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Saturday, February 24, 2024
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    bitcoin
    Bitcoin (BTC) $ 50,854.63
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    Ethereum (ETH) $ 2,927.12
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    Tether (USDT) $ 1.00
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    Polish city adopts stablecoin for native commerce

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    The Polish city of Mińsk Mazowiecki is launching a stablecoin that customers can spend at native companies. The so-called MinsCoin debuted alongside UrbanChange, a platform that launches USDC-backed stablecoins meant for native use in cities.

    MinsCoin will supply a brand new methodology for individuals to interact with native companies and neighborhood tasks. The community-level digital foreign money in Mińsk Mazowiecki may present insights into how such applied sciences can influence social interactions, financial participation and neighborhood solidarity.

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    UrbanChange co-founder Michael Mazur instructed Blockworks that as much as 10 companies in Mińsk Mazowiecki would assist MinsCoin at launch, and he expects “many extra” to hitch sooner or later. In a press launch, UrbanChange stated the foreign money is supposed as a “shopper-friendly cash” that can flow into domestically in Mińsk Mazowiecki.

    Israel-based Colu Applied sciences is the core contributor to UrbanChange. Colu has constructed apps for related packages in a number of US cities. Residents of Houston can earn H-Factors, Boston offers out Boston factors, and Utica, NY has Halfmoons, to call just a few. The Polish deployment is UrbanChange’s first in Europe, and the platform stated it has plans to launch cash in different European cities in addition to Jerusalem.

    communities can launch one among UrbanChange’s so-called LocalCoins by fronting 5,000 of the mission’s UCT token, in response to the mission’s white paper.

    People can earn LocalCoins by participating in initiatives meant to attain some sort of desired social or financial finish. Cities that wish to promote wholesome life or public transportation may give out LocalCoins for strolling or taking the bus, for instance.

    See also  Connecting the Dots in This Week’s Financial Calendar

    Whitelisted companies can obtain cost in LocalCoins, they usually can enhance circulation of the tokens by transacting with different whitelisted companies utilizing the LocalCoin, the white paper says.

    “We’re constructing an modern blockchain hub in Mińsk Mazowiecki,” town’s mayor Marcin Jakubowski stated in a press launch. “UrbanChange is a significant a part of our plans, with its skill to interact our neighborhood and attain our targets within the fields of sustainability, well being and wellbeing, and social activism.

    MinsCoin and different UrbanChange stablecoins are made attainable by a number of Web3 partnerships, together with ones with USDC, the Algorand blockchain and wallet-as-a-service supplier Magic.

    Mazur additionally instructed Blockworks that the protocol’s growth roadmap contains plans for deployment on Ethereum layer-2 options, like Base.

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