1 00:00:00,040 --> 00:00:04,040 OK, let's unpack this. Welcome back. 2 00:00:04,240 --> 00:00:07,840 We are diving today into well what a lot of people might see 3 00:00:07,840 --> 00:00:11,680 as a total economic anomaly. I mean, you have to imagine a 4 00:00:11,680 --> 00:00:17,320 really sophisticated thriving multi million unit currency and 5 00:00:17,320 --> 00:00:20,680 it's operating successfully day in and day out right in the 6 00:00:20,680 --> 00:00:23,000 heart of the eurozone, yes. Smack in the middle of it. 7 00:00:23,120 --> 00:00:25,320 And we're not talking about Bitcoin here or some other 8 00:00:25,320 --> 00:00:27,680 crypto. We are talking about local 9 00:00:27,680 --> 00:00:31,360 money, you know, deeply rooted in culture and community. 10 00:00:31,720 --> 00:00:34,000 We are taking a deep dive into the USKO. 11 00:00:34,000 --> 00:00:36,680 And it's so much more than just a successful local currency. 12 00:00:36,680 --> 00:00:39,040 I mean, when you look at the sources we've aggregated, it's 13 00:00:39,040 --> 00:00:42,840 really a master class in targeted financial engineering. 14 00:00:42,840 --> 00:00:44,120 It's a blueprint A. Blueprint. 15 00:00:44,120 --> 00:00:45,960 I like that. So what's our mission today? 16 00:00:46,360 --> 00:00:49,800 I think our mission is to really dissect the Usco's structure, 17 00:00:49,960 --> 00:00:53,880 look at the the intentionality behind its creation, the why 18 00:00:53,880 --> 00:00:56,760 exactly, and then the detailed mechanics of it. 19 00:00:56,760 --> 00:01:00,160 You know, the physical notes, the digital presence, and maybe 20 00:01:00,160 --> 00:01:04,000 most importantly, how on earth did it scale so effectively to 21 00:01:04,000 --> 00:01:07,880 become, and this is a fact, the largest local currency in all of 22 00:01:07,880 --> 00:01:09,160 Europe? The moment you hear that 23 00:01:09,160 --> 00:01:13,120 statistic, the largest local currency in Europe, it just it 24 00:01:13,120 --> 00:01:16,720 forces you to stop thinking of this as some quaint feel good 25 00:01:16,720 --> 00:01:18,720 project. It's not a farmers market token. 26 00:01:18,720 --> 00:01:21,520 No, not all this is serious. It's like a parallel monetary 27 00:01:21,520 --> 00:01:23,960 policy in action. I mean, the USKO really 28 00:01:23,960 --> 00:01:27,200 challenges that core assumption that only central banks can 29 00:01:27,200 --> 00:01:28,640 manage money at this kind of scale. 30 00:01:28,680 --> 00:01:30,480 Absolutely. And I think big picture concept 31 00:01:30,480 --> 00:01:33,040 we have to establish right a day is this idea of physical 32 00:01:33,040 --> 00:01:34,480 localism. Physical localism, OK. 33 00:01:34,480 --> 00:01:36,200 That's what they use. Go embodies, really. 34 00:01:36,200 --> 00:01:38,800 It's the idea that your financial tools, your money, 35 00:01:39,120 --> 00:01:43,760 should be designed, architected not for some abstract global 36 00:01:43,760 --> 00:01:48,520 growth, but explicitly to achieve geographically specific 37 00:01:48,520 --> 00:01:49,840 goals. Social goals. 38 00:01:49,960 --> 00:01:51,200 Social. Goals. 39 00:01:51,200 --> 00:01:53,960 Cultural goals. Environmental goals. 40 00:01:54,720 --> 00:01:57,640 The Usco's success? Really, it hinges on whether it 41 00:01:57,640 --> 00:02:01,600 can maintain its financial stability while at the same time 42 00:02:01,600 --> 00:02:04,320 prioritizing all these non monetary metrics. 43 00:02:04,480 --> 00:02:06,560 And I think the most intriguing part of that architecture, and 44 00:02:06,560 --> 00:02:09,360 we'll definitely come back to this, is how they designed these 45 00:02:09,360 --> 00:02:12,440 specific constraints. The friction. 46 00:02:12,480 --> 00:02:15,160 Yeah, the financial friction. Yeah, It's designed to ensure 47 00:02:15,360 --> 00:02:18,080 that the money stays in motion, but only locally. 48 00:02:18,240 --> 00:02:21,840 It's a beautifully engineered system of capital retention. 49 00:02:21,960 --> 00:02:24,520 And that right there, that's the engine of its success. 50 00:02:24,520 --> 00:02:26,560 So let's start with the hard facts and the basics. 51 00:02:26,560 --> 00:02:30,360 Where does the USCO actually operate, and who's behind it 52 00:02:30,360 --> 00:02:31,240 all? OK. 53 00:02:31,240 --> 00:02:35,400 So the USCO is, as we said, a dedicated local currency, and it 54 00:02:35,400 --> 00:02:39,040 is governed by a nonprofit organization called USCO Moneta 55 00:02:39,040 --> 00:02:40,920 Erikunda. A nonprofit? 56 00:02:40,960 --> 00:02:43,040 That's key. It is absolutely fundamental 57 00:02:43,040 --> 00:02:46,160 because that nonprofit legal framework, it defines the 58 00:02:46,160 --> 00:02:47,680 currency's mission from the get go. 59 00:02:47,960 --> 00:02:50,840 It signals that the driving force here isn't shareholder 60 00:02:50,840 --> 00:02:54,160 dividends or profit. It's the collective economic and 61 00:02:54,160 --> 00:02:56,560 and cultural health of the community it serves. 62 00:02:57,000 --> 00:02:58,960 So the currency is just the tool. 63 00:02:59,120 --> 00:03:01,320 You know the community is the beneficiary. 64 00:03:01,960 --> 00:03:04,120 And geographically, where are we talking about? 65 00:03:04,440 --> 00:03:09,880 We are focused mainly on the Northern Basque Country, which, 66 00:03:09,880 --> 00:03:12,960 for anyone unfamiliar, is the region of the Basque cultural 67 00:03:12,960 --> 00:03:16,400 nation that falls within French administrative borders. 68 00:03:16,400 --> 00:03:18,960 OK, so in. France in France, and that 69 00:03:18,960 --> 00:03:23,800 distinct cultural and linguistic identity that provides the, I 70 00:03:23,800 --> 00:03:26,920 guess, the social cohesion you need for a project like this to 71 00:03:26,920 --> 00:03:28,520 actually work. It's the glue. 72 00:03:28,600 --> 00:03:30,880 It's the glue. But, and this is really 73 00:03:30,880 --> 00:03:34,440 interesting, that cultural scope is expanding the ambition of the 74 00:03:34,440 --> 00:03:36,640 YUSKO. It goes beyond those French 75 00:03:36,640 --> 00:03:38,000 administrative lines. Oh, really? 76 00:03:38,120 --> 00:03:39,760 Yeah. Our sources confirm there are 77 00:03:39,760 --> 00:03:42,920 explicit plans to extend its reach into the southern Basque 78 00:03:42,920 --> 00:03:44,520 Country. So into Spain. 79 00:03:44,520 --> 00:03:46,920 Into Spain, exactly, specifically targeting certain 80 00:03:46,920 --> 00:03:50,960 areas of Upper Navarre and Kapiskoa and this cross-border 81 00:03:50,960 --> 00:03:53,800 aim, it's incredibly. Why is that so significant? 82 00:03:54,040 --> 00:03:58,800 Well, it means the currency is fundamentally tied to the Basque 83 00:03:58,800 --> 00:04:02,520 cultural identity. Use Colharia rather than just 84 00:04:02,520 --> 00:04:04,800 being, you know, a local city initiative. 