COPENHAGEN, [21 April 2024] – Toco, a digital currency backed by carbon mitigation assets, has launched in Copenhagen, ushering in a new era of positive climate action, one transaction at a time.
Toco is the first currency to provide a payment platform for both people and business – where every transaction in toco generates new demand for carbon to be removed from the atmosphere – without adding additional costs. Toco has Swiss regulatory approvals and permission to operate the payment system and capabilities to comply with the regulatory international requirements (KYC, AMLA, etc.).
“Our current economic system is not working to solve climate change. Economists call this a negative externality – when the cost of emissions is not included in our economy. To protect our common resource, the planet, we need to fix the system. The only way we can do this quickly is through a people-driven movement,” says Paul Rowett, co-founder of Toco.
The Carbon is Money movement, proposes an upgrade of the current international monetary system, centered around the carbon currency, Toco. Each Toco, abbreviated from “tonnes OCO,” represents one ton of carbon dioxide equivalent that has been credibly removed from the atmosphere. These Tocos are backed by a portfolio of carbon mitigation assets, held by the Carbon Reserve, ensuring the credibility and integrity of the currency.
The Carbon Reserve is responsible for Toco issuance, purchases, and the custody of carbon assets. A capitalised and operative non-profit foundation in Geneva (Switzerland), It acts as the central bank, with treasury and portfolio management capabilities to implement monetary policy. it aims to maintain the convertibility of Tocos to carbon assets while responsibly growing the Toco supply, thereby expanding the voluntary carbon market.
The infrastructure is able to facilitate global adoption of the new monetary system. The fully operational peer-to-peer payment system is instantly deployable anywhere with an internet connection. The mobile payment application tracks impact, connects communities and provides social tools to drive the expansion of the monetary system. Users can expect regular improvements to the app experience that celebrates and reward collective action.
The system was successfully tested in South Africa during 2023. It launched the European operations in Switzerland in January. Copenhagen is an important launchpad into the rest of the Nordic countries.
“We are excited by the response we received in Copenhagen, says Paul. “People seek simple, practical ways to take action. Toco can make an immediate impact on local communities. We designed it in such a way to be low friction, low cost and high impact. The idea of removing carbon from the air is as easy as choosing to pay with a different currency. This makes sense to everyone we speak to.”
To get involved, simply download the toco app (Google Play and Apple App Store), load with tocos and spend at participating merchants.
Tocos can also be held as a store of value in your unique digital wallet: carbon credits are valuable assets traded in international markets. The value of toco is tied to real-world value of these carbon mitigation assets. This provides reliability and stability, making Toco a good store of value. Together with the strict oversight of the Carbon Reserve, individuals, business and investors benefit.
“It is a better money for a better world,” concludes Paul.
Copenhagen Launch video: https://drive.google.com/file/d/1Sqvc98DlSef-x649rX8It4znHfhlSZd1/view
Toco currency: www.tocos.org
The Carbon Reserve: www.thecarbonreserve.org
Carbon is Money movement: www.carbonismoney.org
