At a time when blockchain and cryptocurrency waves are sweeping across the globe and the prospects for central bank cryptocurrencies are unclear, the introduction of regional cryptocurrencies in major cities around the world seems to be booming.
Asia, Japan, South Korea, China, Taiwan; Europe, Britain, Norway, Sweden, Ukraine; America, Canada; Africa's Orion… 31QU According to public statistics, more than 14 countries and regions have launched exclusive " City currency."
- The Hollywood blockbuster "Cryptographic Currency" was released for 4 months without any interest? The director does not understand the blockchain?
31QU will take a detailed inventory of city coins in this article. Regardless of the success of the city version of the cryptocurrency, this will provide a new paradigm template for the development of blockchain and cryptocurrency.
1. Venezuelan oil (Petro)
As the international financial environment tightens and the global debt burden intensifies, in February 2018, Venezuela, in South America, launched a cryptocurrency called Petro, in an attempt to save the domestic economy that was nearly collapsed.
According to the original plan, “coin coins” were linked to Venezuela’s 5 billion barrels of oil; in the new white paper of the Venezuelan government, “coin coins” have now been changed to anchor 50% of oil, 20% of gold, 20 % iron and 10% diamonds.
The white paper writes that oil coins will serve as an exchange medium for investment vehicles, savings mechanisms and public services, and can be directly exchanged with domestic goods. According to recent news reports, there are already many application scenarios for oil coins, covering areas such as home purchase, exit, pension, and exchange benefits. The latest news is that Venezuelan President Nicolas Maduro issued a message on Twitter on July 4, ordering the country's main bank, the Venezuelan Bank and all its branches to accept the cryptocurrency Petro (PTR).
But the development of oil coins is not satisfactory. First of all, in the application of the oil coins, the United States once served as a powerful force that hindered the advancement of the petroleum coin project. Secondly, the Venezuelan people would rather bite bitcoin than accept the cryptocurrency introduced by the government whose reputation fell to the bottom.
2. Swedish electronic krona (E-Krona)
Sweden, a country located in northern Europe, has also taken an important step in the field of cryptocurrency.
To better build the digital society, the Swedish central bank revealed that it will launch the national cryptocurrency E-Krona, which is mainly used for small transactions between consumers, businesses and government agencies. Currently, the project is in its infancy and is expected to be completed and put into use in 2019.
In the E-Krona project report, Sweden's cash usage rate continued to decline. In 2018, only 13% of people used cash transactions, and more and more consumers turned to electronic payments. The “cash marginalization” issue will make it more difficult for the Swedish central bank to promote a safe and efficient payment system, and the cryptocurrency system will improve the problem.
In addition, in an interview with the New York Times, the Swedish Parliamentary Committee Chairman MatsDillén said that the disappearance of social cash will inevitably have a major impact on the economy, and the country must be prepared for the next thing.
3. Ukrainian electronic hryvnia (e-hryvnia)
Like Sweden, the Ukrainian government also hopes to solve the industry's pain points brought by cash by issuing the central bank's digital currency. On February 22, 2019, the Ukrainian Central Bank completed the pilot program for the national cryptocurrency e-hryvnia, and the pilot program began in December 2018.
It is understood that this cryptocurrency will be centrally managed by the Ukrainian government to ensure lower payment costs and increase the volume of non-cash payments in Ukraine. According to Ukrainian National Bank officials, e-hryvnia must be linked to the country's fiat currency at a 1:1 ratio, which will prevent inflation from growing.
There is a view that this cryptocurrency endorsed by the central bank is expected to increase the volume of non-cash payments in Ukraine, while also reducing the cost of payment.
However, the Ukrainian National Bank issued a blockchain-based electronic hryvnia is still in the planning stage, they said that only after a detailed analysis can we completely decide whether to introduce "electronic hryvnia" properly.
4. Norwegian City Currency (CITY)
On February 12, 2019, Norway's private anarchic capitalist city Liberstad announced the creation of a smart city platform with local cryptocurrency as the official trading medium for the city. Liberstad named it "City."
It is reported that City is the original cryptocurrency of its blockchain-driven smart city platform. Residents can use City to pay in Liberstad. From shopping to registered property, it is applicable in its scope, up to registered property, contract and insurance. Buy an egg, a loaf of bread.
In addition, the city currency and Liberstad's blockchain smart city platform “city chain” are interoperable, that is, the platform allows urban residents and entrepreneurs to “build on a private, internal and voluntary basis”. Provide services to replace the public terms of government operations.