85 00:04:04,800 --> 00:04:06,440 So it's not the beyond franc or something? 86 00:04:06,600 --> 00:04:09,800 Precisely, it is striving to be the economic language of the 87 00:04:09,800 --> 00:04:12,600 Basque people, regardless of which side of that eurozone 88 00:04:12,600 --> 00:04:14,360 border they happen to live on. Wow. 89 00:04:14,680 --> 00:04:16,880 OK. So that brings us to the core 90 00:04:16,880 --> 00:04:20,079 metric, the thing that really elevates the use go from just a 91 00:04:20,440 --> 00:04:24,200 fascinating concept to I think an essential case study in 92 00:04:24,200 --> 00:04:26,600 alternative economics. We have to talk about the scale. 93 00:04:26,600 --> 00:04:29,000 We have to talk about the scale. This is the moment where you 94 00:04:29,000 --> 00:04:30,840 know, if you're a learner listening to this, you need to 95 00:04:30,840 --> 00:04:34,440 sit up and take a note. As of 2025 S very recent 96 00:04:34,440 --> 00:04:40,120 snapshot, the USCO has 4.5 million Usco's in circulation. 97 00:04:40,120 --> 00:04:41,920 Four and a half million. Four and a half million. 98 00:04:41,920 --> 00:04:44,040 This isn't just large, it's immense. 99 00:04:44,280 --> 00:04:48,200 It confirms the USCO as officially the biggest local 100 00:04:48,200 --> 00:04:52,280 currency in all of Europe. It's just that volume four and a 101 00:04:52,280 --> 00:04:55,280 half million units of currency that just screams operational 102 00:04:55,280 --> 00:04:56,840 maturity, doesn't. It it does. 103 00:04:56,840 --> 00:04:58,960 It's no longer a novelty. It's infrastructure at that 104 00:04:58,960 --> 00:05:01,280 point. I mean, what does achieving that 105 00:05:01,280 --> 00:05:04,480 kind of scale imply? What does that tell us about the 106 00:05:04,480 --> 00:05:06,480 organization and the community's commitment? 107 00:05:07,000 --> 00:05:10,760 It implies several things that frankly defy the typical 108 00:05:10,760 --> 00:05:12,720 struggles of these parallel currencies. 109 00:05:12,760 --> 00:05:14,800 Like what? Well, first, it requires 110 00:05:14,800 --> 00:05:17,040 absolute dedication from the business community. 111 00:05:17,040 --> 00:05:20,520 You can't do this without them. You need hundreds, if not 112 00:05:20,520 --> 00:05:24,320 thousands of businesses willing to accept Useco and then 113 00:05:24,440 --> 00:05:28,000 critically commit to spending a large portion of it themselves. 114 00:05:28,000 --> 00:05:29,760 OK, that makes sense. What's the second thing? 115 00:05:29,760 --> 00:05:33,680 Second, it requires deep, unwavering Community Trust, 116 00:05:34,160 --> 00:05:37,440 because every single time a user converts a euro into an USCO, 117 00:05:37,720 --> 00:05:40,520 they are taking a minor implicit risk. 118 00:05:40,560 --> 00:05:42,560 You're betting on the system. You're betting on the system, 119 00:05:42,560 --> 00:05:45,760 you're betting on the stability and the continued acceptance of 120 00:05:45,760 --> 00:05:47,960 that local network. And there must be a third thing 121 00:05:48,200 --> 00:05:50,160 I'm thinking technically, how do they keep that much in 122 00:05:50,160 --> 00:05:51,720 circulation? That's it. 123 00:05:51,920 --> 00:05:55,680 And critically, reaching that volume requires A mechanism to 124 00:05:55,680 --> 00:05:58,320 prevent leakage. Yeah, leakage. 125 00:05:58,640 --> 00:06:02,160 Most local currencies die when people or businesses just 126 00:06:02,160 --> 00:06:05,120 immediately convert the local money back into the national 127 00:06:05,120 --> 00:06:06,760 currency. To pay taxes or. 128 00:06:06,760 --> 00:06:09,600 To pay taxes, wages, distant suppliers, exactly. 129 00:06:10,200 --> 00:06:12,920 So having four and a half million in circulation suggests 130 00:06:12,920 --> 00:06:16,320 the YUSCO system has found a way to maintain capital velocity 131 00:06:16,320 --> 00:06:18,400 within the ecosystem. And how do they do that? 132 00:06:18,720 --> 00:06:21,960 Well that leads us directly to the core economic link euro 133 00:06:21,960 --> 00:06:25,120 parity. OK, the USCO maintains a simple 134 00:06:25,120 --> 00:06:29,960 non speculative value 1 USCO equals one EUR 1 to one, one to 135 00:06:29,960 --> 00:06:32,080 one. This parity is essential. 136 00:06:32,080 --> 00:06:35,440 It completely eliminates any conversion complexity, making it 137 00:06:35,440 --> 00:06:38,480 immediately trustworthy and really easy to integrate into 138 00:06:38,480 --> 00:06:41,680 existing retail systems. Businesses don't need new 139 00:06:41,680 --> 00:06:44,960 software or, you know, constant exchange rate updates, but. 140 00:06:44,960 --> 00:06:47,960 Wait, if they maintain 1 to 1 parity, how do they force people 141 00:06:47,960 --> 00:06:51,440 to keep spending it locally? I mean why wouldn't I just 142 00:06:51,440 --> 00:06:53,560 exchange? All my use goes back into Euros 143 00:06:53,560 --> 00:06:57,360 at a first chance I get. Now that that is where the 144 00:06:57,360 --> 00:06:59,680 ingenious design of the transaction rules comes in, 145 00:06:59,680 --> 00:07:01,760 especially when it comes to fractional payments. 146 00:07:01,760 --> 00:07:03,320 OK, this sounds like the secret sauce. 147 00:07:03,440 --> 00:07:06,000 This is where the fiscal engineering becomes really 148 00:07:06,000 --> 00:07:08,240 explicit. Let's look at the transaction 149 00:07:08,240 --> 00:07:13,000 rule for say, non round numbers. If you buy an item priced at 150 00:07:13,000 --> 00:07:17,600 let's say €7.85, you can't just pay for the entire purchase 151 00:07:17,600 --> 00:07:20,800 using USCO notes and expect to get USCO cents back and change. 152 00:07:21,040 --> 00:07:23,560 That's not how it works. So walk us through the exact 153 00:07:23,560 --> 00:07:26,040 rule, because this sounds like that leakage prevention 154 00:07:26,040 --> 00:07:28,240 mechanism you mentioned, just in disguise. 155 00:07:28,240 --> 00:07:33,480 It is so the item is 7.85 euros. You pay the nearest whole USCO 156 00:07:33,480 --> 00:07:36,000 notes. So 7 Uscos. 7 Uscos. 157 00:07:36,000 --> 00:07:38,560 The remaining difference? The $0.85 that must be paid 158 00:07:38,560 --> 00:07:40,560 using official euro. Cents with regular coins. 159 00:07:40,600 --> 00:07:43,280 With regular coins and the reverse is also true. 160 00:07:43,640 --> 00:07:46,800 If a business needs to give you change for a purchase, any 161 00:07:46,800 --> 00:07:50,120 change that's below 1 USCO has to be given in Euro cents. 162 00:07:50,160 --> 00:07:53,120 So the USCO is deliberately designed to be what? 163 00:07:53,120 --> 00:07:54,640 Indivisible at the point of sale. 164 00:07:54,720 --> 00:07:57,280 That's a great way to put. It I can't break A1 USCO note 165 00:07:57,280 --> 00:07:59,480 down to buy something that cost $0.50. 