Barcelona’s own crypto currency REC (Recurso Económico Ciudadano – Civic Economic Facility) is tied to the euro exchange rate and is already available for purchase in May and can be used in stores in the capital of Catalonia, reports Sputnik.
Ten regions of the city included in the program of municipal inclusive support, will test the new crypto currency, which is introduced to encourage trade. So far, only store owners will be able to exchange the crypto currency for the Fiat, later everyone will be able to do it.
You can pay for REC using a mobile application or a bank card.
Economists distinguish some advantages of the new crypto currency. Firstly, this is a rapid financial engagement, when you do not need to go to the bank, all operations can be performed using a smartphone. Secondly, users will spend money inside the community, which means that all payments will be directed to the development of the crypto currency. Third, the spread of crypto-currency, according to the economist, can positively affect the economy of poor countries.