East London Gets Its Own Digital Currency

East London has become home to its own local digital currency, which is aimed at encouraging spending at local businesses.

Launched by Colu, a Tel-Aviv-based blockchain-powered platform, the Local Pound, East London is the second digital currency that the company has launched. At the beginning of the year, Colu announced that it had launched the Liverpool Local Pound (LLP) in Liverpool. Since the arrival of the LLP, more than 16,000 residents and businesses have started using the Colu app, which has seen purchases being made at bars, fitness clubs, restaurants and beauty shops.

Just like then, the aim is to provide a quick and easy method for people to pay instantly through the use of a smartphone while buying local and supporting local enterprises at the same time. Pegged to the British Pound, the Local Pound, East London, gives residents the opportunity to deliver a stronger and more sustainable local economy and community.

The U.K. is witnessing a growing trend when it comes to digital payments and localized currencies. In Scotland, the Scotcoin has been accepted at a pub in Glasgow, which can be used to buy one type of lager in a bid to encourage the use of the digital currency. Through the use of an innovative technology it’s providing communities the chance to deliver efficient financial transactions, which in turn facilitate local businesses.

Amos Meiri, CEO and cofounder of Colu, said