A UK care home chain is keeping up with the times, becoming tech-savvy by launching its own cryptocurrency for residents.
The Carlauren Group, which boasts a “commitment to operating at the highest standards; with a total dedication to the people we support”, has launched the C-Coin set with a GPB 70 (USD 92) price tag to match the price of one night in a Carlauren care home.
The company has promised to buy back coins at a rate of GPB 63 (USD 83) to avoid any of the usual price fluctuation or volatility normally associated with cryptocurrencies. However, buying to the innovative scheme is not that cheap at a minimum investment of 1000 coins, a GPB 7,000 (USD 9,227) outlay. Maximum cap at buy-in is currently 500 C-Coin tokens worth GPB 35,000 (USD 46,150). The buy-back price was explained by the company’s CEO Sean Murrey who believes that cryptocurrency will revolutionize future payments. He commented:
“However, I am conscious that cryptocurrencies have received a bad press recently, so we have taken extensive measures to ensure the C-Coin is the best possible safe solution for all investors.”
The scheme has been plugged as a kind of timeshare for the elderly, allowing families to think ahead and invest in their own care in future years. The advantage of the coins will be their tradeability as they could be listed on an exchange and sold. However, BBC technology correspondent Rory Cellan-Jones argues that there could be a drawback as “anyone can sign up to buy coins, with no apparent checks”.
The implication here, he argues, is that the scheme could attract outside investors with no interest in the care home looking to turn a profit when the 500,000 token supply runs out. The Competition and Markets Authority also warned that “Requiring care home residents to pay for goods or services in cryptocurrency may raise potential consumer protection concerns”.
It seems that age is no barrier when it comes to cryptocurrency adoption. Last year, a center based in Tokyo, ran Japan’s first virtual currency investment course for seniors, with some of its students in their 80s.
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