The former two-time Presidential Candidate and Senator from Pennsylvania, Rick Santorum has shown his support for a cryptocurrency aimed at Catholics. The crypto is called Cathio which is a stablecoin intended for payments and remittances in the ‘Catholic world’.
Santorum is probably one of the last people you would expect to get involved with cryptocurrency but I guess this shows the different types of uses the crypto space has.
First the finance world and now the Catholic world, it seems there is no stopping Bitcoin and the market.
According to the new project, the aim of Cathio is to make payments easier within Catholic institutions. This is intended to “bring financial transactions into alignment with [Catholic] beliefs.”
Santorum isn’t the only former government employee to put in support for a cryptocurrency project. The Former US ambassador to the Vatican and former head of the US Mint, Jim Nicholson and Ed Moy (respectively) are on the board for the project.
Cameron Chell, co-founder of Cathio is also chairman for ICOx Innovations who were the minds behind Kodak’s ‘Kodakcoin’ ICO.
According to the press release, Santorum said that the effort was to reach out to religiously-minded millennials. Santorum states:
“We have to learn from successful tech companies, and we have to provide a universal solution that makes it easy for younger generations to engage with the Church.”
Cathio & Venmo
This new project has been compared to the mobile payment service, Venmo (owned by PayPal). Venmo is a well-known supporter of Planned Parenthood (abortion etc.) which is seen as an issue by the Catholic faith. And so with this, Cathio would allow for a cryptocurrency payment system that is more in line with the religion.
Cathio is more than just financial crypto. The platform will also allow people to give ratings to Catholic organisations. Overall, it claims it will promote transparency in payment allowing them to be tracked and spent efficiently.
But Cathio it’s worth saying that Cathio isn’t charity. The project will be making a profit off its endeavours and charge a fee of around two percent per transaction.
No release date has been given for the project but given its support from government officials, we can expect this crypto to pick up some momentum as the year goes on.
Original Post: Can Cryptocurrency Be Religious? Former US Senator Backs New Catholic Cryptocurrency