---
# System prepended metadata

title: Proposal to Introduce new StableCoin pegged to Colombian Peso - $cCOP

---

# $cCOP - Initial Liquidity and Marketing Plan

- **Authors:** @juancamp1987 / @aoencrypted
- **Aligned Public Goods Bucket:** CPG Funding Request - Grants & RPFs
- **Funding request:** 85.000 cUSD for Collateral, DEX and CEX Liquidity + 30.000 cUSD for Operations.

## Summary
The launch of possible stablecoin pegged to the Colombian peso would provide a more stable and reliable alternative to the Colombian people that wants to get involved in the crypto ecosystem but they wants to use it for daily spending, Colombian people is used to think in local currencies and they don’t have an option for that because no one blockchain has this option, instead of this too many people have been used this as a excuse to launch some smart contracts in different blockchains and merchandise them as the “Colombian Crypto Peso” but all of themes finish in a rugpull and people lose faith in the crypto ecosystem.

This would make it easier for businesses and individuals to conduct financial transactions in Colombia, and it would help to promote economic growth.

In addition, a stablecoin pegged to the Colombian peso could help to increase the adoption and belief in crypto in Colombia. By providing a more stable and reliable option, the stablecoin could make it easier for Colombians to see the benefits of cryptocurrency and to adopt it as a form of payment.

For example, a stablecoin could be used to make payments for goods and services, to send remittances, or to invest in other cryptocurrencies. As more people in Colombia use stablecoins, the belief in crypto will likely increase.

However, the possible creation of the cCOP at first could suffer from lack of liquidity and this also means big slippages in swaps, which is not good for the usability and people will not like to use it because they lose in every swap.

This means that it is difficult to buy and sell cCOP, which makes it difficult for businesses and individuals to use it.

In order to address this problem and also to help in the adoption in this new stablecoin we have decide to ask the Celo Community Found a budget of 115,000 cUSD, this budget is gonna be used as described in this document but in resume it will be designated 30,000 cUSD to marketing and business development plan and onboarding commerces plan for six months, $50,000 cUSD to provide the backing for the Mento protocol Stable Token emission, $15,000 cUSD to provide liquidity to the DEX most commons and used pairs of the future cCOP such as Celo/cCOP, cCOP/cUSD, cCOP/cEUR and cCOP/cReal, $20,000 cUSD to provide liquidity to the on/off ramps most used in Colombia.

|Item|Budget $USD|
|----|:---------:|
|**Collateral backing for cCOP**|$50,000|
|**Uniswap DEX *(Staking Pools Budget)***|$15.000|
|**CEX *(OnRamp/OffRamp liquidity)***|$20.000|
|**Marketing Plan Budget**|$30.000|
|**Total**|**$115.000**|

The proposal also includes the possibility in six months to give back the $35,000 cUSD used to provide the initial DEX and CEX liquidity to the Celo Community Fund, we think in two years people should have adopted and provide enough liquidity to the pools that the funds can be retired and give it back to the fund.

The cUSD tokens will be used to create different liquidity pools for the cCOP. These pools will allow users to buy and sell cCOP with ease. The cUSD tokens will also be used to market the cCOP and raise awareness of the project. We believe that this proposal is essential to the success of the cCOP. With sufficient liquidity, the cCOP will be able to reach a wider audience and become a valuable asset for businesses and individuals in Colombia.

## Motivation
### Problem
There are a number of reasons why people may have issues with having a digital asset different from the fiat they know. Some of these reasons include:

- **Lack of understanding:** Many people are not familiar with digital assets, and they may be hesitant to use them because they do not understand how they work.
- **Fear of volatility:** Digital assets can be volatile, meaning that their value can fluctuate significantly over time. This can make people hesitant to use them, as they may not want to risk losing money
- **Security concerns:** There are concerns about the security of digital assets. Some people worry that their assets could be stolen or lost, or that they could be hacked.
- **Regulatory uncertainty:** The regulatory landscape for digital assets is still evolving. This can make people hesitant to use them, as they may not be sure what the rules are or how they will be enforced.
- Scam coins are often created to look like legitimate projects, but they are actually designed to steal people’s money. They may promise high returns or unrealistic investment opportunities, but they are ultimately worthless.

