Cryptocurrencies have been known to create an ecosystem for growing functionalities within the financial sector. This has also allowed regions to utilize this feature and work it to their advantage.
In a positive twist to the cryptocurrency story, it has been revealed that virtual assets were working towards creating a better society in Uruguay.
New reports from the South American country showed that there was a growing system of earning virtual assets by doing good deeds. Citizens now have the option to earn digital assets if they deposit waste from the Piriapolis beach in designated areas. These assets can then be used for discounts or purchases in local restaurants or partnered shops.
The digital asset is nicknamed ‘Plasticoin’, after the mission to eradicate plastic waste from the beach. The initiative was taken by Juan River who launched the project alongside industrial designer Nicole Wyaux. Users interested in earning these Plasticoins can register online and then deposit plastic waste at one of three collection points.
The venture stated that the minimum deposit quantity is one kilogram. For every kilogram deposited, a user will get anywhere between 100 to 400 plasticoins. The structure showed that users will get 100 coins for household waste, 200 coins for beach waste and 400 coins for microplastics of less than half a centimeter as their Digital Assets.
The project has also received the backing of the Uruguayan government after an explosive start. The government had granted an initial fund of $5000 for propagating such a habit in the country. The citizens have also responded positively to the developments and have promised to convert this opportunity into a society changing phenomenon. The country’s government entity National Agency for Development [ANDE] has pra the efforts taken by the entrepreneurs.
Over 600 users had registered in the initial phase of the project, with many more expected to be onboarded soon. There are also plans to expand the service to areas such as Maldonado, Solis, Ocean Park and Pan de Azucar.
The concept of cryptocurrency and blockchain technology has definitely taken the Latin American market by storm. Bitcoin and other cryptocurrencies have always been positive markers in the region with countries like Venezuela and Colombia takin charge.
Venezuela witnessed a rapid increase in crypto usage during its inflation hike and it continues to this day. This came at a time when the Nicholas Maduro led government launched its own state-backed cryptocurrency called the Soverign Bolivar or Petro.
