When the world gets closer.

We help you see farther.

Sign up to our expressly international daily newsletter.

Already a subscriber? Log in .

You've reached your limit of one free article.

Get unlimited access to Worldcrunch

You can cancel anytime .


Exclusive International news coverage

Ad-free experience NEW

Weekly digital Magazine NEW

9 daily & weekly Newsletters

Access to Worldcrunch archives

Free trial

30-days free access, then $2.90
per month.

Annual Access BEST VALUE

$19.90 per year, save $14.90 compared to monthly billing.save $14.90.

Subscribe to Worldcrunch

In Brazil, Using Virtual Online Cash To Bankroll Young Filmmakers

The University of São Paulo is experimenting with “creative currency,” raising virtual cash that can be converted into Brazilian reais to fund culture projects that are very real indeed.

The real stuff (lucas lucas)
The real stuff (lucas lucas)

SÃO PAULO - After the 2008 financial crisis raised doubts about the current monetary system, the search for currency alternatives are gaining momentum.

At the University of São Paulo, a project has been launched to develop so-called "creative currency" – virtual monetary units used on the Internet, which can be converted into Brazilian reais. The ultimate goal is to use the converted cash to fund education and cultural projects, including several film productions.

The project received an initial 100,000 reais ($53,000) investment from Brazil Development Bank (BNDES). It includes a new fund that will gather money from participants and handle the initial exchange into the new "creative currency." The conversion rate has not yet been established yet.

With a wink, the fund has been dubbed the Imaginary Monetary Fund (IMF), and counts a starting base of 150,000 reais ($80,000). "To get started with the funding, we need 7 million reais ($3.7 million) over the next three years through a number of mechanisms, such as donations and investments', says Gilson Schwartz, professor at the University's School of Arts and Communication.

Gilson says there are already five movies that will be shot using resources from the new fund, with a total cost of some 3.5 million reais ($1.86 million).

"This kind of idea also helps to avoid waste," says Schwartz. "For example, a bakery may stipulate that, from a certain time every day, unsold breads will be sold using creative currency."

Beginning Sunday, a three-day conference on creative currencies will be held at Museum of Image and Sound in São Paulo. Three virtual currencies that have begun to circulate on an experimental basis will be presented during the event. For starters, the currencies have creative names: "wisdom" (for personal education development), "talent" (for practical activities, such as writing blogs), and "joy" (for entertainment).

Read more from Folha de S. Paulo

Photo - lucaslucas

You've reached your limit of free articles.

To read the full story, start your free trial today.

Get unlimited access. Cancel anytime.

Exclusive coverage from the world's top sources, in English for the first time.

Insights from the widest range of perspectives, languages and countries.

This Happened — October 1: Las Vegas Shooting

The Las Vegas shooting, also known as the Route 91 Harvest Festival shooting, occurred on this day in 2017, when a gunman opened fire on a crowd of concert goers from a hotel room in Las Vegas, Nevada.

Get This Happened straight to your inbox ✉️ each day! Sign up here.

Keep reading...Show less

The latest