Photo: Mkcarioca | Wikimedia Commons
The 160,000 residents of Maric, Brazil regularly receivebasic income paid inmumbuca, a local social currency,funded by oil royalties. Its creator, former mayor Washington Quaqu, was inspired by a lifelong dream of an egalitarian society, and more than 42,000 families have joined since 2013. Residents who have lived in Maricfor at least three years and have a low household income receive 170 mumbucas a month; Indigenous residents receive 300 mumbucas, and students get 50 mumbucas. The city funds a free local mass transit program and public bicycle program. Mumbuca, held by the city-owned Banco Mumbuca, are accessed by card or app. About 19 million purchases are made with mumbuca per month and the 2% merchants' fee funds a zero-interest line of credit for entrepreneurs and interest-free home improvement loans. To keep the program sustainable, 5% of oil royalties are retained each month. While several cities in Rio de Janeiro state get oil royalties, only Maric used the funds to tackle poverty until Nitero started its program in 2022.
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