Authorities Plans To Launch Digital Brixton Pound and Bristol Pound As Stable Coin
Before the coronavirus pandemic, The Bristol Pound and the Brixton Pound were considered and described as defenders of the British high street, but concerns over the use of physical money during the coronavirus epidemic have slowed the progress of these local currencies.
Thus getting inspired by cryptocurrencies, the two projects now plan to go digital independently in the form of tokens, and then release them as stablecoins.
Related: What Are Stablecoins? How Stablecoins Works?
Their goals are kindness: reviving war-damaged communities, rewarding good behavior, and promoting community sustainability programs. Yet the history of local currencies has dreamed of critics questioning the use of blockchain and the localized approach thus questioning their chances of success?
While the concept of local currencies is actually centered on a physical note for a local area, city, or city. It opened in the UK in cities such as Britain, Liverpool, Hull, and Extension; The geographical area of Brixton, Kingston’s London Burrows, and Lake District.
On the other hand, the notes were only made to be used at specific places, these notes had prominent faces imprinted on them that represented designated areas like John Lennon represents Liverpool, and Beatrix Potter, the Lakes, and so on.
The whole idea was that the locals would exchange these notes in the high street area shops, and thereby acting as a support for the local businesses and other independent trades.
The current set of notes that are in circulation will officially expire on the 30th of September, 2021. The further plan involves the digitalization of the Bristol Pound which will be launched as a Blockchain platform with the name Bristol Pay along with other digital tokens by the spring of the year 2022.
This new Bristol Pay ecosystem will be completely built on the environmentally friendly Crown blockchain platform and will be pegged with sterling, the same way the old Bristol pound was.
According to Finch, with the release of Bristol Pay, it will then become a fully-fledged payments system but it will now operate on a much larger scale than compared with the previous Bristol pound.
The Bristol Pound has recently partnered with the Algorand blockchain platform which is subsequently helping Bristol Pay in building the technical infrastructure of the Bristol Pay ecosystem.
Bristol Pound’s digital version will be a stablecoin and thus it has also partnered with an already regulated UK-based stablecoin MoneyFold for providing Bristol Pay with better backbone Infrastructure.
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