Major US City Trialing New Basic Income Pilot Program, Primed To Hand Out $12,000 in Free No-Strings-Attached Crypto per Person
For the first known time ever, a guaranteed income pilot program is launching in the US that will hand out no strings-attached cryptocurrency, not cash.
According to a new Bloomberg report, the nonprofit GiveDirectly is administering the new program in partnership with top US crypto exchange Coinbase, which is funding the effort using Circle’s dollar-pegged stablecoin USDC.
The program, called “Future First,” is giving low-income, young adult residents of New York $12,000 in cryptocurrency over a five-month period. There are 160 participants, aged 18 to 30, who were chosen by a lottery. They have just begun to receive the payments in their Coinbase accounts.
It’s the first known guaranteed income pilot program in the US to use cryptocurrency, not cash.
Participants will receive one $8,000 lump sum payment as well as five $800 payments.
Says Emma Kelsey, who leads US programs at GiveDirectly,
“You could imagine a lump sum being used for a security deposit, for example…
We have a hypothesis that for this age group, that lump sum model also makes a lot of sense, just given this pivotal life stage.”
Darin Carter, head of Coinbase’s US policy and grassroots advocacy, says the effort will “provide financial support” and “showcase how blockchain-based payments can have a positive impact.”
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Major US City Trialing New Basic Income Pilot Program, Primed To Hand Out $12,000 in Free No-Strings-Attached Crypto per Person appeared first on The Daily Hodl.
You May Also Like
BitMine Expands Treasury Holdings with $140 Million Ethereum Acquisition
Hyper Foundation Proposes Validator Vote to Burn Assistance Fund Tokens