166 00:07:59,720 --> 00:08:03,000 Precisely. The subunit is theoretically, 167 00:08:03,000 --> 00:08:05,440 you know, one 100th of a euro cent. 168 00:08:06,040 --> 00:08:09,400 But the functional operating rule is that the smallest USCO 169 00:08:09,400 --> 00:08:12,720 format value is 1 USCO. It cannot be separated into 170 00:08:12,720 --> 00:08:15,200 smaller transactional amounts. Why is that constraint so 171 00:08:15,200 --> 00:08:17,680 powerful though? Because if the currency can only 172 00:08:17,680 --> 00:08:20,800 be used in whole number increments, it ensures that when 173 00:08:20,800 --> 00:08:23,480 you use it, you are covering the majority of the purchase value 174 00:08:23,480 --> 00:08:26,120 in Usco AH. I see it stops the local 175 00:08:26,120 --> 00:08:29,600 currency from just being, you know, the coins you throw in a 176 00:08:29,600 --> 00:08:32,000 jar at the end of the day. It's not just for small ticket 177 00:08:32,000 --> 00:08:33,039 items. Exactly. 178 00:08:33,240 --> 00:08:36,360 It prevents it from being reduced to a marginal Piggy Bank 179 00:08:36,360 --> 00:08:38,080 tool. It's a it's a high friction 180 00:08:38,080 --> 00:08:40,080 mechanism that actually works in their favor. 181 00:08:40,440 --> 00:08:43,240 It channels the majority of capital flow through the local 182 00:08:43,240 --> 00:08:45,920 system in substantial whole units. 183 00:08:46,000 --> 00:08:49,200 Yeah, if I have 10 use goes, I'm incentivized to find a 184 00:08:49,200 --> 00:08:52,560 substantial purchase within the network, a loaf of bread, a full 185 00:08:52,560 --> 00:08:55,760 meal, a ticket, not to use it for petty change. 186 00:08:55,760 --> 00:08:57,640 And the euro just handles the change function. 187 00:08:57,720 --> 00:09:00,800 The euro handles the change, which maintains efficiency, 188 00:09:01,040 --> 00:09:04,880 while the USCO maintains its integrity and, crucially, its 189 00:09:04,880 --> 00:09:08,080 local capital velocity. It's it's really elegant 190 00:09:08,080 --> 00:09:10,600 financial architecture. So it effectively acts as a 191 00:09:10,600 --> 00:09:13,200 premium currency. It's reserved for meaningful 192 00:09:13,440 --> 00:09:17,280 local economic exchange. It elevates the USCO from a mere 193 00:09:17,280 --> 00:09:19,760 substitute to a statement of economic intent. 194 00:09:19,760 --> 00:09:22,000 OK. So when you have 4.5 million of 195 00:09:22,000 --> 00:09:24,440 anything in circulation, we really need to know what it 196 00:09:24,440 --> 00:09:26,440 looks like and you know how it works day-to-day. 197 00:09:27,000 --> 00:09:29,760 You said the USKO is a physical note based currency. 198 00:09:29,840 --> 00:09:33,320 It is, and the design is just as intentional as the economic 199 00:09:33,320 --> 00:09:34,960 rules. That's absolutely right. 200 00:09:34,960 --> 00:09:37,640 The notes themselves are, I mean, they're powerful 201 00:09:37,640 --> 00:09:39,040 statements of cultural allegiance. 202 00:09:39,040 --> 00:09:41,160 They run from one Usko up to 20 Usko and. 203 00:09:41,160 --> 00:09:43,920 They're not like the euro. No, unlike the euro which 204 00:09:43,920 --> 00:09:47,200 strives for this sort of pan European anonymity with its 205 00:09:47,200 --> 00:09:49,480 bridges and windows. Generic architecture. 206 00:09:49,520 --> 00:09:52,160 Generic architecture. The Usko deliberately, 207 00:09:52,160 --> 00:09:55,680 explicitly showcases specific elements of Basque culture and 208 00:09:55,680 --> 00:09:57,480 society. So let's that cultural 209 00:09:57,480 --> 00:09:58,960 embedding. I think this is where the USCO 210 00:09:58,960 --> 00:10:01,000 really sells its mission to the user. 211 00:10:01,320 --> 00:10:03,080 Let's start with the lowest denomination. 212 00:10:03,200 --> 00:10:06,200 Okay, the. One USCO note is blue and it 213 00:10:06,200 --> 00:10:09,080 features the image of Atala Parta Atala. 214 00:10:09,080 --> 00:10:11,680 Parta, it's a. Traditional large wooden 215 00:10:11,680 --> 00:10:14,000 percussion instrument. You often have two people 216 00:10:14,000 --> 00:10:17,120 playing it, striking these wooden planks with thick sticks. 217 00:10:17,520 --> 00:10:19,480 So it's a cooperative instrument, it's. 218 00:10:19,480 --> 00:10:23,240 Inherently a symbol of cooperation and, you know, 219 00:10:23,240 --> 00:10:27,360 rhythmic shared endeavor. By putting that on the smallest 220 00:10:27,360 --> 00:10:30,920 note, they're signaling that cooperation and tradition are 221 00:10:30,920 --> 00:10:33,280 the, well, the base notes of this economy. 222 00:10:33,280 --> 00:10:34,840 I like that. What about the two Yusko? 223 00:10:34,840 --> 00:10:36,880 Note the 2. Yusko note is red. 224 00:10:37,040 --> 00:10:39,280 It features a scene of a Basque folk dance. 225 00:10:39,280 --> 00:10:41,440 So again, we're still in that realm of shared Community 226 00:10:41,440 --> 00:10:43,280 Action, right? Social life, correct? 227 00:10:43,320 --> 00:10:46,320 The dance symbolizes the vitality of shared social life, 228 00:10:46,320 --> 00:10:49,160 collective identity. Then we have the five Usco note, 229 00:10:49,160 --> 00:10:52,360 which is Gray and it depicts a countryside scene. 230 00:10:52,560 --> 00:10:53,600 OK, so a. Landscape. 231 00:10:53,600 --> 00:10:56,160 Yes, and. This is the explicit visual link 232 00:10:56,160 --> 00:11:00,000 to one of the currency score objectives, the ecological and 233 00:11:00,000 --> 00:11:01,760 local food economy. So every. 234 00:11:01,760 --> 00:11:04,400 Time you use that note every. Time you transact with this 235 00:11:04,400 --> 00:11:06,840 note, you're getting a subtle reminder that you're supporting 236 00:11:06,840 --> 00:11:08,880 the landscape and the agricultural roots of the 237 00:11:08,880 --> 00:11:10,120 region. It's brilliant. 238 00:11:10,280 --> 00:11:13,600 And the 10. USCO note I've heard this is the 239 00:11:13,600 --> 00:11:15,120 one that really gets people's attention. 240 00:11:15,240 --> 00:11:17,280 Oh, it is. It's yellow and it features a 241 00:11:17,280 --> 00:11:20,840 blackboard, and on the blackboard is a specific element 242 00:11:20,840 --> 00:11:23,800 of the Basque language Uscara, the language. 243 00:11:23,800 --> 00:11:28,000 Itself is on the money it is. It shows the verb form nor nori 244 00:11:28,000 --> 00:11:30,400 norc. What is that this? 245 00:11:30,400 --> 00:11:32,480 Detail is just a stroke of genius. 246 00:11:33,000 --> 00:11:35,920 It's a profound political and cultural act. 247 00:11:36,240 --> 00:11:38,600 You see, Uskara is a language isolate. 