City Council Of Belfast To Introduce ‘Belfast Coin’ For Local Goods And Services in Northern Ireland
Belfast’s city council has announced that they would be the using a digital currency particularly catered to their local community to help businesses and residents in the city. The project will be named ‘Belfast Coin’ which s envisioned to stimulate local economic growth and help achieve environmental goals.
Lina Liakou, one of the managing directors of the 100 Resilient Cities project, described:
“As Belfast looks to the future, a chief concern will be maximizing important assets like its high quality of life while reducing a range of challenges including the social and economic disparities which exist between residents. The Belfast Coin is an innovative example of how the city, throughout its resilience process to date, has partnered with its public, private, and individual stakeholders to catalyze inclusive economic growth and build a strong future for the entire urban community.”
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 draw more local businesses to the city. This comprises of shops, restaurants. Once these local businesses will start accepting coin conducting business in the region becomes relatively easy.
Additionally, users of the new virtual currency 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.
The ‘Belfast Coin’ is being developed by an Israel based firm called Colu. Colu currently operates digital currencies in four different cities and will be providing the payment platform. While Colu is used to developing these kinds of coins to be used by local municipalities, they acknowledge that they will not be using blockchain technology for the development of the platform to use for the program, despite the fact that they have used this technology in a number of other projects.
“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,”
stated Belfast Lord Mayor Councillor Deirdre Hargey.