Belfast to introduce Belfast Coin, The 1st Incentive-Based Digital Currency

Belfast is set to introduce the first incentive-based UK digital currency Belfast Coin, with the aim to boost local economy and environment, it will operate as a rewards platform, hoping to motivate actions which make a positive difference, from later this year it will be accepted as payment across Belfast in participating partners.

The Incentives

Belfast coin is a rewards platform, encouraging the people of Belfast to do things such as recycle, volunteer & shop locally. By adding the incentive to make a positive difference in their community, Belfast coin seeks to strengthen their connection to the city they live in.

It will be accepted as payment at local businesses across the city, including shops, cafes, restaurants and more. Residents will be required to simply download the app and connect a payment card as a source of payment. Belfast Coin is the UK’s first city-wide digital currency designed specifically to encourage positive everyday activities.

It is expected to be launched across the city later this year. Among its initial impacts, It will encourage people to shop at independent businesses in the city’s Cathedral Quarter. By offering Belfast Coins as an incentive, it is hoped that residents will increasingly choose to shop with local businesses. It will also be used to motivate increased green activity, improving the local environment.

Belfast Coin

“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,” said Amos Meiri, Colu’s CEO and co-founder. “By utilizing Colu’s innovative technology in this way, Belfast is demonstrating that it is a forward-thinking, exciting and ambitious city.”

Belfast Coin will be introduced as part of the city’s participation in 100 Resilient Cities – Pioneered by The Rockefeller Foundation (100RC). The organisation helps cities around the world become more resilient to the physical, social, and economic challenges that are a growing part of the 21st century. A call went out to members of 100RC’s global network in January 2019, to work with Colu in establishing a city-wide currency. Belfast was subsequently one of six cities invited to participate in a workshop at Colu’s Tel Aviv office and is now pursuing the next step of implementing a city-wide currency.

Extra information about this new digital currency can be found in the video below provided by  Colu in a simple, easy to digest manner.

Following today’s announcement, work will begin immediately to sign up a range of partners and build an eco-system of stakeholders, in advance of the Belfast Coin being introduced later this year. These may include major institutions in the city, such as large employers and higher educational institutions, who may wish to help boost economic and social growth in the city. It would encourage employees, students and other relevant communities within the city to use Belfast Coin. As such, Belfast Coin operates as a platform to engage these institutions and other future partners in efforts to join forces and tackle the challenges facing the city.

To access Belfast Coins, local residents will simply be required to download the Colu app. Meanwhile, local businesses interested in pre-application for using Belfast Coin are encouraged to register now by visiting www.colu.com/belfast

For more information, contact:
Jessica Hale: jhale@theproffice.com and 07961-974-465

Or visit their website to find out more.

Based in the UK, Israel and Gibraltar, Colu is dedicated to making cities thrive, using everyday interactions to drive social and economic progress. Our app encourages local payments while rewarding positive actions with City Currency.

Powered by innovative technology, Colu connects people, businesses and city institutions. Already operating in communities in 4 cities, Colu generates shared prosperity to benefit everyone. For more information, visit: www.colu.com

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