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Global Income Coin could enable Universal Basic Income

 


Governments are constantly printing new money. According to Global Income Coin, $2,860 billion of this could be used annually to lift the poorest people out of poverty.


The non-profit organization Global Income Coin has already raised $2 million to launch a new cryptocurrency. This can theoretically enable everyone in the world to have a Universal Basic Income (UBI) of USD 1 per day. Funding was made possible by a private donation from Sid Sijbrandij, co-founder of GitLab Inc.


Its mission is to fight extreme poverty worldwide. They want to achieve this by generating a Universal Basic Income (UBI) of $1 that is available to everyone in the world. Funding for the UBI will not depend on donations, but will be secured through the economic activity of a new cryptocurrency.


Global Income Coin will launch the new cryptocurrency GLO. It is intended to be an alternative to fiat currencies such as the euro, dollar or yen. The coin is intended to provide an incentive for both private buyers and companies to use GLO for payments. The hope is that the more GLO is used, the more UBI it generates.


Jeffrey Milewski is a co-founder of Global Income Coin and has a background in economics, finance and blockchain. “Global levels of prosperity suggest that if we work together, we should be able to end poverty. Global Income Coin can be an important and systemic part of the solution.”


The organization says it wants to gradually promote the global adoption of GLO. They want to partner with “for-profit” companies like FinTechs and crypto exchanges and create financial incentives for ecosystem stakeholders. Global Income Coin also aims to drive community adoption and ignite a social movement of individuals using GLO to make a positive impact.”

Sid Sijbrandij, Founding Founder, says: “Earning opportunities vary greatly from country to country, which contributes to the persistence of poverty in the world. It is a moral imperative to treat all people well."


The more GLO is used as a payment method, the greater the demand for the coin.


“Most cryptocurrencies appreciate in value when demand increases, which rewards early investors. GLO works the other way around: as demand increases, more GLO are created and distributed as Universal Basic Income. The growing value of the network will be distributed evenly, rather than concentrated, among all people.”


Global Income Coin says government created money has increased 8% per year (1994-2019). “At this sustained rate of growth, central banks will be printing around $2,860 billion a year through 2024. This is the potential value that the Global Income Coin can achieve and use to fund a Universal Basic Income.”


Milewski said, “Blockchain technology can enable a more equitable system for wealth distribution that creates greater income equality on a global scale. In the current monetary system, governments collect all the profits from central bank money creation . We want to move to a system where people reap the benefits of economic growth directly, regardless of their nationality."


The non-profit organization is based in Zug, Switzerland and is supported by donations. They emphasize that none of the GLOs generated are ever used to fund the Foundation. "There is also no pre-mine, founder/investor attribution or other for-profit programs for founders, developers, employees or donors."

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