## Metrics and KPIs
- Launch new stablecoin cCOP
- Establish two (2) alliances/partnerships with local CEX or On/Off ramps
- Ten (10) local communities integrate the cCOP.
- +1000 cCOP holders.
- +6 Meetups and community development events.
- +500 follower on X and weekly education content

## Specification
### The panorama of Colombia and cryptocurrencies
According to Chainalysis Colombia is the 15th country in cryptocurrency adoption in the world and is among the top 5 countries in the region along with countries like Brazil and Argentina.

According to data provided by Colombia Fintech and Portafolio transactions with cryptocurrencies for $70,000 million per month are conceived in the country and more than 600 sites have been tracked where they can be bought and sold.

Remittance flows to Latin America and the Caribbean in 2022 reached US$142 billion. Colombia is ranked number 4, after Mexico, Guatemala and the Dominican Republic, in the regional ranking with US$9,429 million.

For the Colombian Central Bank, the Banco de la República, the cryptocurrencies *(Concept SCD-14893 March 30, 2023)*:

- They are not legal tender, as the Colombian Peso, represented in bills and coins, Colombian Peso is the only monetary unit that constitutes a means of payment with unlimited power of release, so there is no obligation to receive them as a form of payment.
- They are not currencies because no international monetary authority has recognized them as currency and they are not backed by central banks.
- They are not securities because they do not represent a right of a negotiable nature that is part of an issue, whose object or effect is to attract resources from the public.
- They are not financial assets or cash equivalent to cash because they cannot be equated to highly liquid investments, readily used for transactions, or convertible to known amounts of cash.
 
However, the use of cryptocurrencies is not expressly prohibited, so it is allowed that people, if they agree, can freely accept making transactions with them. In fact, there are already several authorities that have ruled on the tax, accounting and commercial treatment of cryptocurrencies.

For the National Tax and Customs Direction - DIAN, the cryptocurrencies are cryptographically secure assets that correspond to intangible assets, capable of being valued that form part of the patrimony and can lead to obtaining income *(Concept 915014 October 14, 2022).*

The Superintendency of Companies said that it is a lawful object for companies to carry out operations or acts of trade with crypto assets *(Concept 220-139607 July 17, 2023).*

Technical Council of Public Accounting, in its Technical Orientation No. 20 of June 5, 2023, issued its concept of the accounting management of cryptocurrencies by stating that they are assets because they are a resource controlled by the entity from which it is expected to receive benefits. and therefore, depending on their use, they may be classified as inventory (IAS 2) or intangibles (IAS 38).

## A future cCOP and his adoption plan
### What we want to solve
This proposal is aimed to solve the problem of liquidity for the further Stale Coin pegged to a Colombian Peso and also focused on a marketing strategy efforts to encourage people and commerces to use this new Stable Coin.

First advantage of this new stable coin could be that it can help to reduce the fear of volatility. Since the cCOP is pegged to the Colombian peso, its value will be relatively stable, which can make people more comfortable using it.

Second, a cCOP can help to simplify the process of buying and selling digital assets. Currently, it can be difficult and confusing to buy and sell digital assets, especially for people who are not familiar with them. A cCOP can make the process more straightforward, as it would be possible to buy and sell cCOPs using the same platforms that people use to buy and sell Colombian pesos.

Third, a cCOP can help to increase the liquidity of digital assets in Colombia. Liquidity is the ease with which an asset can be bought or sold. Currently, the liquidity of digital assets in Colombia is relatively low, which can make it difficult to buy and sell them at a fair price. A cCOP can increase the liquidity of digital assets in Colombia, as it would be a more widely accepted asset than some other digital assets.

Overall, a cCOP can help people to understand and adopt digital assets in a number of ways. It can reduce the fear of volatility, simplify the process of buying and selling digital assets, and increase the liquidity of digital assets in Colombia. These factors can make it easier for people to use digital assets, which can lead to increased adoption of digital assets in Colombia.

Here are some additional points that you may want to consider:

- A cCOP could be used to educate people about digital assets. By providing a more familiar and stable option, people could be more open to learning about the benefits of other digital assets.
- A cCOP could be used to promote the use of digital assets in businesses. By making it easier for businesses to accept digital payments, the cCOP could help to increase the adoption of digital assets in the economy.
- A cCOP could be used to facilitate cross-border payments. By making it easier to send and receive money internationally, the cCOP could help to boost trade and economic growth.

