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eToro Launches GoodDollar and Begins Delivering Universal Basic Income

GoodDollar global basic income

With enforced shutdowns driving governments to enact emergency stimulus measures and airdrop funds into citizens’ accounts, universal basic income (UBI), also known as basic income, has attracted renewed interest. This fact hasn’t escaped the attention of e-trading brokerage eToro, whose launch of corporate social responsibility initiative GoodDollar (G$) aims to bring basic income to the mainstream, delivered on the blockchain.

GoodDollar, launched publicly on September 7, delivers a solution that empowers citizens around the world to claim basic income via the G$ coin, a digital currency that any cell phone owner can claim, and convert to local currency.

Basic income is a long-standing scheme that has recently gained new attention and relevance as governments have begun to give money directly to citizens through financial rescue packages. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a departure from past financial stimulus packages for its signature policy of providing each American with a one-time $1,200 cash payment.

Putting aside the pandemic, the wealth gap continues to widen, with the world’s wealthiest 20% of the population owning 94% of the planet’s wealth, a topic helping to stimulate the growing interest in basic income among thought leaders and policymakers alike.

“Our current economic model doesn’t necessarily always work well and generate good, and there are two reasons for that. One is the level of inequality that is driven by how the system works, where the rich get richer and the poor get poorer; and the second is the lack of transparency of how money is being used and moved around the system,” says Yoni Assia, the chief executive officer of eToro.

The Covid-19 crisis has highlighted an urgent need to protect those in society whose livelihoods are being made insecure because of the crisis. It is a global health crisis driving...

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