In a bid to issue its own cryptocurrency, Belfast city in the United Kingdom, have partnered with Israeli cryptocurrency firm Colu.
According to a statement which was released on May 8, Colu, which already runs a local digital currency ecosystems in four cities, will also issue a coin for use in Belfast within the year, as a way of supporting local businesses in the area.
Belfast, already participating in the Rockefeller Foundation’s 100 Resilient Cities project, is expecting to benefit massively from the project with Colu as well.
Lord Mayor Councillor of Belfast, Deirdre Hargey, while speaking on the proposed digital currency project, said:
“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.”
However, Colu’s coins in Belfast will not be based on the blockchain technology and is expected to be different from its other coins, which is already in use in London, Liverpool and Israel, as the project will be designed in such a way that participants are rewarded for performing tasks such as civic volunteering.
More so, local businesses will form the strength of the new ecosystem, accepting the coins via Colu’s app.
An ecstatic Amos Meiri, CEO and co-founder of Colu, while speaking on the development said:
“Belfast Coin will make a tremendous contribution to the city’s development – Economically, socially, environmentally and beyond.”
“Just as importantly though, Belfast Coin will bring all the different elements of the city closer to each other, by empowering residents, businesses, NGOs, community groups and educational institutions to work together towards the same goals,” he said.
A similar scheme being ran by Colu in Tel-Aviv, Israel, already has about 435,000 participants, making it the largest local cryptocurrency scheme being run by an indigenous firm.
This feat will not only portray the United Kingdom as a front-runner in the cryptocurrency space but also, boost its economy by encouraging usage and acceptance amongst its population.