Belfast Announces Incentive-Based Digital Currency for Civic Duties

Keras - self-learning NEURAL networks for
Stock market forecasting
Get it FREE

*number of participants is limited

financial binary options

Over the last couple of months, governments and central banks throughout the world have issued their own response to the digital currency revolution – central bank digital currencies, known as CBDCs. While most of these projects are work-in-progress, they do showcase how digital currencies will actively shape our lives in the future.

According to recent reports, the city of Belfast has come up with a different idea. As such, the Belfast City Council has announced the development of an incentive-based digital currency which will reward citizens in exchange for participating in a variety of civic duties. These include supporting local businesses, participating in environmental clean-up initiatives, or volunteering for other forms of civic activities. In exchange for their time, citizens will be rewarded Belfast Coin tokens which can then be spent at several preselected merchants, restaurants and cafes.

From a technical standpoint, the coin will not be designed as a cryptocurrency, although it will run on blockchain technology. Therefore, it will not be listed on exchanges and it won’t have a volatile market value. Its price is linked directly to the British pound, thus 1 coin will equal £1. The platform will be built through a partnership between the Belfast City Council and Colu, an Israeli technology company.

At this time, the Colu app is already available for download in several regions of Great Britain, yet Belfast will be the first city where the incentive system is implemented. The company has also announced that once released, the platform will also allow users to link a bank card, thus facilitating card-based token payments.

The idea behind the coin was born after Belfast signed the memorandum to participate in The Rockefeller Foundation’s ‘100 Resilient Cities Program’. The main purpose of the project is to improve the quality of life in the participating cities, by promoting civic duties, and encouraging shopping at local businesses. The Rockefeller Foundation has also talked about its short-term and long-term goals. As such, in the near-future, the project will attempt to improve local economies, whereas from a long-term perspective, its goal is to create stronger and better-linked communities.

Belfast’s Mayor, Deirdre Hargey has confirmed these goals in a recent press statement, when he mentioned: “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.”

Work on the Belfast Coin is already underway. Currently, the City Council is trying to attract partners and stakeholders for the project. Apart from enlisting local businesses, Belfast also wants the support of larger companies and educational institutions. Doing so will ensure that the coin’s popularity and usability will be well-spread, thus ensuring the fulfilment of the project’s goals.

Based on everything that has been outlined so far, the project shows how digital currencies can serve higher purposes apart from the transfer of value. After all, who would have thought that a coin can improve the environment, help local businesses and create stronger communities?

Featured Image via BigStock.

binary options europe

Leave a Reply

Your Name (required)

Your Email (required)

Your Message

BonusMin. DepositMax. ReturnsRating
ayrex$10,000$20090%Rating Ayrex Options Review
$10,000$581%broker Rating Freestyle Review
Finmax$10,000$20090% FiNMAX Review
StockPair$20,000$585%broker Rating Falcon Finance Review
24optionUnlimited$25089%Top Binary Options Brokers Rating 24option Review

To invest with binary options you will work with an investment broker who is licensed to work in this field. Working with your broker, you will identify which asset you want to buy an option on, how much you want to invest and when the option will expire. Once the option is placed, you simply watch the trading activity on that asset to see if your prediction was accurate or not.

Binary options are one of the most popular trading choices for investors today, due in large part to their simplicity and the fact that you always know all the risks and payoffs ahead of time.

  • regulated: we promote only regulated brokers whose business models and marketing practices are checked by relevant government authorities.
  • special features: here we list all the important features that a broker offers. These are usually listed as perks offered trough various account types which bring different levels of service, depending on the minimum funds deposited
  • bonuses: almost every Top Binary Options Brokers offers these rewards that increase trading potential. Fair Binary Options also lists terms and conditions that come with the bonus money so traders always know how will these affect their trading efficiency.
  • the best binary trading platforms reviewed: we review the software that makes trading possible. There are several big providers, such as SpotOption, TechFinancials, Tradologic, MarketsPuls… Every software has some special characteristics, and not every software is suited for every trader
  • assets: Fair Binary Options review provides basic info on the amount of assets available for trading
  • customer support: we chat with the customer support to test how the broker has set up the help desk that should support traders. This is the best way to assess the service.
  • payments: we list all the payment options available by the Top Binary Options Brokers, list minimum deposit requirement
  • withdrawals: we warn traders if withdrawal requirements are too high, or if it takes a long time to get the money back.
    • Keras - self-learning NEURAL networks for
      Stock market forecasting
      Get it FREE

      *number of participants is limited

      Customer Testimonials

      Fellas what broker is legit in States ? binary options binary options broker USA?