248 00:11:38,920 --> 00:11:42,080 It's unrelated to any of the Romance or Germanic languages 249 00:11:42,080 --> 00:11:45,920 around it, and its vitality is a primary concern for the Basque 250 00:11:45,920 --> 00:11:47,320 people. Nor Nori. 251 00:11:47,320 --> 00:11:50,520 Norc refers to one of the most complex grammatical structures 252 00:11:50,520 --> 00:11:52,440 in the language. It's how verbs agree with the 253 00:11:52,440 --> 00:11:55,800 subject, the indirect object and the direct object all at once. 254 00:11:55,800 --> 00:11:58,080 So. On a piece of financial paper, 255 00:11:58,160 --> 00:12:01,480 they have embedded a lesson in complex grammar, Yes. 256 00:12:01,880 --> 00:12:06,080 It elevates the act of commerce. Spending 10 Uskos is literally a 257 00:12:06,080 --> 00:12:09,080 quiet affirmation of the Basque language's cultural resilience 258 00:12:09,080 --> 00:12:11,840 and complexity. It's saying this money exists to 259 00:12:11,840 --> 00:12:14,280 ensure this language and everything it represents 260 00:12:14,280 --> 00:12:17,920 survives and thrives. It's an inseparable merger of 261 00:12:17,920 --> 00:12:19,920 commerce and cultural preservation that. 262 00:12:20,000 --> 00:12:22,200 Is amazing. OK, so what's on the biggest 263 00:12:22,200 --> 00:12:23,440 note? The 20 finally. 264 00:12:23,440 --> 00:12:27,760 The largest note, the 20 USKO note, is purple and it shows a 265 00:12:27,760 --> 00:12:30,680 very deliberate counterpoint to the previous rural images. 266 00:12:31,160 --> 00:12:33,480 An industrial port featuring cranes. 267 00:12:33,560 --> 00:12:35,480 Industry. Why is that so important? 268 00:12:35,480 --> 00:12:37,800 This is. Key for legitimacy the usco 269 00:12:37,800 --> 00:12:41,720 isn't just a currency for, you know, farmers or artists or folk 270 00:12:41,720 --> 00:12:44,920 dancers the 20 use square notes signals that this currency 271 00:12:44,920 --> 00:12:48,440 supports the full complex range of the regional economy that 272 00:12:48,440 --> 00:12:51,280 includes heavy industry, ports and the working class sectors 273 00:12:51,280 --> 00:12:54,240 that sustain them it's a tool for the entire community it's a 274 00:12:54,240 --> 00:12:55,400 very. Holistic picture they're 275 00:12:55,400 --> 00:12:58,720 painting now let's talk security the notes are beautiful they're 276 00:12:58,720 --> 00:13:02,120 cultural artifacts but they're also money and trust requires 277 00:13:02,120 --> 00:13:05,960 anti forgery measures how does a nonprofit maintain a security 278 00:13:05,960 --> 00:13:09,040 level that's comparable to say a central bank well. 279 00:13:09,040 --> 00:13:10,280 They. Recognize the challenge? 280 00:13:10,280 --> 00:13:13,160 For sure. Our sources note that the USKO 281 00:13:13,160 --> 00:13:16,560 notes incorporate features that are similar in principle to the 282 00:13:16,560 --> 00:13:18,720 euro. Yes, these include complex 283 00:13:18,720 --> 00:13:21,040 filigree patterns, those intricate lines that are 284 00:13:21,040 --> 00:13:24,240 extremely hard for casual counterfeiters to replicate, and 285 00:13:24,240 --> 00:13:27,400 a heated gold mark, which is a specialized security foil that 286 00:13:27,400 --> 00:13:29,640 changes appearance under specific conditions. 287 00:13:30,200 --> 00:13:33,600 But for a non state actor, even one as large as Usko Monetta 288 00:13:33,600 --> 00:13:37,760 Erikundia, I mean securing these production process and materials 289 00:13:37,760 --> 00:13:40,080 must be incredibly expensive and complex. 290 00:13:40,640 --> 00:13:43,280 How do they really compare to the high security standards of 291 00:13:43,280 --> 00:13:44,120 the euro? Well, they. 292 00:13:44,120 --> 00:13:47,200 Can't of course, match the technological resources of the 293 00:13:47,200 --> 00:13:51,360 European Central Bank. The ECB employs teams of 294 00:13:51,360 --> 00:13:54,240 scientists and high end security printing firms. 295 00:13:54,880 --> 00:13:58,280 The USCO relies on professional grade printers who understand 296 00:13:58,280 --> 00:14:01,320 these security elements. But what's most compelling from 297 00:14:01,320 --> 00:14:04,800 a design standpoint, I think are the offset marks designed for 298 00:14:04,800 --> 00:14:07,560 blind people that. Attention to accessibility. 299 00:14:07,960 --> 00:14:10,560 Exactly. These are raised or tactile 300 00:14:10,560 --> 00:14:13,680 marks that allow people with visual impairments to identify 301 00:14:13,680 --> 00:14:16,120 the note value purely by touch. So. 302 00:14:16,120 --> 00:14:19,320 While the filigree provides physical security against 303 00:14:19,320 --> 00:14:21,280 forgery. The accessibility marks provide 304 00:14:21,280 --> 00:14:23,560 Social Security. It reinforces that aim of 305 00:14:23,560 --> 00:14:26,880 solidarity, the idea that the currency must be usable by 306 00:14:26,880 --> 00:14:28,560 everyone in the community. Physical. 307 00:14:28,560 --> 00:14:31,840 Currency, though, is only half the story, especially when 308 00:14:31,840 --> 00:14:34,760 you're talking about a scale of 4.5 million units. 309 00:14:35,040 --> 00:14:37,320 I mean, modern commerce demands digital speed. 310 00:14:37,480 --> 00:14:39,440 How is the USCO moved beyond paper? 311 00:14:39,640 --> 00:14:41,360 This is. Where their organizational rigor 312 00:14:41,360 --> 00:14:43,520 really shines. They understood early on that to 313 00:14:43,520 --> 00:14:46,120 reach this scale they couldn't just be a cash system, it would 314 00:14:46,120 --> 00:14:47,640 have hit. A ceiling it would have. 315 00:14:48,000 --> 00:14:50,960 The sources confirm a dedicated credit card system, the USCO 316 00:14:50,960 --> 00:14:55,600 Carta, has existed since 2017 and on top of that they launched 317 00:14:55,720 --> 00:14:58,440 a mobile application use to pay a mobile. 318 00:14:58,440 --> 00:15:00,560 App and a card. I mean, that sounds like a 319 00:15:00,560 --> 00:15:03,600 sophisticated financial institution, not a local 320 00:15:03,600 --> 00:15:06,360 nonprofit. What are the the logistical and 321 00:15:06,360 --> 00:15:09,320 technical challenges of operating a dual system like 322 00:15:09,320 --> 00:15:11,480 that The. Challenge is immense running the 323 00:15:11,560 --> 00:15:13,560 USCO card. I means they had to secure 324 00:15:13,560 --> 00:15:16,760 partnerships or build their own infrastructure for card 325 00:15:16,760 --> 00:15:19,080 processing, terminal integration, transaction 326 00:15:19,080 --> 00:15:22,280 settlement, all while maintaining that one to one 327 00:15:22,280 --> 00:15:24,040 parity with the euro in the background. 328 00:15:24,040 --> 00:15:25,680 And they have to. Be compliant with all the data 329 00:15:25,680 --> 00:15:27,440 security standards I imagine. Absolutely. 