Belfast City Council has recently partnered with Colu, an Israeli tech firm, to launch its own digital token. Known as Belfast Coin, its mission is to support local business and expand the city economy.

According to Colu’s press release, Belfast Coin will operate as a rewards platform, encouraging the Belfast residents to shop at local stores and participate in civic volunteering, to strengthen their connection to the city they live in. From later this year, the coin will be widely accepted as payment at local businesses across the city. However, Colu’s coins in Belfast will not be based on the blockchain technology.

Belfast Coin will be introduced as part of Belfast’s participation in 100 Resilient Cities, which is supported by the Rockefeller Foundation (100RC). Colu has affirmed that the new token will remarkably help in the project.

“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 Council achieve other long-term goals, including environmental. This challenge gives us the opportunity to explore how a city currency can bring residents, businesses and city partners together to support inclusive growth – a key priority within our Belfast Agenda,” said Deirdre Hargey, Belfast Lord Mayor Councilor.

Beside designing and developing Belfast Coin, Colu has intended to open a unique concept shop in Belfast city centre, as it will boost local creativity and business initiative.  

“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 CEO and Co-Founder. He added: “By utilizing Colu’s innovative technology in this way, Belfast is demonstrating that it is a forward-thinking, exciting and ambitious city.”

Last month, Coinbase launched a crypto Visa debit card, where users fund their card purchases through their cryptocurrency balances on Coinbase. Until now,  only residents in the UK are able to sign up for it, with Coinbase working on expanding the card to elsewhere in Europe, reported by The Crypto Sight on Apr 15.