### The cCOP adoption
Here are some of the projects and businesses that we believe can start using cCOP as soon as it is launched:

- **Financial institutions:** Financial institutions, such as banks and credit unions, could start using cCOP to offer their customers the ability to buy, sell, and store cCOPs. This would make it easier for people to use cCOP for everyday transactions, such as paying bills and making purchases.
- **Retailers:** Retailers, such as supermarkets and department stores, could start using cCOP to accept cCOPs as payment. This would make it easier for people to use cCOP to purchase goods and services.
- **Services companies:** Services companies like professional health, law, account, engineers services could be an important economy sector to accept cCOPs as payment. Your national and international clients would be happier with this additional possibility to pay for these services.
- **Technology companies:** Technology companies, such as software developers and payment processors, could start using cCOP to develop products and services that support cCOP. This would make it easier for people to use cCOP and for businesses to accept it as payment.

### Business and projects that will use cCOP
- **Wallets**
    - Valora
    - Metamask

- **dApps**
    - Impact Market and his microcredit program
        - Tigrillos Medellin Community
        - Platohedro Community
        - ReFiMedellín Community
    - Inkom.io
    - Unergy.co
    - Green Digital Guardians

- **Physical commerces**
    - Hash House
    - Salvaterra

- **Communities**
    - ReFiMedellín
    - Blockchain Medellín
    - Blockchain Foundation Latam
    - ETHColombia
    - ETHMedellín
    - NFTs Latinoamérica

## Timeline and milestones

- **Month 1:**
    - Previous task for cCOP launch.
    - Pre alliance discussions and partnerships active search.
    - Meetups and community development about Celo in Colombia.
    - Launch of a Celo Colombian Blog focused on education.
    - Marketing strategy for Social Media.
    - cUSD used as collateral in Stablecoin Factory to mint cCOP

- **Month 2:**
    - Provide Liquidity to DEXes.
    - Alliance discussions and partnerships previous meetings.
    - Meetups and community development about cCOP adoption.
    - Growth strategy and marketing efforts.
    - First MVP proof of concept using cCOP with local communities.

- **Month 3:**
    - Monitor liquidity and campaigns to encourage people to provide liquidity.
    - Business development efforts and alliance announcements.
    - Meetups and community development about cCOP adoption.
    - Growth strategy and marketing efforts.
    - Local communities cCOP integration efforts.
    - First quarterly report of cCOP adoption.

- **Month 4:**
    - Monitor liquidity and campaigns to encourage people to provide liquidity.
    - Business development efforts and alliance announcements.
    - Meetups and community development about cCOP adoption.
    - Growth strategy and marketing efforts.
    - Local communities cCOP integration efforts.

- **Month 5:**
    - Monitor liquidity and campaigns to encourage people to provide liquidity.
    - Business development efforts and alliance announcements.
    - Meetups and community development about cCOP adoption.
    - Growth strategy and marketing efforts.
    - Local communities cCOP integration efforts.

- **Month 6:**
    - Monitor liquidity and campaigns to encourage people to provide liquidity.
    - Alliance discussions and partnerships previous meetings.
    - Meetups and community development about cCOP adoption.
    - Growth strategy and marketing efforts.
    - Local communities cCOP integration efforts.
    - Final quarterly report of cCOP adoption.Follow up Governance Proposal for cCOP expansion.

## Payment Terms
85.000 cUSD for Collateral, DEX and CEX Liquidity

|Item|M1|M2|M3|M4|M5|M6|Total|
|----|:-:|:-:|:-:|:-:|:-:|:-:|:-:|
|**Collateral for Emision**|$50.000|-|-|-|-|-|$50.000|
|**DEX Liquidity *(Uniswap)***|-|$15.000|-|-|-|-|$15.000|
|**CEX Liquidity**|-|-|$5.000|$5.000|$5.000|$5.000|$20.000|
|**Total**|**$50.000**|**$15.000**|**$5.000**|**$5.000**|**$5.000**|**$5.000**|**$85.000**|

