The UK Gets A Taste For Local Cryptocurrencies, Starting With Colu
Africa and Bankrupt South American countries were always my first thought when it came to a local Cryptocurrency break through.
I know a lot of Steemit members earn enough, on the Steemit Blogchain, to pay for a crust of bread or better.
But as it turns out, it is not only Bankrupt South American communities that are tired of rip of Bank charges.
In the UK an Israli company are pushing,The Colu Liverpool GB£, as an alternative Local Cryptocurrency.
Thereby avoiding banks, with all their built in bank charges.
London is next on the list. And I believe it will catch on very quickly.
As this currency qualifies as a viable working tool. For the benefit of the local community.
As opposed to the zillions of useless Pump N Dump ICOs that are being churned out weekly.
I like this initiative and hope it succeeds.
Read All about it:
“Local currencies are not a new idea, especially in the UK,” said Amos Meiri, CEO of Colu, the company behind the digital currency.
“The reason they never picked up and became something big is because they were managed by non-profit volunteers, but we are a very ambitious start-up with investors behind us.”
Based in Tel-Aviv, Colu has so far issued two digital currencies in its native Israel and chose to expand to Liverpool after being contacted by Independent Liverpool, an organisation that champions small businesses in the city.
The Liverpool Local Pound launched barely a month ago and already has more than 3,000 users. According to Meiri there is a transaction using the currency every five to 10 minutes.
Next month Colu will launch another digital currency in East London, which, like the LLP, will be pegged to pound sterling - with one LLP equalling £1.
According to the New Economics Forum, money spent with independent businesses circulates in the local economy up to three times longer than when it’s spent with national chains. Most local currencies aim to capitalise on this – and the LLP is no different.
“When I was a kid I used to go and buy vegetables for my mum and the grocer knew my name and knew what vegetables my mum liked,” Meiri told Telegraph Travel.
“That personal experience has got lost in the scale of a city and we want to get it back.”
Read the whole Article:
Image Courtesy of coinjournal
Too much crypto
Not enough working Crypto. To many Pump N Dump projects
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STOPIf you believe fiat currency is diluted, manipulated and abused by the banks I would think pegging your currency to the GBP makes no sense. However I guess if you just want to avoid some bank charges that works.