5, Barcelona's REC (Real Economy Currency)
In May 2018, the Barcelona City Government launched the local cryptocurrency REC. REC is short for Real Economy Currency. REC tokens and euro equivalents are cryptocurrencies based on blockchain technology; urban residents can use mobile phones to directly pay RECs to retailers with the aim of strengthening local economic development, promoting consumption and improving the living standards of local residents.
6, the Sovereign of the Marshall Islands (Sovereign)
The Republic of the Marshall Islands in Oceania also announced its own cryptocurrency plan.
The Republic of the Marshall Islands intends to issue Sovereign tokens, also known as SOV tokens, to supplement the US dollar as its legal tender. SOV coins can be used as the legal currency for companies and consumers on the island.
Currently, the maximum number of SOV tokens issued tentatively is 24 million, allowing it to be used as a daily legal tender. As part of the plan, the government will issue 2.4 million SOVs to residents of Marshall.
In a telephone interview, David Paul, assistant to the President of the Republic of the Marshall Islands, said that the cryptocurrency that will be called the "Sovereign" will be issued this year.
7, Canada's Calgary cryptocurrency (Calgary)
In 2018, Calgary, Canada launched a local currency called Calgary Cryptography, led by Alberta Finance Minister Joe Ceci, and Calgary became the first Canadian city to introduce local cryptocurrencies. .
The goal of Calgary is to promote local economic participation through incentives. Local companies will be allowed to pay for their products and services in the form of Calgary and they are obligated to accept at least 10% of the (new) currency.
And, by using the Calgary website, local businesses will be able to tap into new potential customers. When citizens use money to pay for specific items in Calgary's local economy, they receive additional rewards in the form of the same currency, which they can then use to pay for transit tickets or grocery purchases.
The city's finance minister said in an interview that the currency will not replace the currency, but will be used with the Canadian dollar (CAD) to promote the local economic sector within its territory.
8, the British Hull Coin (HullCoin)
As early as April 2014, the Kingston government on the River Hull in the UK proposed a plan to launch a cryptocurrency called HullCoin, making the city the first local government to introduce cryptocurrency in the UK. .
But residents can't buy HullCoin in pounds sterling. The only way to get HullCoin is to let someone transfer HullCoin to their wallet or complete "good deeds."
The launch of Hull is to help the local economically disadvantaged residents. After participating in volunteer activities, they will receive a certain amount of Hull, and Hull can go to the local food bank to receive food.
In addition, companies accepting Hull, they can also attract some users to promote their business. On the other hand, users can share social behaviors related to electronic money distribution.
9. S-Coin, Siru, Nowon, Seoul, South Korea
In June 2018, Seoul, South Korea, first tried to issue the city's cryptocurrency, S-Coin, under the current situation that the national cryptocurrency was difficult to implement. S-Coin will be controlled by the Seoul City Council, which means that it is not a decentralized cryptocurrency. According to the idea of Seoul Mayor Park Won-soon, S-Coin can be used for multiple services in Seoul. It is reported that S-Coin will be used first to support public transportation expenses, which is also a payment method to improve the environment.
In September of the same year, Shih Xing City, a satellite city in the suburbs of Seoul, issued a new cryptocurrency decree and launched the official token Siru. Local residents can use Siru to purchase goods or services and enjoy a 5% discount; merchants can waive the card fee. The Siru project currently contracts 3,800 local companies, and the number of companies joining the project is about one-fifth that of small businesses and self-employed individuals in the city.
In addition to Siheung City, Nowon, the northern part of Seoul, also launched the Nowon token for the first time in February this year. This program allows local residents to use Nowon to pay at a bookstore or to give gifts to neighbors. It is understood that Siru can be used locally to pay for goods or services. It is also reported that Nowon in the northern part of Seoul has begun to allow residents to pay in cryptocurrencies in bookstores, shopping malls and other places at the beginning of the year.
In addition, 65 cities in South Korea plan to introduce tokens.
10. Gimpo Coin of Gimpo City, South Korea (translated as "Gimpo Pay")
According to South Korean telecommunications company KT last September, South Korea issued more than 90 currencies each year. Most of the local currency is circulated in the form of actual product coupons. It is difficult for consumers who like to pay easily (such as mobile payment).
In the near future, the Korea United News Agency has released a news that will launch a regional currency "Gimpocoin" based on blockchain technology in April this year. According to reports, blockchain-based currencies can only be used by merchants in the Gimpo area, and the system will allow payment by scanning QR codes, and merchants can request that funds be converted to fiat money and transferred to their bank accounts without incurring fees.
