City of Belfast of the UK Opens Its Own Crypto Coin Courtesy of Colu to Boost Local Businesses
The government of Belfast, a city in the United Kingdom, has decided to issue its own token in a partnership with Colu, a Israeli crypto company. Colu already works in four local blockchains based on four cities.
According to the official press release, the new “Belfast Coin” will be launched in order to boost the local economy. Belfast participates in the 100 Resilient Cities project, which is currently supported by the Rockefeller Foundation. Colu has affirmed that the new token will significantly help in the project.
The mayor of Belfast, Deirdre Hargey, has affirmed that being selected to be a part of the city project is an important opportunity for the city to showcase all of its potential while working on 100 Resilient Cities and with Colu as well.
At the moment, Colu already has coins in London, Liverpool and Israel. The new Belfast token will be different from the other ones, though. It will have an incentive element and it will reward the partners for their tasks. For instance, you can get tokens by civic volunteering using the system.
This new token will form the structure of a new ecosystem which will be focused on the Colu app. The ecosystem is formed by local companies that will accept the token created by Colu. In Tel-Aviv, from where Colu is, the company has seen the token being used by over 435,000 people.
According to the CEO of Colu, Amos Meiri, Belfast Coin will be a huge contribution to the development of the city and it can improve it economically and environmentally. He affirmed that it will bring several different elements of the city more closely together and that this could empower several businesses and institutions.
Crypto awareness is increasing a lot in the country recently. Last year, an important UK-based lawyer affirmed that society should be prepared because they would need to face several innovations in the future soon.
Several cities are deciding to launch their own tokens, too, just like Belfast. In most cases, they will be used in a similar fashion in order to pay for goods and services to make the local economy stronger.