Belfast ready to launch its municipal cryptocurrency

Belfast ready to launch its municipal cryptocurrency. New city project for the world of crypto, thanks to a partnership with Colu.

The municipal authorities of the city of Belfast, in UK, have announced that they have partnered with the Israeli payment company Coke to issue your digital token.

Colu, which already manages local digital currency ecosystems in four other cities, will therefore issue personalized digital currency for Belfast by the end of the year, in an attempt to support local businesses.

Colu made it clear in a recent interview that the Belfast token will not be based on technology blockchain, contrary to what had emerged during a first in-depth study of this project.

Recall that the proposal to launch its own digital currency comes in conjunction with Belfast's participation in the Rockefeller Foundation's 100 Resilient Cities project and, according to Colu, precisely this involvement could generate an interesting benefit for the community.

“Being selected to be part of the city's monetary challenge means an important opportunity for Belfast, and I am delighted that this has been made possible thanks to our partnership with 100 Resilient Cities and the collaboration with Colu ", commented the commissioner Deirdre Hargey.

Unlike the coins of Colu a London, Liverpool e IsraelBelfast coins will contain an incentive element, rewarding participants for carrying out activities such as civic volunteering.

As is the case elsewhere, local businesses should represent the backbone of the new ecosystem, accepting coins through the Colu app. According to the company, the largest local digital token scheme adopted by Tel-Aviv saw a quarter of the city's 435.000 inhabitants use it.

"Belfast Coin will make a huge contribution to the development of the city - economically, socially, environmentally and beyond," said Amos Meiri, Colu's CEO and co-founder. "But just as importantly, Belfast Coin will bring all the different elements of the city closer together, allowing residents, businesses, NGOs, community groups and educational institutions to work together to achieve the same goals."

Similarly, a few months ago the Canadian city of Calgary also announced plans to launch its digital currency for the payment of goods and services in local stores. The government-supported payment system for digital goods in Dubai will also allow consumers to use the currency for their payments.