How are the recs regulated?

NOVACT has hired a Payment Service Provider (PSP) authorized and certified at an European level, a new figure that provides for the “European Directive 2015/2366 of the European Parliament and the Council of November 25, 2015 on payment services in the internal market “and that allows non-banking entities to act as payment service providers in a regulated manner, ensuring the funds deposited. The Social Currency is a payment instrument accepted voluntarily by producers, distributors and traders as payment for their products or services. As such, it is similar to a voucher or a gift card. A transaction with recs is subject to the same taxes as a transaction in euros. In addition, a transaction using recs is subject to the same consumer protection laws as a transaction in euros. The operation of rec is framed in a system of citizen exchange supported by this PSP for payment services.