Global Income Coin says that $2860b of new money that governments print every year could be repurposed to lift the poorest people out of dire poverty.

Global Income Coin is a non-profit crypto company. They have raised $2 million to launch a new cryptocurrency, designed to provide a Universal Basic Income (UBI) of $1 a day, theoretically to any human in the world.

The funding was raised via a personal donation from Sid Sijbrandij who is the co-founder of GitLab Inc.

The mission is to help solve extreme poverty worldwide. They will do this “by generating a universal basic income (UBI) of $1 a day available to everyone on earth. Funding for the UBI will not depend on charitable donations but will instead be sustained by the economic activity of a new cryptocurrency.” 

Global Income Coin will launch a new crypto called GLO. It will be an alternative to fiat currencies like the euro, dollar, and yen. They say that the coin will incentivize both individual 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 comes from an economics, finance and blockchain background. “Global wealth levels suggest that we should be able to eradicate poverty if we work together. Global Income Coin can be a major, systemic part of the solution.”

The organization say they want to encourage global adoption of GLO in a scalable way. They will “partner with for-profit companies like fintechs and crypto exchanges, and create financial incentives for contributors to the ecosystem. Global Income Coin also aims to drive adoption through community, sparking a social movement of individuals who choose to adopt GLO to make a positive impact.”

Sid Sijbrandij, the founding donor, said, “Earning opportunities are vastly different between countries, which helps to perpetuate poverty throughout the world. It is a moral imperative to treat all people well.”

The more that GLO is used as a payment method, the more demand for the coin will be generated.

“Most cryptocurrencies go up in value when demand rises, rewarding early investors. GLO works oppositely: when demand rises, more GLO is created and distributed as universal basic income. The increasing value of the network is shared equally among all humans, rather than concentrated.”

Global Income Coin says that the amount of government-created money has grown by 8% per year (1994-2019). “At this continued rate of money supply growth, central banks will be printing an approximate $2860 billion per year by 2024. That is the potential amount of value Global Income Coin can unlock and repurpose to fund a global Universal Basic Income.”

Milewski said, “Blockchain technology can enable a fairer system for the distribution of wealth, allowing for greater equality of income at a global scale. In the current monetary system, governments capture all profits from central bank money creation. We envision a shift to a system where people pluck the fruits of economic growth directly and irrespective of their nationality.” 

The non-profit is based in Zug, Switzerland, and is fueled by donations. They say that any GLO created will never be used to fund the Foundation. “There is also no pre-mine, founder/investor allocation, or any other for-profit scheme for founders, developers, employees or donors.”

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The post Global Income Coin Could Provide a Universal Basic Income appeared first on BeInCrypto.

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