A southern Italian town named Castellino del Biferno with only 550 residents has recently created its own currency, Ducati. The major purpose behind creating this currency is to support the local economy during COVID-19 pandemic. Local businesses of the town are going to have extensive support with this currency amid the lockdown situation.
Enrico Fratangelo, mayor of the town has been studying this process of minting money for 12 years. He has said that he has taken this step in order to provide support to the local businesses to deal with this situation.
Ducati distributed according to economic needs
It has been specified that Ducati is distributed among the people according to their economic needs only. This currency needs to be spent on only essential goods. It has been created and printed in a way to avoid the transmission of the virus.
This is not the first time that this kind of currency has been introduced in Italy. Earlier in 2016, a town created a currency which has been completely localized. People use that currency to buy goods from the local stores only and it cannot be used outside the town. Such types of initiatives are taken in order to benefit the local businesses out there.
High need of a digital currency
Amid this COVID-19 pandemic, it has been noted that digital currency is emerging as an ultimate solution in order to avoid the spread of the virus. As this town has introduced its local currency which will be used locally only, it might also lead towards the introduction of digital Ducati.
Digital Ducati will have a lot of benefits with it as fiat currency has a high risk of getting counterfeit. The digital currency will be far away from this counterfeit risk plus it will be similar to the Central Bank Digital Currency.
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