330 00:15:27,440 --> 00:15:30,680 They're essentially running a parallel regulated mini banking 331 00:15:30,680 --> 00:15:33,200 system and the. Uscaay A, you said that 332 00:15:33,200 --> 00:15:36,000 facilitates transfers between users, so that's peer-to-peer 333 00:15:36,000 --> 00:15:38,240 payments, correct? Two, which has to be 334 00:15:38,240 --> 00:15:41,520 instantaneous for modern retail Uscaay allows for the quick 335 00:15:41,520 --> 00:15:44,320 transfer of Uscos directly between user accounts. 336 00:15:44,760 --> 00:15:47,200 This mimics the functionality of, you know, major digital 337 00:15:47,200 --> 00:15:49,240 wallets or bank transfer apps. So I could pay. 338 00:15:49,240 --> 00:15:51,600 My local Baker, Oregon, my neighbor or a. 339 00:15:51,600 --> 00:15:55,400 Small vendor at a market without needing any physical notes and 340 00:15:55,400 --> 00:15:57,560 this integration of mobile technology, it just 341 00:15:57,880 --> 00:16:01,120 fundamentally accelerates the velocity of the USCO within that 342 00:16:01,120 --> 00:16:03,960 local loop. If the money moves quickly and 343 00:16:03,960 --> 00:16:08,720 digitally, it's much easier to keep those 4.5 million units in 344 00:16:08,720 --> 00:16:10,800 constant circulation. So the. 345 00:16:10,800 --> 00:16:13,680 Genius, then, is that they didn't let their physical 346 00:16:13,680 --> 00:16:16,640 cultural identity hold back their digital infrastructure. 347 00:16:16,640 --> 00:16:19,040 Not at all. They're simultaneously deeply 348 00:16:19,040 --> 00:16:21,560 traditional in design and fully modern in function. 349 00:16:21,720 --> 00:16:23,480 That's the. Perfect way to summarize it so 350 00:16:23,480 --> 00:16:24,560 we've. Established the what and the 351 00:16:24,560 --> 00:16:26,360 how. Now I think we have to dedicate 352 00:16:26,360 --> 00:16:29,720 some serious time to the intentionality, the why that 353 00:16:29,720 --> 00:16:32,600 drives this whole system, because the goals are so much 354 00:16:32,600 --> 00:16:34,600 broader than just enabling commerce. 355 00:16:34,600 --> 00:16:36,080 This is about community engineering. 356 00:16:36,120 --> 00:16:38,280 That's the. Crux of fiscal localism right 357 00:16:38,280 --> 00:16:41,400 there The USCO was conceived as a multipurpose tool. 358 00:16:41,400 --> 00:16:44,520 Its success has to be measured not just in how many euros are 359 00:16:44,520 --> 00:16:49,000 exchanged, but in ecological, social and cultural outcomes. 360 00:16:49,440 --> 00:16:53,080 OK, let's start with the primary stated goal, economic localism, 361 00:16:53,400 --> 00:16:54,960 the objective. Here is is actually pretty 362 00:16:54,960 --> 00:16:57,280 simple. Maximize community capital 363 00:16:57,280 --> 00:16:58,400 retention. Keep the. 364 00:16:58,400 --> 00:16:59,800 Money local. Keep the money local. 365 00:17:00,080 --> 00:17:04,680 By encouraging the community to buy from local traders 366 00:17:04,680 --> 00:17:07,839 businesses that have signed the USKO Charter, they ensure that 367 00:17:07,839 --> 00:17:11,079 the money cycles multiple times within the region before it 368 00:17:11,280 --> 00:17:15,240 inevitably leaks out. And every USKO spent is 1 less 369 00:17:15,240 --> 00:17:18,599 euro spent at say, a big multinational chain. 370 00:17:18,599 --> 00:17:21,119 Precisely. This concentrated local spending 371 00:17:21,119 --> 00:17:23,000 strengthens the internal economy. 372 00:17:23,000 --> 00:17:25,960 It protects small and medium sized local enterprises from 373 00:17:25,960 --> 00:17:28,560 being pushed out and this. Focus on localism. 374 00:17:28,840 --> 00:17:32,040 That feeds directly into the second objective, the ecological 375 00:17:32,040 --> 00:17:34,400 goal, doesn't it the. Connection is completely 376 00:17:34,400 --> 00:17:36,840 intentional. If you strengthen local 377 00:17:36,840 --> 00:17:40,320 economies and supply chains, you inherently reduce the reliance 378 00:17:40,320 --> 00:17:43,680 on long fossil fuel intensive global supply chains. 379 00:17:44,160 --> 00:17:48,040 So the USCO is positioned as a tool to potentially reduce the 380 00:17:48,080 --> 00:17:50,640 ecological damage associated with, you know, transporting 381 00:17:50,640 --> 00:17:52,720 goods across vast distances. OK, but. 382 00:17:52,720 --> 00:17:54,800 Let's put our critical thinking hats on for a second here. 383 00:17:54,920 --> 00:17:59,960 Doesn't requiring adherence to local supply chains, doesn't 384 00:17:59,960 --> 00:18:02,240 that inherently create a less efficient market? 385 00:18:02,640 --> 00:18:04,600 Maybe a more expensive one for the user? 386 00:18:05,200 --> 00:18:08,960 How does the USCO system mitigate the risk of stagnation 387 00:18:08,960 --> 00:18:12,200 or even price gouging because there's less competition from 388 00:18:12,200 --> 00:18:15,160 global sources? That is the essential trade off 389 00:18:15,160 --> 00:18:18,040 and it's one of the core challenges of any alternative 390 00:18:18,040 --> 00:18:20,000 currency that has an environmental mandate. 391 00:18:20,200 --> 00:18:21,880 So what's? The answer The Yusco. 392 00:18:21,880 --> 00:18:25,120 Implicitly asks the user to accept what we could call a 393 00:18:25,120 --> 00:18:27,160 solidarity premium. A solidarity. 394 00:18:27,160 --> 00:18:28,960 Premium, yes. The assumption is that the 395 00:18:28,960 --> 00:18:32,120 community values the long term benefits, so Environmental 396 00:18:32,120 --> 00:18:36,600 Protection, local job stability, cultural vitality more than the 397 00:18:36,720 --> 00:18:39,640 marginal short term price savings they might get at a big 398 00:18:39,640 --> 00:18:40,760 box store. So the. 399 00:18:40,760 --> 00:18:44,000 Community has to consciously buy into the idea that pure price 400 00:18:44,000 --> 00:18:46,440 efficiency is not the ultimate metric of value. 401 00:18:46,520 --> 00:18:48,720 Precisely. If a local Yusco accepting 402 00:18:48,720 --> 00:18:52,520 farmer sells a product that is say 10 percent more expensive 403 00:18:52,520 --> 00:18:55,440 than the equivalent imported product from a supermarket, the 404 00:18:55,440 --> 00:18:58,640 purchase of that local product is viewed as an investment in 405 00:18:58,640 --> 00:19:01,120 the local ecology and in the community's future. 