HullCoin: Government-Backed Digital Currency Designed to Tackle Local Poverty
The city of Kingston upon Hull located in the United Kingdom has released its plans to unveil a new cryptocurrency: Hullcoin. They first announced the digital currency, along with their plans to fight poverty in the region, over a year ago. Revelations of how the coin would actually operate were detailed by the local Hull Daily Mail, with a release date set for October. Hullcoin will be introduced as a local government-backed digital currency. In exchange for voluntary works with the city, citizens would then receive the coin like a digital rewards program. The project is lead by Hull-born....
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A forum at Hull City Council in the UK this month saw the launch of the very first UK local government operated cryptocurrency, dubbed HullCoin. The reason for this unprecedented technological act of local government is to tackle poverty, the council says, making it arguably the most worthy use of a cryptocurrency yet. Why local currencies? Hull, or Kingston Upon Hull to give it its full title, is one of many cities across the UK that has suffered due to the national recession and the coalition government's welfare reforms. This in turn has led to a large increase in the number of people....
In 2014, a local government initiative in the United Kingdom unveiled Hullcoin, an effort to use cryptocurrencies to fight the problem of regional poverty. The project, fueled by donations and the power of a small-scale mining rig, drew headlines at the time for its intersection of local governance and new technology. Yet new reports indicate that the philanthropic effort spawned an investment scam halfway across the world, as news has emerged that a group of investors have been scammed by a group of individuals selling investment packages based on Hullcoin. According to China News Service....
Want to see which cryptocurrency stories are leading the news? This week, Hullcoin takes the spotlight. Have a look at the rest of the week’s hot news below. Approximately 500 investors have been cheated out of nearly $1.1 million by a Chinese investment scheme posing as London-based cryptocurrency platform Hullcoin. Emerging in 2014, Hullcoin’s claim to fame of using digital currency to battle global poverty is now facing a potential stain on its philanthropic reputation as the result of a nasty case of mistaken identity. Those directly involved with Hullcoin claim they have no....
Hull introduced its very own citywide cryptocurrency. John Bannon / Wikimedia. The UK-based Hull City Council recently launched what is, perhaps, the first ever local government digital currency. The currency's architects view cryptocurrencies as a unique opportunity to foster social justice. They hope that the project will help ease the pain of welfare cuts in the midst of a global economic slump. When I read this yesterday, I quickly Googled to check if it was an April Fool's joke. But it's not a surprising development. Everyone seems to be experimenting-successfully or....
Bitcoin just got another vote of support from the world of politics. Oakland mayoral candidate Bryan Parker said that he believes the currency will ultimately help solve many of Oakland’s problems. Parker is no stranger to the tech world: he worked as senior director of finance at the security firm iPass over a decade ago. He believes Bitcoin can be used to tackle poverty and address crowdfunding as a way to increase financing for civic development. In an interview with SFGate, Parker elaborated on his vision of bitcoin challenging poverty in Oakland: “What I'm doing is engaging in the....