Northern Ireland’s Capital, Belfast, is interested in issuing a cryptocurrency. According to a report by Public Technology, the City Council of the city of Belfast wants to use the new cryptocurrency to encourage the residents to patronize merchants at a local level and promote a civic duty sense among citizens.
The reports state that an Israel tech firm, Colu, developed the new Belfast Coin cryptocurrency. Plans are to launch this later on in the year 2019. At the moment, tests are being run by assigned project teams.
Belfast’s City Council wants to utilize cryptocurrency adoption to boost the city’s economy through the creation of a societal landscape that is capable of encouraging the local stakeholders to get involved.
According to Belfast’s Commissioner for Resillience, Grainia Long, business owners will be invited to participate, making it easy for consumers to buy with Belfast Coin. It was also stated:
Belfast Coin will be introduced later this year and it’s our hope that it 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.
Belfast Coin also has an app that becomes usable after the cryptocurrency will be launched. Points will be earned by city residents through civic duties, volunteer work and by patronizing specific local stores.
With the news of the launch of Belfast Coin, the city joins major cities like Dubai and Seoul that want to launch cryptocurrencies to boost the local economy. Park Won-soon, Seoul Mayor, declared in 2018 that the city wants to launch S Coin, a currency that will be usable within the Seoul.
In the event that the plans of the Belfast City Council become reality, it will show more belief in what is possible through cryptocurrencies at a higher level. 2018 was a bear market year so far and it was not really kind to the cryptocurrencies that were locally focused.
It should be noted that Colu is not at the first project of this kind. In 2016, it did work for a really similar cryptocurrency but for Liverpool. The project did not work and it was the 2018 bear market that fully stopped it.
As more city councils, corporations and large banks dab into cryptocurrencies, nobody really knows what will be a reality and what will just remain a project.