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Bunz, a Canadian online barter community, launched its own cryptocurrency on April 9th, triggering reactions negative from critics. goes against the philosophy of the company to promote a no-money economy.
Bunz announced the launch of his BTZ cryptocurrency in a press release, saying that he has partnered with more than 100 local food, beverage and retail stores to accept BTZ in exchange for food, coffee, beer, clothing, beauty services and other goods.
The 200,000 members of Bunz will automatically receive 1,000 units of BTZ (about $ 10). "I went to a cafe today and bought a cup of coffee for 300 BTZ," Bunz CEO Sascha Mojtahedi told Vice.
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Bunz, which was founded in 2013 as a Facebook barter group, received funds from Fidelity and an angel investor in March 2018.
Many social media criticized the company's decision to launch a digital currency, claiming that it was selling badly, according to the Financial Post.
"So much to subvert capitalism," wrote a Facebook user.
Another rang: "Spirit RIP Bunz and Integrity.Develop something to help the poor get around the financial constraints of capitalism.Capitalize the hell out of it.Develop your own currency for that (but do not Do not call for money lol.) Back up and look at something that was once beautiful to die of a prolonged and clumsy death. "
But Bunz's CEO, Sascha Mojtahedi, insisted that the community did not stray from its roots: "I actually see a doubling rather that a divergence from the ethics that Bunz represents ".
Mojtahedi explained, "Because this is a bartering community, we have had a number of problems related to the disparity of values.The divisibility of the goods and all these problems can be solved by crypto- I think this gives our community more flexibility. "
Jean-Paul Lam, an associate professor of economics at the University of Waterloo, does not agree. "This goes completely against the purpose of what was in the first place, a society without money that would trade goods for goods," Lam said at the Financial Post
As crypto-currencies become more dominant – with the Top Dog bitcoin – you can be sure that more groups will be launching their own digital currencies.
Last week, a mayoral candidate from Seoul proposed to deploy the "S-Coin", a virtual currency for the capital of South Korea. In October 2017, Dubai announced that it was developing a crypto based on the blockchain called "emCash".
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