Belfast Launches an Incentive-Based Virtual Currency to Strengthen Local Economy

Belfast beats other cities in the UK to be the first British city to launch an incentive-based digital currency. The city council announced that it is taking a different approach to tackling the economy and environmental problems in the city.

To launch the new virtual endeavor, Belfast partnered with Colu to create an incentive-based virtual currency that will be awarded to locals for a ‘job well done’ – with ‘job well done’ being relative in this context. According to the city council, this innovative solution will help to bolster the economy and promote green living by empowering local businesses, residents, and partners to adopt certain behaviors. These include strengthening local businesses, practicing safe environmental habits, etc.

By awarding them with the city coin for a ‘job well done,’ they will most likely stick with these ‘behaviors’ that are sure to drive the economic growth in the city.

The city’s coin dubbed Belfast Coin was developed as a part of the city’s participation in The Rockefeller Foundation’s 100 Resilient Cities. Being part of the six cities chosen for the 100RC call (more like a smart city call), Belfast is taking a leap further by creating a city-wide digital coin based on the innovative solutions on Colu’s platform.

The virtual currency, which is proposed to launch later in the year, is aimed at inspiring a tremendous change in both the economic and environmental state of the city. The coin, as an incentive, will inspire locals to support local businesses and shop at independent businesses in the city’s Cathedral Quarter. Additionally, the city authorities plan to use the virtual coin as an incentive to make them perform their civic responsibilities and increase green activities within the city. The coin also promises to unite potential partners, institutions, government authorities and local businesses.

Upon launching the Belfast Coin, the people of Belfast will be able to purchase goods and services using the digital coin. Currently, the city council is working hard to sign up a number of partners and create an ecosystem of stakeholder before the launch of Belfast Coin.

To participate in the ‘smart city’ platform, people are asked to download Colu app and link it to a credit card as a source of payment. Businesses who wish to apply before the launch can do so here. The Belfast Coin was made possible through the city’s partnership with the UK- & Israel-based tech firm, Colu. Colu is known for its zest to make cities thrive by driving social and economic progress through everyday interactions.

I guess the best way to fight economic and environmental challenges is to combine the power of everyone in the city. Great crypto news and Good call!