Belfast, the capital of Northern Ireland, has announced that it is introducing a Bitcoin-like cryptocurrency for local goods and services— Belfast Coin.
The “Belfast Coin” is Undergoing Trial
The coin is currently undergoing a trial through which the council hopes to attract investors.
This innovation is a product of Belfast participating in the ‘100 Resilient Cities’ program; a network of local authorities around the world who share ideas and best practice.
The ‘Belfast Coin’ is being developed by an Israel based firm called Colu. And the coin’s main purpose is to encourage residents to spend money in, and generally contribute to the local economy.
The city council is looking to attract more local businesses to the city. This includes shops, restaurants. Once these local businesses will start accepting coin conducting business in the region becomes relatively easy.
Users to Earn Reward for Using the Coin
Furthermore, users of the new digital coin will have the opportunity of earning credit rewards for performing activities such as: shopping locally, recycling, volunteering and taking part in civic activities among other things .
The coin is expected to become available to the general public later this year. Users will be able to access it via a mobile app once fully launched.
Major Boost For Local Business and City Economy At Large
Belfast commissioner for resilience, Grainia Long, explained the city’s hopes for the scheme:
it’s our hope that [Belfast Coin] will initially give an economic boost to local businesses, as well as helping the council achieve other long-term goals, including environmental improvements. This challenge gives us the opportunity to explore how a city currency can bring residents, businesses and city partners together to support inclusive growth… By motivating residents to make a positive difference, we hope Belfast Coin will strengthen their connection to the city they live in.