406 00:19:01,520 --> 00:19:04,080 And the fact that we're talking about 4.5 million in 407 00:19:04,080 --> 00:19:06,840 circulation, that's pretty strong evidence that the Basque 408 00:19:06,840 --> 00:19:09,800 population by and large has accepted that trade off. 409 00:19:09,800 --> 00:19:12,120 OK, so. Beyond economy and ecology, 410 00:19:12,280 --> 00:19:15,480 there's a third aim, and this one is entirely focused on the 411 00:19:15,480 --> 00:19:16,680 social contract. It's the. 412 00:19:16,680 --> 00:19:20,880 Bedrock of the whole system, the USCO explicitly aims to promote 413 00:19:20,880 --> 00:19:23,120 solidarity within the community, and that's not. 414 00:19:23,120 --> 00:19:25,800 Just talk, no? The solidarity mandate is 415 00:19:25,800 --> 00:19:29,240 visible in every single design choice, from the inclusive 416 00:19:29,240 --> 00:19:31,880 accessibility features on the notes to the cultural 417 00:19:31,880 --> 00:19:35,360 preservation messages and the nonprofit governance structure 418 00:19:35,360 --> 00:19:37,840 itself. It views money as a social 419 00:19:37,840 --> 00:19:40,120 medium, not just a transactional 1. 420 00:19:40,640 --> 00:19:43,120 This mission of accessibility and community solidarity, it's 421 00:19:43,440 --> 00:19:45,160 perfectly captured in their motto, isn't it? 422 00:19:45,160 --> 00:19:48,960 Yes. Absolutely USKO, which means the 423 00:19:48,960 --> 00:19:52,800 translation is just so resonant, the USKO in the hands of 424 00:19:52,800 --> 00:19:55,160 everyone, it perfectly encapsulates the mission. 425 00:19:55,360 --> 00:19:58,560 It's a belief system, really. It posits that money should be a 426 00:19:58,560 --> 00:20:02,440 decentralized democratic tool wielded by local people to serve 427 00:20:02,440 --> 00:20:05,560 local interests far removed from the dictates of, you know, 428 00:20:05,560 --> 00:20:07,400 distant financial capitals. Now let's. 429 00:20:07,400 --> 00:20:10,800 Pivot to the friction points, the reality of operating a 430 00:20:10,800 --> 00:20:14,000 parallel currency within a massive financial block like the 431 00:20:14,000 --> 00:20:16,800 Eurozone. What challenges does the USECO 432 00:20:16,800 --> 00:20:21,080 face in terms of regulatory compliance and how do businesses 433 00:20:21,080 --> 00:20:24,480 manage the inevitable need to convert some Uscos back into 434 00:20:24,480 --> 00:20:25,520 euros? This is the. 435 00:20:25,560 --> 00:20:28,520 Operational reality that so often sinks these smaller 436 00:20:28,520 --> 00:20:31,880 projects, right, because of the USCO maintains A1 to 1 parity, 437 00:20:31,880 --> 00:20:35,120 it functions legally as a payment voucher or a script, not 438 00:20:35,120 --> 00:20:36,640 as a sovereign currency. OK, that's a. 439 00:20:36,640 --> 00:20:39,120 Key distinction it is it. Means it has to comply with 440 00:20:39,120 --> 00:20:42,480 French and European banking and tax regulations regarding 441 00:20:42,480 --> 00:20:44,400 transparent accounting so businesses. 442 00:20:44,400 --> 00:20:47,600 Can't just operate in some kind of black box USCO economy. 443 00:20:47,840 --> 00:20:50,960 They have to declare USCO income in euros for tax purposes. 444 00:20:51,200 --> 00:20:54,080 Exactly. Every single USCO transaction 445 00:20:54,240 --> 00:20:57,800 has a clear euro equivalent value for regulatory oversight. 446 00:20:58,200 --> 00:21:01,400 The bigger hurdle though, is that conversion mechanism back 447 00:21:01,400 --> 00:21:02,680 to the. Leakage problem back to the. 448 00:21:02,680 --> 00:21:06,320 Leakage problem. So a business, say a local 449 00:21:06,320 --> 00:21:10,560 supplier receives 1000 Uscos, they can only pay their local 450 00:21:10,560 --> 00:21:14,720 employees or their local suppliers who also accept USCO 451 00:21:14,720 --> 00:21:16,600 they can't pay. Their utility bills with it 452 00:21:16,600 --> 00:21:18,400 can't pay. Utility bills, can't pay 453 00:21:18,400 --> 00:21:21,480 national taxes, can't import products using Uscos. 454 00:21:21,800 --> 00:21:24,720 At some point they are going to need EUR, So how? 455 00:21:24,720 --> 00:21:28,280 Does the USCO, Moneta, Ericandia facilitate that conversion back 456 00:21:28,280 --> 00:21:31,240 to Euros and what does that process cost? 457 00:21:31,240 --> 00:21:34,240 This has to be that critical piece of financial friction we 458 00:21:34,240 --> 00:21:35,680 talked about earlier. It is. 459 00:21:35,880 --> 00:21:38,240 The sources indicate that businesses can convert their 460 00:21:38,240 --> 00:21:42,040 surplus use goes back into euros through the nonprofit, but this 461 00:21:42,040 --> 00:21:45,040 conversion process is specifically designed to be less 462 00:21:45,040 --> 00:21:47,280 appealing than continued local spending. 463 00:21:47,400 --> 00:21:48,840 How do they? Make it less appealing. 464 00:21:48,880 --> 00:21:51,240 The cost? Of conversion is the primary 465 00:21:51,240 --> 00:21:53,360 friction, so there's a. Fee involved there. 466 00:21:53,360 --> 00:21:57,360 Is and it acts as an exit toll. When a business converts use go 467 00:21:57,360 --> 00:22:01,560 back to euro, they are typically charged a small percentage fee. 468 00:22:01,640 --> 00:22:03,480 And what's the? Purpose of that fee it's. 469 00:22:03,480 --> 00:22:07,080 Essential for three reasons. First, it covers the operational 470 00:22:07,080 --> 00:22:09,560 costs of the nonprofit. You know, the security, 471 00:22:09,560 --> 00:22:11,720 printing, the digital platform maintenance. 472 00:22:11,760 --> 00:22:13,280 OK. Makes sense Second. 473 00:22:13,440 --> 00:22:15,960 It disincentivizes rapid conversion. 474 00:22:16,440 --> 00:22:20,080 It encourages businesses to instead go out and find local 475 00:22:20,080 --> 00:22:23,960 use, go accepting suppliers to keep the money cycling and the. 476 00:22:23,960 --> 00:22:28,360 Third reason and. 3rd it forms part of the mechanism used to 477 00:22:28,360 --> 00:22:32,680 guarantee the USCO stability. It helps back the currency so. 478 00:22:32,680 --> 00:22:36,400 If I'm a local retailer, I'm looking at my stack of 1000 479 00:22:36,440 --> 00:22:39,640 Uscos and I'm thinking OK, if I convert this to euros I lose say 480 00:22:39,640 --> 00:22:42,440 2% instantly. But if I use this to pay my 481 00:22:42,440 --> 00:22:45,000 local cleaning service or buy ingredients from a local farmer 482 00:22:45,000 --> 00:22:48,280 who accepts USCO, I retain 100% of the capital. 483 00:22:48,400 --> 00:22:50,000 That's the. Systemic brilliance. 484 00:22:50,000 --> 00:22:51,840 The cost of. Conversion is the deliberate 485 00:22:51,840 --> 00:22:54,120 penalty for capital leakage. Exactly. 486 00:22:54,240 --> 00:22:57,200 The friction ensures the USCO velocity is high within the 487 00:22:57,200 --> 00:23:00,120 system. That fee is a crucial non 488 00:23:00,120 --> 00:23:02,000 monetary contribution to the community. 489 00:23:02,280 --> 00:23:05,280 It's a tax on capital leakage that subsidizes the local 490 00:23:05,320 --> 00:23:07,640 ecosystem. This is what ensures that the 491 00:23:07,640 --> 00:23:11,080 4.5 million in circulation is truly working for the Basque 492 00:23:11,120 --> 00:23:13,440 economy without. That built in friction the 493 00:23:13,440 --> 00:23:16,240 currency would just hemorrhage back into the euro immediately. 