11. Kaohsiung Coin of Taiwan, China
According to Taiwan’s “China Times” news in January 2019, Kaohsiung City, Taiwan announced the issuance of the regional cryptocurrency “Kaohsiung Coin”. Users can use the “Kaohsiung Coin” as a kind of feedback. As long as they are consumed in the three major business districts of Kaohsiung, they can be “returned” to Kaohsiung.
According to relevant media, the app about Kaohsiung Coin will be launched on the 18th. The specific usage method will be accumulated on the APP after payment by cash or mobile. The government hopes to leave the money in Kaohsiung through the accumulated consumer feedback from APP.
Kaohsiung City Tourism Director Pan Hengxu pointed out that the concept of "Kaohsiung Coin" comes from the blockchain, "not who and who's patents", must integrate the night market, business district and neighboring stores, the more people use the popularization and consumption, the easier it is to succeed, eat and drink After a fun tour, the Kaohsiung City Tourism Bureau also intends to set up a department to promote the "Kaohsiung Coin".
Gao Zhenyuan, acting director of the Kaohsiung City Economic Development Bureau, said that “Kaohsiung Coin” is a very new concept and is highly topical. Through virtual currency, it is expected to bring people and gold. The city government has previously subsidized NT$500,000 to the Greater Kaohsiung Business Circle to assist in marketing.
12. Philippine Stabilization Coin PHX
According to PhilStar Global, the Union Bank of the Aboitiz Equity Ventures launched a stable currency called PHX, linked to the country's legal currency, the Philippine peso (PHP).
Arvie de Vera, senior vice president of United Bank, said that PHX issued by United Bank is intended to serve as "a stable value storage and exchange medium. It is a programmable token with self-executing logic. , it can make payments transparent and automatic."
According to PhilStar Global, three rural banks – Summit Rural Bank in Luzon, Progressive Bank in Visayas and Cantilan Bank in Mindanao – are already using PHX to make purchases, transfers, redemption transactions and on the i2i network. Domestic remittance and other operations.
[Note: i2i is an "island-to-island", "institution-to-institution", "individual-to-individual" abbreviation, is a connection to the Philippines A blockchain-based clearing system for Union Bank and Rural Bank. 】
13, Japan's J coins
According to Phoenix Finance, Mizuho Financial Group President Sato Kangbo said at the end of last year that Mizuho plans to issue cryptocurrency J coins with other Japanese banks next year. Mizuho plans to test it in one or two locations in Japan in March this year. Sato Kangbo said that it is important that the currency will be compatible with Alipay.
It is reported that J coins provide mobile payment and transfer services for individuals and enterprises. The "J coin" is bound to the bank account, and the yen in the bank can be exchanged for "J coin" in advance, and the QR code is scanned in the store through the smartphone application at the time of checkout. In addition, there is no handling fee for transfers between individuals, and overseas transfers are cheaper. At the same time, "J coins" will not have obvious price fluctuations like Bitcoin, it is equivalent to the yen. The currency is expected to be widely used in 2020, and the value of the J currency is linked to the yen.
14. Ora Currency of Orenia
In 2004, Orania had a currency that was restricted to the local community, Ora. Ora is issued by the Central Bank of Orenia, it is more like a voucher, people who use Ora can get the corresponding discount, and each Ora is valid for 3 years, only for the small community of 1,600 people. .
In July 2017, the Orenian government began testing the cryptocurrency E-Ora. According to Dawie Roodt, an economist who participated in the E-Ora experiment, "E-Ora can better protect the local economy of Orionia in the context of the overall economic contraction in South Africa and the possibility of excessive depreciation or excessive inflation. ".
E-Ora tokens can be transferred directly between electronic wallets without going through commercial banks. Therefore, in each transaction, consumers and businesses can save 3%-5% of the fee.
Rik Willard, director of Digital Money Consulting, also said that if the exchange accepts E-Ora tokens in the future, not only will the value of the token itself increase, but more communities around the world will be encouraged to issue their own tokens.
At present, “city coins” have been launched on six continents, but most of them are still in the concept and planning stage, and some are more like points and coupons.
However, it is undeniable that with the emergence of “city coins”, the application of bitcoin has increased, the technology giants such as Facebook’s Libra have entered, and the attention of central banks, the reform of cryptocurrency and digital assets has been sprinkled around the world.
The cryptocurrency itself is a technological revolution, and it is not a bad idea to make a bold attempt.
Text / 31QU Blue Jie Zhijie