končí. Podpořilo hlavně sportoviště
Corrency na Praze 1 úspěšně nakoplo místní ekonomiku
Corrents as Czech crowns. Prague 1 will launch a project to support its local economy
The Corrency system was created in response to the closure of our economy in the spring of 2020 at the onset of the coronavirus pandemic. The aim of the project is to find a way to restart the economy in the regions and distribute support to the most affected groups of citizens.
The phrase “helicopter money” was adopted for the general support of the population. However, insufficiently targeted support often fails. People can waste it or use it to save money and not put other funds into circulation. Targeted support of so-called “drone money” is key to boosting the economy.
Economic recovery in the time of crisis
Unconditional income
Targeted support/bonus
"We have decided to offer corrent support to all residents of Kyjov. I believe that this modern economic project has a great potential and it may support business not only in our town. It is a matter of time before other cities get involved."
Mgr. František Lukl, MPA, Czech politician, former Minister for Regional Development, President of the Union of Towns and Municipalities of the Czech Republic
“Corrency is a perfect example of how a hackathon project can continue its successful development and support local economy and regional development. The fact that the project has a promising future is proven by it being ranked among the top 15 of more than two hundred projects in the hackathon.”
Ing. Patrik Reichl, MBA, Director of the Business and Investment Development Agency CzechInvest
"I am glad we could have contributed to the creation of this project. Without the support of the Ministry of Industry and Trade and its Czech Rise Up program, such a pioneer and innovative project could have risen only in limited conditions. We are looking forward to seeing how this pilot develops. We believe that this concept will work. Its comprehensive solution offers much wider application in other economic and social issues."
Ing. Petr Očko, Ph.D., Ministry of Industry and Trade Deputy Minister for Digitisation and Innovation