30.000 cUSD for Operations.
|Item|M1|M2|M3|M4|M5|M6|Total|
|----|:-:|:-:|:-:|:-:|:-:|:-:|:-:|
|**Events & Community Development**|$1.500|$1.500|$1.500|$1.500|$1.500|$1.500|$9.000|
|**Business Development & Partnerships**|$1.000|$1.000|$1.000|$1.000|$1.000|$1.000|$6.000|
|**Growth & Operations**|$1.000|$1.000|$1.000|$1.000|$1.000|$1.000|$6.000|
|**Accounting**|$500|$500|$500|$500|$500|$500|$3.000|
|**Socials**|$500|$500|$500|$500|$500|$500|$3.000|
|**Misc**|$500|$500|$500|$500|$500|$500|$3.000|
|**Total**|**$5.000**|**$5.000**|**$5.000**|**$5.000**|**$5.000**|**$5.000**|**$30.000**|

### Collateral backing for cCOP emision Budget ($50,000 cUSD)**

The new mento platform allows anyone to emit a stable token using cUSD as collateral to backup the emission of the new token

### DEX Staking Pools Budget ($25,000 cUSD)
Overall, creating liquidity for a cCOP is an important step in promoting the adoption of the currency. By making cCOP more liquid and easier to use, liquidity pools can make the currency more attractive to businesses and individuals. This can lead to further growth in the cCOP ecosystem and make it a more used currency.

**Staking pools will be in UniSwap V3 as following:**
- Celo/cCOP: $15,000
- cCOP/cUSD: $10,000

Liquidity pools can also help to promote the use of cCOP for decentralized finance (DeFi) applications. DeFi applications allow users to perform financial transactions, such as lending, borrowing, and trading, without the need for a centralized third party. By providing liquidity for cCOP, liquidity pools can make it easier for users to use these DeFi applications. This can further increase the adoption of cCOP.

By creating liquidity pools with other stablecoins beside the benefit of maintain the value of the budget we are asking for, by providing a way for users to swap cCOP for stablecoins at a fair price and giving them the possibility to swap between all the different stablecoins that exist in the Celo Ecosystem benefiting the remittances and the financial inclusion of everyone Colombian abroad the world.

### Use of Generated Swap Fees
- The swap fees generated by the use of the liquidity pools will be used to maintain the value of the budget.
- Any extra value that is generated will be used to promote the use of the cCOP, such as giving incentives for those who are using it or emphasizing the marketing efforts.
- Organize educational events, such as meetups, conferences, and hackathons, about cryptocurrency and blockchain technology.
- Fund local charities and non-profit organizations that are working to improve the lives of Colombians.

### CEX - OnRamp/OffRamp Liquidity ($20,000 cUSD)
We believe that the best alternative to introduce a cCOP (Colombian Peso-backed cryptocurrency) to the market is by forming alliances with platforms that already engage directly with users using both crypto and fiat currencies in their daily transactions.

How do these alliances work? We provide the platforms with sufficient capital to establish liquidity for buying and selling cCOP. This approach helps introduce the stable coin to the community and provides users with the opportunity to shield themselves from volatility while enjoying quicker transactions at a reduced cost.

As adoption grows and the platforms begin to earn a percentage of the transactions involving cCOP, they start returning liquidity to the proposal. This liquidity is then added back to the staking, and the platforms maintain the coinflow by utilizing Liquidity Pools.

- On/Off ramps
    - Cobru.app
    - ElDorado.app
    - CocoPagos
    - Kravata.co

### Returning budget or transition into a DAO
We plan to give back the liquidity we receive from the Community Found after six (6) months by withdrawing the liquidity provided. This would return the cCOP to the community and help to promote the further adoption of the Blockchain.

Another option is to keep the project running and transitioning this multisign into a DAO and keep running the DAO with the generated swap fees and further projects like loans platforms focused in the Colombian Community.

This decision should be taken after six (6) months through another governance proposal.

## Team
- **Juan Giraldo *(Project Leader)*** Overall project management, setting goals, and coordinating efforts across the team. The project leader would be responsible for overseeing the overall execution. They would be responsible for setting the team’s goals, developing a timeline, and ensuring that the project stays on track.

    - I have been contributing to Celo mission some time ago spreading the word in Colombia, getting people involved in the ecosystem, doing workshops and talks, creating and running local communities in ImpactMarket platform, working also closely with all the ReFi Movement and leading the ReFiMedellìn node in Colombia. I have been also involved in the creation of the W3LAtamDAO since the beginning and conception creating the PR y and submitting proposal on chain as many times needed to succes, I have been also working hard helping Celo as a Moderator since two year now and part also of the CGP Team since one year.