494 00:23:16,240 --> 00:23:17,560 It would be. Gone in months. 495 00:23:17,760 --> 00:23:21,120 Wow. OK, systems as complex as the 496 00:23:21,120 --> 00:23:23,000 use code don't just spring up overnight. 497 00:23:23,400 --> 00:23:26,960 Let's trace the journey from a concept to Europe's largest 498 00:23:26,960 --> 00:23:29,240 local currency. It all started with an 499 00:23:29,240 --> 00:23:32,680 association named AM BES, right? That's right. 500 00:23:32,840 --> 00:23:36,600 AMB is the association por la creation de Monet, local Basque 501 00:23:36,640 --> 00:23:38,080 ecologic solidaire. It's all right. 502 00:23:38,080 --> 00:23:40,240 There in the name it is. Their name right from the 503 00:23:40,240 --> 00:23:42,280 beginning codified those 3 pillars. 504 00:23:42,280 --> 00:23:45,960 We just analyzed Basque, ecological and solidary. 505 00:23:46,200 --> 00:23:48,080 There was no ambiguity. But they weren't. 506 00:23:48,080 --> 00:23:51,480 Operating in a vacuum were they? The sources suggest they took 507 00:23:51,480 --> 00:23:54,240 inspiration from existing models, which shows a very 508 00:23:54,240 --> 00:23:58,000 pragmatic rather than purely ideological starting .0. 509 00:23:58,000 --> 00:24:00,400 Absolutely, absolutely. This wasn't some academic theory 510 00:24:00,400 --> 00:24:04,280 being tested in the wild, This was a proven business model 511 00:24:04,280 --> 00:24:06,440 being adapted so they saw. Something that was already 512 00:24:06,440 --> 00:24:09,320 working, they did. MBS observed another local 513 00:24:09,320 --> 00:24:11,800 currency already running successfully elsewhere in 514 00:24:11,800 --> 00:24:14,120 France. They analyzed its operational 515 00:24:14,120 --> 00:24:17,520 efficiency, its profitability, or I should say its ability to 516 00:24:17,520 --> 00:24:19,520 sustain itself financially. And they thought we. 517 00:24:19,520 --> 00:24:22,000 Can do that they. Concluded that the model was not 518 00:24:22,000 --> 00:24:24,880 only viable, but highly applicable to the specific 519 00:24:24,880 --> 00:24:27,680 cultural and economic environment of the Basque 520 00:24:27,680 --> 00:24:29,880 Country. So they didn't have to prove the 521 00:24:29,880 --> 00:24:33,000 concept of local money from scratch, they just had to prove 522 00:24:33,000 --> 00:24:35,080 the concept of Basque local money. 523 00:24:35,520 --> 00:24:37,840 And their commitment to solidarity and community 524 00:24:37,840 --> 00:24:41,560 participation, that began right with the naming process itself, 525 00:24:41,560 --> 00:24:43,360 yes. And that community involvement 526 00:24:43,360 --> 00:24:46,160 is so vital for building the necessary trust. 527 00:24:46,440 --> 00:24:50,400 Instead of, you know, dictating the name from the top down, MBS 528 00:24:50,400 --> 00:24:53,320 actively engaged citizens. They asked them to select the 529 00:24:53,320 --> 00:24:55,560 name for their optimal currency and USCO. 530 00:24:55,560 --> 00:24:58,400 Was the winner Usco? Was the result, and that 531 00:24:58,400 --> 00:25:00,840 immediately gave the community a sense of ownership over the 532 00:25:00,840 --> 00:25:02,320 project. They weren't just going to be 533 00:25:02,320 --> 00:25:04,160 users, they were the namers. So let's. 534 00:25:04,160 --> 00:25:06,560 Detail the launch. When did the physical notes 535 00:25:06,560 --> 00:25:08,480 actually hit the streets? The USCO. 536 00:25:08,480 --> 00:25:13,680 Gave its first steps on January 31st, 2013 and it was a launch 537 00:25:13,680 --> 00:25:16,400 that when you look back on it, seems very conservative. 538 00:25:16,520 --> 00:25:17,720 How so? The initial. 539 00:25:17,720 --> 00:25:22,240 Circulation was just 126,500 USCO copies. 540 00:25:22,360 --> 00:25:24,120 Wow. That's a tiny fraction of the 541 00:25:24,120 --> 00:25:26,280 4.5 million we see today. A tiny. 542 00:25:26,280 --> 00:25:29,640 Fraction it was a careful phased rollout. 543 00:25:29,680 --> 00:25:32,280 It was designed to test the waters and build confidence 544 00:25:32,400 --> 00:25:35,880 incrementally, not to, you know, shock this system and what did. 545 00:25:35,880 --> 00:25:38,600 That initial ecosystem look like, I mean you need critical 546 00:25:38,600 --> 00:25:41,160 mass on both the consumer side and the business side for a 547 00:25:41,160 --> 00:25:43,200 local currency to actually work the key. 548 00:25:43,200 --> 00:25:46,120 Was early association. Our sources confirm that from 549 00:25:46,120 --> 00:25:49,760 day one the USCO was accepted in all associated establishments. 550 00:25:49,760 --> 00:25:51,320 And how many? Was that the creator? 551 00:25:51,320 --> 00:25:54,880 Stated that at the very start, 310 businesses and enterprises 552 00:25:54,880 --> 00:25:59,160 had signed on to accept the USCO 3. 10 That's a pretty formidable 553 00:25:59,160 --> 00:26:02,040 network right out of the gate that gives people confidence 554 00:26:02,040 --> 00:26:03,640 that they can actually spend this new money. 555 00:26:03,640 --> 00:26:06,280 It does. And on the user side, how many 556 00:26:06,280 --> 00:26:07,520 people? Jumped in they. 557 00:26:07,520 --> 00:26:11,840 Managed to spread the adoption to more than 1500 users in those 558 00:26:11,840 --> 00:26:14,040 early stages. So just think about that initial 559 00:26:14,040 --> 00:26:19,000 network, 1500 people who consciously chose to swap their 560 00:26:19,000 --> 00:26:22,760 reliable EUR for this new local script because they believed in 561 00:26:22,760 --> 00:26:23,600 the mission. And they were. 562 00:26:23,600 --> 00:26:26,320 Supported by over 300 committed businesses. 563 00:26:26,320 --> 00:26:28,800 Exactly. That strong foundation of 564 00:26:28,800 --> 00:26:31,880 mission driven adoption is what allowed for the subsequent 565 00:26:31,880 --> 00:26:34,080 exponential growth over the next decade. 566 00:26:34,160 --> 00:26:36,280 That growth. Trajectory is also reflected in 567 00:26:36,280 --> 00:26:40,080 the technological milestones and this is a great detail, I think 568 00:26:40,080 --> 00:26:42,240 for the learner about the difference between project 569 00:26:42,240 --> 00:26:44,520 reality and project vision indeed. 570 00:26:44,520 --> 00:26:47,120 It is. While Ambs had a clear vision 571 00:26:47,120 --> 00:26:49,960 for modernization, the implementation took time. 572 00:26:50,440 --> 00:26:53,000 They initially predicted the USCO would have a credit card 573 00:26:53,000 --> 00:26:55,280 system ready by 2015, but it didn't. 574 00:26:55,280 --> 00:26:57,640 Happen then no. As we confirmed earlier, the 575 00:26:57,720 --> 00:27:00,800 USCO Carta didn't actually launch until 2017. 