Launch of CuyToken: A Peruvian cryptocurrency

On August 28 of this year, the CuyToken was launched in a webinar, which was presented by Lenin Tarrillo, its CEO, who pointed out that this idea would have emerged in 2019, a cryptocurrency that collects our identity.

Tarrillo commented that the technology Blockchain it is not yet in prolific use in Peru. However, multiple companies have started betting on it, and CuyToken is no exception. Thus, together with other professionals, they are materializing what would be the first Peruvian cryptocurrency that supports its value on a decentralized microfinance system, and that will be executed through the network blockchain Binance Smart Chain.

Likewise, Tarrillo commented that the choice of the name Cuy has the following rationale: "The guinea pig symbolizes the business, it is a pet, it is a religious ritual, it is food and it is still a bargaining chip in some places. " In addition, he proceeded to point out that unlike other popular cryptocurrencies, CuyToken will have the characteristic of scarcity and backed undermining, which he called "Crypto Credit System", since the issuance of each CuyToken will be backed by a microfinance project , which could potentially raise its value.

In that sense, to explain this system in greater detail, Jairo Ubaldo, Finance Leader of CuyToken, took the floor, who explained that the viability of the project would be evaluated through the Crypto Credit System and then made available to investors. that are interested. In that sense, investors who invest in the project would receive CuyTokens in return. On the other hand, the small entrepreneur must return the financed amount plus the agreed interest, but the payment must be made in its equivalent in CuyTokens, which would make the cryptocurrency increase in value.

Obviously, working on a model that combines the traditional mechanics of microfinance with the innovative addition that the use of technology brings Blockchain generates a large number of queries among those attending the webinar, however, the organizers promised to collect the concerns of the attendees and give more details of the project through advertising on their social networks, for which they asked that they be attentive to their publications on Facebook and LinkedIn.

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Elijah Casanova
Last year law student at the Universidad del Pacífico. With an interest in blockchain technology, business and administrative law.

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