Rick Santorum Launches Bitcoin For Catholics

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"[W]e have to provide a universal solution that makes it easy for younger generations to engage with the Church."

Former presidential candidate Rick Santorum is serving on the board of Cathio, the firm behind the Catholic Church’s new cryptocurrency, according to the Financial Times.

Cathio is run by Santorum’s son-in-law Matthew Marcolini, and its board boasts a number of prominent politicians, including former US ambassador to the Vatican Jim Nicholson and former director of the US Mint Edmund Moy.

The tech company was co-founded by Cameron Chell, chairman of the company responsible for Kodak’s initial coin offering, "Kodakcoin" (ICO), which raised less than 7 percent of its target.

“Millennials don’t carry cash, they date on apps and watch on-demand entertainment. We have to be there, 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,” Santorum said in a press release.

The firm has already convinced four entities to use Cathio, according to Marcolini, who suggested that the coin is similar to Venmo for American Catholics.

The cryptocurrency will also help bring more transparency to the church’s finances. "When somebody’s doing the wrong thing, or if the government has a question, or If there’s an investigation into any wrongdoing, being able to track that information could be helpful for the Church,” added Marcolini.

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