576 00:27:01,120 --> 00:27:02,960 A 2. Year delay in the world of 577 00:27:02,960 --> 00:27:06,880 finance and technology, I mean, that can feel like an eternity, 578 00:27:06,960 --> 00:27:08,920 yeah. What does that delay tell us 579 00:27:08,920 --> 00:27:11,360 about the process of scaling something like this it? 580 00:27:11,360 --> 00:27:14,440 Highlights the significant technical hurdles and frankly, 581 00:27:14,440 --> 00:27:16,880 the cost structure of professional financial 582 00:27:16,880 --> 00:27:18,120 technology. It's not cheap. 583 00:27:18,120 --> 00:27:20,720 It's not cheap. Building secure credit card 584 00:27:20,720 --> 00:27:23,680 infrastructure requires significant capital investment, 585 00:27:23,800 --> 00:27:27,440 regulatory checks, integration with payment networks, and for a 586 00:27:27,440 --> 00:27:30,720 nonprofit operating on margins derived primarily from 587 00:27:30,720 --> 00:27:32,520 membership fees and conversion fees. 588 00:27:33,000 --> 00:27:36,400 Funding a complex IT project like that inevitably causes 589 00:27:36,400 --> 00:27:37,400 delays. So it. 590 00:27:37,400 --> 00:27:40,440 Really underscores that the Usco's success isn't just about 591 00:27:40,440 --> 00:27:43,560 organic community adoption. It's a victory of project 592 00:27:43,560 --> 00:27:44,720 persistence. It really. 593 00:27:44,720 --> 00:27:46,920 Is they face. The technical reality, they 594 00:27:46,920 --> 00:27:49,440 adapted and they ultimately delivered the digital 595 00:27:49,440 --> 00:27:52,400 infrastructure that was absolutely essential to handle 596 00:27:52,400 --> 00:27:56,560 the rapid expansion that brought them to that 4.5 million mark a 597 00:27:56,560 --> 00:27:58,240 paper. Only system would have stalled 598 00:27:58,240 --> 00:28:02,120 out long, long ago that delayed to technological breakthrough in 599 00:28:02,120 --> 00:28:06,200 2017, the digital wallet and the card that was likely the key 600 00:28:06,200 --> 00:28:08,560 accelerator. That's what allowed the use Go 601 00:28:08,560 --> 00:28:11,680 to finally outpace its smaller local currency competitors 602 00:28:11,680 --> 00:28:14,880 across Europe and claim that top spot it moved. 603 00:28:14,880 --> 00:28:18,720 Them from a local script to a fully functional parallel 604 00:28:18,720 --> 00:28:20,640 payment ecosystem. It did the. 605 00:28:20,640 --> 00:28:24,360 History just demonstrates this beautiful balance, a strong 606 00:28:24,360 --> 00:28:27,480 cultural vision driving the adoption, coupled with a 607 00:28:27,480 --> 00:28:30,760 pragmatic, phased and eventually digital approach to 608 00:28:30,760 --> 00:28:34,080 infrastructure development. So this deep dive into the USCO 609 00:28:34,080 --> 00:28:36,440 has been, well, it's been a journey through parallel 610 00:28:36,440 --> 00:28:37,920 economics and cultural engineering. 611 00:28:38,200 --> 00:28:41,200 We've seen how an organization, the USCO Moneta Air Condaea, 612 00:28:41,480 --> 00:28:44,080 armed with a very clear philosophy of fiscal localism, 613 00:28:44,360 --> 00:28:47,240 managed to tune a local currency into a continent leading 614 00:28:47,240 --> 00:28:48,320 phenomenon. So what? 615 00:28:48,320 --> 00:28:50,280 Does this all mean? I think at the end of the day, 616 00:28:50,280 --> 00:28:53,640 the USCO thrives because it manages to seemingly 617 00:28:53,640 --> 00:28:56,600 contradictory realities. On the one hand, it uses that 618 00:28:56,600 --> 00:28:59,720 one to one parody to simplify transactions and gain immediate 619 00:28:59,720 --> 00:29:01,160 trucks within the eurozone, right? 620 00:29:01,160 --> 00:29:02,240 It's easy. It's easy. 621 00:29:02,520 --> 00:29:05,320 But at the same time it uses architectural friction, 622 00:29:05,560 --> 00:29:09,080 specifically that non fractional payment rule and the conversion 623 00:29:09,080 --> 00:29:13,040 fee to enforce local spending and maximize capital retention 624 00:29:13,160 --> 00:29:15,160 and its. Success is so deeply rooted in 625 00:29:15,160 --> 00:29:17,960 his identity. The 4.5 million use goes in 626 00:29:17,960 --> 00:29:20,440 circulation. They aren't just currency, are 627 00:29:20,440 --> 00:29:22,120 they? They're cultural statements. 628 00:29:22,120 --> 00:29:24,120 They really. Are they're tools that celebrate 629 00:29:24,120 --> 00:29:26,400 Basque language, industry and landscape? 630 00:29:26,720 --> 00:29:29,800 It makes every transaction A conscious affirmation of the 631 00:29:29,800 --> 00:29:32,240 community's social and ecological goals. 632 00:29:32,680 --> 00:29:36,280 It is money designed to be virtuous 1st and efficient 633 00:29:36,280 --> 00:29:38,600 second. This case study, it just 634 00:29:38,600 --> 00:29:41,640 fundamentally challenges the monolithic view of monetary 635 00:29:41,640 --> 00:29:42,520 power. It does. 636 00:29:42,760 --> 00:29:46,560 It demonstrates that a specific culturally unified population 637 00:29:46,840 --> 00:29:49,880 armed with professional grade technology like the USKA, Carta 638 00:29:49,880 --> 00:29:53,680 and Uskope can create a robust large scale financial system 639 00:29:53,920 --> 00:29:56,680 that's dedicated entirely to internal strengthening and 640 00:29:56,680 --> 00:29:59,520 public good is Blueprint. It is a blueprint for regional 641 00:29:59,560 --> 00:30:01,760 economic sovereignty within a globalized world. 642 00:30:02,320 --> 00:30:04,520 Brings us to our final provocative thought for you to 643 00:30:04,520 --> 00:30:08,040 Mull over. The USCO has thrived because of 644 00:30:08,040 --> 00:30:10,640 the exceptionally strong cultural identity and 645 00:30:10,640 --> 00:30:13,360 geographical distinctiveness of the Basque Country. 646 00:30:14,080 --> 00:30:17,720 So given that success, where a currency is so closely tethered 647 00:30:17,720 --> 00:30:22,680 to a culture, what other global regions defined by a distinct 648 00:30:22,680 --> 00:30:26,240 cultural identity or a shared language or strong geographical 649 00:30:26,240 --> 00:30:28,920 boundaries like indigenous? Territories, maybe indigenous. 650 00:30:28,920 --> 00:30:32,440 Territories, specific linguistic corridors or major islands cut 651 00:30:32,440 --> 00:30:34,040 off from continental supply lines. 652 00:30:34,800 --> 00:30:37,840 What other regions might benefit most from adopting their own 653 00:30:37,840 --> 00:30:42,160 large scale, digitally enabled, mission driven local currency if 654 00:30:42,160 --> 00:30:44,240 the. Usedo model of physical localism 655 00:30:44,240 --> 00:30:46,880 can succeed at this scale in the French vast country. 656 00:30:47,200 --> 00:30:49,760 Where does this economic engineering apply next? 657 00:30:50,120 --> 00:30:52,880 Something to think about long after this deep dive ends. 658 00:30:53,040 --> 00:30:53,920 We'll see you next time.