Thursday, May 23, 2024

Guadalajara launches digital currency for payment of goods and services

A new digital currency can now be used to pay for goods and services in participating businesses in the Guadalajara metropolitan area.

Pegged 1:1 to the Mexican peso, the hoozie, as the currency is called, was officially launched on Thursday.

Citizens can obtain hoozies, a blockchain-based currency, by downloading the hoozie app on their cell phones and carrying out certain activities that benefit their communities or the environment.

Hoozies can also be earned through the use of public transport, running and cycling. Riding a bike for 30 minutes, for example, earns a hoozie app user 10 hoozies. People get 50 hoozies if they sign up a friend to the app and 100 if they sign up a business.

When people use the digital currency to make purchases in participating businesses, 4% of the value of the transaction is returned to them in hoozies.

The currency is an initiative of the University of Guadalajara and the Irish company Domila Limited.

The Jalisco Ministry of Innovation, Science and Technology contributed 1.2 million pesos (US $59,500) to aid its development via a funding scheme designed to support initiatives that will help reactive the state economy amid the coronavirus pandemic.

A pilot program to test the functionality of the new digital currency was run at the 2021 expo of the National Association of Supermarkets and Department Stores (ANTAD), which was held in Guadalajara this week. About 1,800 attendees downloaded the app during the event.

Many of the Jalisco-based ANTAD members are expected to allow the use of hoozies in their supermarkets and stores. To date, more than 100 businesses, including restaurants, hotels, beauty salons and clothing stores, have signed up on the platform.

Participating businesses have the option of running exclusive promotions for hoozie users. They receive 500 hoozies just for signing up. More information about the new digital currency is available on the hoozie website.

With reports from Informador 

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