Belfast Coin is the UK’s first incentive-based digital currency. It will make a contribution to the development of the city economically, socially, environmentally and more
Belfast city, capital of Northern Ireland, began a plan to launch its own cryptocurrency. The token will be called Belfast Coin and will be awarded through a system of rewards for citizens that show good behavior in search of improving the city.
To achieve this goal, the city authorities announced their association with the company Colu, which exists not only in the United Kingdom, but also in Israel, and offers payment systems through its application, also called Colu. The information was disclosed on Belfast City’s website and also by the Israeli company through a recently released press release.
Belfast City Council explained that it is a digital currency project that will be developed this year. The plan will be an incentive to reward the good behavior of citizens and is also expected to encourage economic and environmental growth.
This application was presented at the beginning of this year and is the first initiative of its kind in Northern Ireland. The plan is part of the 100 Resilient Cities Global Program, funded by the Rockefeller Foundation.
“Being selected to be part of the city currency challenge means an important opportunity for Belfast, and I’m delighted that this has been made possible through our partnership with 100 Resilient Cities, and working with Colu”, Belfast Lord Mayor Councillor Deirdre Hargey explained.
“A city coin is effectively a reward or loyalty plan. It will allow us to encourage residents and reward positive behaviors, for example, for volunteering, civic activities, recycling, or shopping at local business”, says part of the statement.
It will be accepted as payment at local businesses across the city, including shops, cafes, restaurants and more. According to a press release, residents of the city can download an application and register their data to start earning Belfast Coin, which will be worth £1 from the moment it starts to circulate. After completing these steps, users can use the application as a means of payment in stores, restaurants and other types of businesses.
Amos Meiri, CEO and Co-Founder of Colu, said Belfast authorities have shown that the city has ambition and a vision of the future, thanks to the use of innovative technology.
Belfast Coin will make a contribution to the development of the city economically, socially, environmentally and more. Similarly, Belfast Coin will bring all the different elements of the city closer and will prepare residents, companies, NGOs, community groups and educational institutions to work together towards the same goals.
Colu, based in Tel Aviv and the United Kingdom, operates local cryptocurrency environments based on blockchain technology in London, Liverpool and Tel Aviv. The last one has been used by a quarter of the residents of that city.
Until now, the launch of Belfast Coin would be later this year. Meanwhile, there will be a phase of inclusion of initiatives and local businesses to the project. The idea is that citizens can pay for local products and services with the cryptocurrency of the city.
Colu, the company that will be in charge of the development of the token, already has its own cryptoactive in the blockchain of Ethereum. This is Colu Local Network (CLN). This digital asset has a market capitalization close to USD 500,000, and a current price of USD 0.004681, according to CoinMarketCap. The future for Belfast promises to be encouraging and to be a new step for the adoption of blockchain technology and cryptoactives.
By María Rodríguez