South Korea’s Universal Basic Income Experiment to Boost the Economy

Wait! What does UBI have to do with Intercoin?

First of all, What is Universal Basic Income?

Everyone in different countries interprets Universal basic income (UBI) in many different ways but in general, it is a government program in which every citizen receives a set amount of money on a regular basis.

UBI has many goals with the main idea of a basic income system to alleviate poverty and replace other need-based social programs that potentially require greater bureaucratic involvement.
In recent years the idea of universal basic income has gained bigger momentum in the U.S. as automation increasingly replaces workers in manufacturing and other sectors of the economy.

South Korea is one of the countries with the highest growth in automation, which is replacing the jobs of millions of citizens. In order to not affect the economy, South Korea is experimenting with Universal Basic Income. They are giving away a $250 payment via credit cards every month 24-year-olds in a province to help them to get started with living expenses.

The catch is that people can use the money only within their own city or community and only among local businesses and not on a big franchise such as McDonalds.

This concept is similar to what Intercoin is trying to implement with the use of blockchain technology. By letting communities issue their own digital currency and use it among its members, it can help to boost the local economy.

In stead of giving credit cards to the community members, governments can create their own digital currency through the Intercoin App and create restrictions as to where the individuals can and can’t use the tokens. This is a cost-effective, transparent way, and more secure for everyone.

2020 pandemic caused panic not only among individuals but mainly to Governments all over the world as no one had experience with similar events and a strategy in place on how to react to the situation.

The fear of a worldwide economic crisis is in the air but many studies proved that if people had UBI in place, things would be different. Many countries are already experimenting with UBI and we at Intercoin are ready to help to deliver this solution faster, secure, and scalable to bigger communities.

Do you think UBI can change the current negative outcome of the unemployment situation caused by Covid-19?

Will the UBI really be the silver bullet to strengthen the economy and empower people to choose jobs they like?

Share your thoughts with us in the comments below!

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Check it out. Universal Basic Income is supported on both the right:

and on the left:

Play those videos, they are some of the best explanations of why UBI would help society, for either side of the political spectrum.

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Thank you for sharing @Greg. Very useful!

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I wanted to invite some members of our community to share their thoughts on this topic
@Oscar @Nicole_Kafozoff @michael_e_hickman_iii @Elona1997 @Elijah @Valerius @Jacques @john_archer @brett_jason_loucks @shaojia_zhang

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I wanted to invite some members of our community to share their thoughts on this topic @Ivan_Carasquillo @marcus_bowman @MartinB @Jason @Arjeta @Kelsia @Norman @ACUMEN @cherkes_anna @Chas_Hartman

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The idea of implementing the UBI is very thoughtful. And, we have a good example of its power on helping people in need, at the states like Finland and Canada.

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In the US the government had to provide millions of dollars as unemployment benefits. In a way the scale and concept of this initiative can be comparable to UBI. If we already had a platform for UBI, this pandemic might have not had such a negative impact on the government deficit.

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I agree with you Kelsia.

I didn’t know Finlad has implemented UBI. thanks for sharing!