Co-founder of UrbanChange, Michael Mazur, revealed that 10 businesses in Minsk Mazowiecki have already planned to adopt MinsCoin. It is anticipated that more local organizations will follow suit in the future. With MinsCoin, people will have an innovative method of paying for goods and services from companies as well as participating in public initiatives. Moreover, this development will showcase how cutting-edge technology can enhance social interactions among individuals.
By taking part in city initiatives focused on achieving social or economic goals, individuals will be able to earn MinsCoin tokens. For example, the local administration may distribute tokens to residents who walk or use public transportation, in an effort to promote a healthier lifestyle. Whitelisted businesses can accept payment in MinsCoin and use the tokens to transact with other participating businesses.
The UrbanChange platform is developed by Colu Technologies, an Israeli company that has already developed similar applications for several cities in the United States. Currently, residents of Houston can earn H-Points, while the authorities of Boston distribute Boston points. Halfmoons tokens have also been introduced for residents of Utica, New York. Poland has now become the first European country to launch “community” MinsCoin tokens, and UrbanChange has announced plans to introduce similar tokens in other European cities, including Jerusalem.
The pilot project for MinsCoin is made possible through collaboration with the Algorand blockchain and the Magic cryptocurrency wallet. In the future, the protocol may be implemented on second-layer solutions of the Ethereum network, such as Base, according to Mazur.
It is worth noting that earlier this year, Poland took steps towards regulating cryptocurrencies by preparing a bill as part of the EU Cryptocurrency Regulation Act (MiCA).