How the idea of the one-off Corrency transaction system originated and where it is headed

"The Corrency project was created as a response to the general quarantine. I was sitting at home locked up with the suspicion of having COVID-19 and black thoughts were racing through my mind. It was clear to me that another inevitable phase was coming. An economic collapse. All my life I imagine things that can happen. And they often do..."


"I remembered three extraordinary books that suited the situation:

1. Thomas Hobbes, Leviathan
2. Bernard Lietaer, The Future of Money
3. Ondrej Neff, A Zeppelin on the Moon

Hobbes and Locke define the social contract theory. I remembered my studying of economics and philosophy at the University of Economics, and my teachers and the hours spent debating the meaning of society, the state, the price of human life. There was only one conclusion. Man is a citizen. And the life of a citizen is what it is all about. Families will be without cash, entrepreneurs without work and the state without taxes. The state will have to decide how to start the economy with general support, which it will distribute to the ones in need. Because this is the basic and main role of the state in times of crisis.

Then it was time for Lietaer and the history of monetary systems from different cultures. A fantastic book. I was inspired by commodity currency: bags of coal with limited time use.

And A Zeppelin on the Moon? The genius Ondrej Neff and his story of how to build an airship on an atmosphere-less moon. Why not? When enough people get excited about a seemingly crazy idea, they can implement it together. That strengthened my intention to work hard and carry the idea of Corrency through.


Corrency must therefore be:

  • As little controversial as possible
  • Following with the legislation of the Czech Republic
  • Realisable as quickly as possible
  • As understandable as possible for every single one
  • Acceptable to the state — if the state distributes money, it has the right to define the conditions under which it will be possible to spend it, which must be declared to citizens as a temporary solution
  • Transparent and effective —corrents should not be used to buy drinks or to be deposited on an account
  • Motivated by citizen participation — citizens will receive a discount and at the same time circulate their own funds into the economy
  • Attractive and trustworthy — we have to start acquiring supporters and strong partners, otherwise, we won’t be able to realised the project, which turns out to be the most difficult part — to put billions into the system is, in the words of Ondrej Neff, "A Zeppelin on the Moon".


In a few days, I opened Facebook and an ad popped up: Hack the crisis!

I closed it because it was a ministry activity. No one at the ministry would understand Corrency, A Zeppelin on the Moon cannot be built like this. But the idea didn't leave me.
I filled out the application.
They called me.
They wanted to know more.
So I wrote back. They kept asking and I answered and then they even came up with the idea of what if:
"What if… And what if this…"
"Isn’t it too much? It would mean that… and it’s probably not in line with…"
I was excited, I was in a brainstorming paradise. Hats off. And so the Corrency system began to acquire specific contours…

The cooperation with the CzechInvest team resulted in me starting to take this idea not only as a theoretical concept.

I stopped treating the basic lack of *someone* putting into the system hundreds of millions to distribute to single mothers, the elderly, the unemployed, people on the brink of poverty, and explaining to them “why it’s good for everyone” to spend this money on targeted local merchants, as a limiting factor.

The idea is good. Many people assured me of that along the way. Only the idea of the modern Leviathan flying in a Zeppelin must be consolidated.

I knew I had to surround myself with a strong implementation team and wait to see if society recognises Corrency as worth the while to be created primarily in a pilot version. If the idea is strong, supportive and socially necessary, it will certainly be realised. Step by step.


Today, we can shamelessly say that there is no variant of the evolution of the universe in which humanity would not discover the wheel or America. In the context of the time, these were revolutionary inventions. So is Corrency. It is impossible to imagine a world after the Covid-19 pandemic, in which there are no crowds of unemployed hoteliers, bartenders and other professions on one side, and governments that will have to deal with the situation of their poor voters on the other side.

I believed Corrency would become real. There are many places in the world where it will be needed. The principle has already been described and published in a document that is part of the application for a subsidy in the Czech Rise Up program, which I applied for on 15 May 2020.

A lot of time has passed since then. After a half-year marathon, we managed to obtain support from the ministry for the implementation of a pilot project and sponsorship from other important state and non-state institutions and companies.

Whether it will receive blanket financial support, and thus a chance for implementation, will largely be decided by the pilot operation, which we will implement in January in the pilot city of Kyjov.

Follow our story. I and the whole team believe that we are on the right path, at the end of which we will all be in a better situation."

Pepe Rafaj