Hullcoin World’s First Local Government Cryptocurrency?

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. 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 living in financial poverty. This is a report from Coindesk. Find out how Hull got into having its own cryptocurrency in the article…

4 Comments Hullcoin World’s First Local Government Cryptocurrency?

  1. AvatarMike Riddell

    I think Hull council have pulled the idea. Looks to me like their plans were leaked in advance of any real news to report, and the subsequent excitement caught them all of guard so they bottled it I believe.

    I think that’s how the Guardian reported it anyhow.

  2. AvatarMike Riddell

    The known unknowns of the tax and benefits implications of using a community currency really do need to be addressed, if as you say Matt, that the Bank of England paid Hull a call.

    Michel, are any of your readers able to provide some sign-posting for me?

    Thanks, Mike.

  3. AvatarJohn Rogers

    Hull is my home town so I took a particular interest in this piece of news.

    The article I read first was dated April 1st, so my first reaction was “It’s an April Fool joke”! Then disbelief when I realised they were serious. Applying the Bitcoin ‘model’ would be a disaster for a town already suffering enough from the authoritarian hand of Austerity.

    It seems like money makes us all crazy and when it’s scarce, even crazier.

    IT’S NOT ABOUT THE CURRENCY, it’s about what the currency DOES. What Hull really needs is a responsibly, carefully designed regional currency based on local assets and resources NOT some fashionable anarcho-libertarian wet dream! I hope to be able to help them in that design task.

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