Representatives of Kingston upon Hull municipality, the UK, have supported the cryptocurrency project aimed to award citizens that actively work for the welfare of the city. The initiative has been already supported by sponsors and the local government that donated £240,000, as the online portal Financial Times reports.
This interesting idea belongs to Kaini Industries. HullCoin cryptocurrency will rely on blockchain technology. Citizens will receive it for helping nursery schools, senior centers, assisting in improving the environment, and doing other socially useful activities. Even if a person quits smoking, he or she will be also rewarded with this virtual financial asset. The distribution of coins will be controlled by the local authorities, educational, social and charity organizations, and other institutions of the city.
The chief executive of Kaini Industries David Shepherdson says that people will be able to use the new cryptocurrency to buy goods in the stores with a discount of up to 50%.
Developers are planning to launch HullCoin early the next year. In case the project is successful, it may be realized at the national level.
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