- **Londo.eth & A.O *(Advisor)*** Provide strategic guidance and expertise in growth and the cryptocurrency industry and Colombian innovations, expanding products to align with local regulations. The advisor will offer strategic guidance and growth expertise in the cryptocurrency industry and Colombian innovations, ensuring product expansion aligns with local regulations. Additionally, will provide key insights to support the project’s alignment with regulatory standards and best practices.
    - **Londo.eth** +15 years of experience on growth and operations, I have worked across various industries, including ed techs, startups, and multinational marketing giants, making significant contributions to the world of crypto through my involvement in projects like Binance. My role has been pivotal in driving operational growth. Currently, I am leading the growth efforts of a dynamic startup spanning Latin America, fueled by my passion for introducing innovative solutions to the region.
    - **A.O.** have been engaged in community and ecosystem growth efforts, currently working across multiple ecosystems and projects to understand how to adopt and attract more users to the web3 ecosystem. I am a strong supporter, committed to putting all my efforts into its successful delivery.

- **Wabisabi *(Business Developer)*** would be responsible for building relationships with businesses and organizations in the four principal states. They would be responsible for educating businesses about the cCOP and its benefits, and for helping businesses to integrate the cCOP into their operations. Colombia is a very big territory and with different cultures, we need to make different processes in each territory and we think about having 4 different zones abroad for development.

    - +5 years of experience on Business Development Manager and Partnerships working close to web3 projects related to financial inclusion, worked as a Ecosystem Lead on Celo Foundation making impact in Colombia, Venezuela, Perú, Panamá. Full stack developer in progress and Growth strategy enthusiast.

- **0xflypeztic *(Social Media Manager)*** would be responsible for creating and executing a marketing campaign for the cCOP. They would be responsible for raising awareness of the cCOP, educating people about its benefits, and encouraging people to adopt the cCOP.

    - With a solid background in social media management and graphic design, she currently manages the social media presence of various organizations, including ReFi Medellin, Fundación Salvaterra, Green Digital Guardian, CekiIrgCo, and more. Over the past few months, I’ve been actively engaged in Web3 projects, applying my skills in these areas. My journey in the Web3 world is just starting, and I’m committed to continuous exploration, learning, and skill development.

With a strong team in place, the cCOP has the potential to be a successful project. The team would need to work hard and be patient, but if they are successful, the cCOP could have a positive impact on the Colombian economy and the lives of Colombians.

## Additional support/resources
The development of the Mento StableCoin factory plays a crucial role in the success of this proposal. It is essential for minting the cCOP bucket, which will serve as an incentive for people to adopt this new Stablecoin. Therefore, we are seeking assistance from Celo Public Goods Stewards to facilitate discussions and monitor the progress made by the Mento Team.

### Some previous posts
- [$cCOP - Initial Liquidity and Marketing Plan](https://forum.celo.org/t/ccop-initial-liquidity-and-marketing-plan)
- [Proposal to introduce Colombian Peso (cCOP) Stable Coin](https://forum.celo.org/t/proposal-to-introduce-colombian-peso-ccop-stable-coin)
- [Retomamos propuesta de $cCOP (Post en Español)](https://forum.celo.org/t/retomamos-propuesta-de-ccop-post-en-espanol)


## Initial Multisig
A Multisig wallet will be used to manage and deploy the funds with a threshold 3/5 approvals to any transaction in future open to more contributors.

- **The Multisig contract address is** 0x6C6Dc3D4869d9812d80600B9F7f291e13Ee73D49 and can be found [here](https://app.safe.global/home?safe=celo:0x6C6Dc3D4869d9812d80600B9F7f291e13Ee73D49).

The initial signers on this multisig are:

- **Juan Giraldo:** 0x8f51DC0791CdDDDCE08052FfF939eb7cf0c17856
- **AO:** 0x94194d1280A5B45aBE551e41b69E1059059735AF
- **londo.eth:** 0xaAa6F4Fb5931C595648fF0df4D79B42FbA949187
- **Wabisabi:** 0xdA922F873Ebb14f225b474Cb0Aa044bA999253CB
- **0xflypeztic:** 0x9F75582d2bE13b5EE454161EE394daadA8B39efa