eToro Launches GoodDollar To Bring Basic Income to Mainstream
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eToro Launches GoodDollar To Bring Basic Income to Mainstream

September 11, 2020      Vandana Malik

eToro, an e-trading brokerage has announced the launch of GoodDollar which is a corporate social responsibility initiative. This has been launched to bring Basic Income to the mainstream that will be delivered on the blockchain. 

GoodDollar went live on September 07 which aims to empower people across the world to claim Basic Income using G$ coin. G$ coin is a digital currency that could be converted to any local currency by any cell phone user. Basic Income became quite popular during the coronavirus pandemic as the governments have been giving money directly to the citizens as stimulus packages. 

eToro believes the definition of interest rate is a problem

Yoni Assia, chief executive officer at eToro points out several problems with the current economic model. He said that in this current model, the rich are getting richer and the poor are getting poorer. Along with this, he mentioned that there is a lack of transparency in the current system of how money moves around the whole ecosystem.

Assia also mentioned that the major problem is the definition of interest rate and due to this, the money tends to go to the ones who are already having a lot of it. In order to improve this whole system, there is a need to divide the interest rate in a different method. 

The financial inequality gap in society is increasing

With the problem that is going on concerning the interest rate, blockchain seems to be the only answer. He also mentioned that during the COVID-19 crisis, eToro has seen huge growth. However, they are quite concerned about the financial inequality gap that is increasing due to this crisis. The reason behind this is that the unemployment level is increasing at a very rapid rate because numerous people have lost their job during the crisis. The main aim of the firm is to somehow try to fill this gap with their solutions.

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#Basic Income #Definition of interest rate #Etoro #Financial inequality gap #G$ coin #GoodDollar #Yoni Assia
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.