Mińsk Mazowiecki, a town in Poland, is taking a unique step towards promoting local commerce by adopting a stablecoin called MinsCoin. The digital currency, launched in collaboration with UrbanChange, aims to facilitate transactions at local businesses. This initiative not only provides residents with a new way to engage with local establishments but also serves as an opportunity to explore the impact of such technologies on social interactions, economic participation, and community solidarity.
At its launch, MinsCoin will be supported by around 10 businesses in Mińsk Mazowiecki, with the expectation of more businesses joining in the future, according to Michael Mazur, co-founder of UrbanChange. Described as “shopper-friendly money,” MinsCoin is designed to circulate within the local community and promote economic activity in the town.
UrbanChange, whose main contributor is Israel-based Colu Technologies, has previously developed similar programs in various US cities. For example, Houston residents can earn H-Points, Boston offers Boston points, and Utica, NY has Halfmoons. The deployment in Mińsk Mazowiecki marks UrbanChange’s first foray into Europe, with plans to launch coins in other European cities and Jerusalem.
Interested communities looking to launch their own local cryptocurrencies can do so through UrbanChange’s platform by investing 5,000 UCT tokens, as outlined in the project’s white paper. Individuals can earn these local coins by participating in initiatives aimed at achieving specific social or economic goals. For instance, cities focused on promoting healthy lifestyles or public transportation can reward residents with LocalCoins for activities like walking or taking the bus.
Whitelisted businesses can accept payments in LocalCoins, and by transacting with other whitelisted businesses using the currency, they can increase the circulation of these tokens, according to the white paper.
Mińsk Mazowiecki’s mayor, Marcin Jakubowski, expressed enthusiasm for the project, stating that UrbanChange is an essential part of the town’s plans to build an innovative blockchain hub. The platform aligns with the town’s goals in sustainability, health and well-being, and social activism.
The successful implementation of MinsCoin and other stablecoins by UrbanChange is made possible through partnerships with Web3 platforms such as USDC, the Algorand blockchain, and Magic, a wallet-as-a-service provider.
Looking ahead, UrbanChange aims to expand its protocol by considering deployment on Ethereum layer-2 solutions like Base, as revealed by Mazur in an interview with Blockworks.