The Country Coin – the Unbanked Solution
By Werner Hochleitner (@sickparvismagna)
Even after having witnessed the participation of various well-known brands into the blockchain and crypto technology, some still decide to continue living in a 1984 where ignorance is bliss. They awake every morning to just another perfect day without sunrise in their tiny, apathetic world, keeping on regurgitating their status quo over and over again.
Yet even the most tentative step could be significant. There are a plethora of issues to target and a paradigm shift can be a benevolence on huge part of earth’s population. One issue that can be neglected is the unbanked subject. Having a huge unbanked population is not only an issue of emerging and developing countries, but are an ubiquitous phenomena even in the 1st world.
To tackle this issue, let me introduce to you the “Country Coin”. This is a bespoken solution (Coin) for every country, build on top of a common token-system and in a governmentally controlled digital environment. This Coin can be tangled with the country’s currency, like a stable coin but with better control, e.g. against inflation of fraudulent activities because operates under scrutiny of governmental auditors. It could be connected to various other services, like social insurance or healthcare data or pretty much everything else to facilitate your daily life.
Chinas omnipresent WeChat app is already able to perform some of these tasks, in using cohesive data from the App, the phone and the bank account. It would just need a transfer to the blockchain and some good will. It needs an adroitly adjusted balance of governmental interference and a self-regulating “Austrian School of Economics” approach for wider acceptance. Even though it’s an ambitious task, the primary goal is an accepted implementation in a daily routine, get up, brush teeth, get your coffee, grab your phone and transfer coins to your relatives.