Municipal Crypto Spreading Around the World, From California to Dubai

Municipal cryptocurrencies - that is, cryptocurrencies launched by cities - could offer citizens a new way to invest in a certain location and even buy goods while helping governments to fund projects.

The initiative has yet to launch - and it's unclear if it ever will - but the attempt by city council members goes to show a growing interest in raising municipal funds through creative means.

The city of Dubai stands to make the most impact in using a municipal stablecoin.

The city planned to release its city-issued cryptocurrency in 2018, but no news has been released for the past year.

Malacca is looking to build the Melaka Straits City, a "Tourist blockchain-destination of the future." Launched by China Wuyi, an engineering and construction company based in China, the future city will issue its own cryptocurrency, DMIcoin, which will be used to pay for public services.

Release date: N/A. There are some other, more politicized attempts to create a crypto city.

The city adopted City Coin, which will be the only medium of exchange in Liberstad, where national currencies are not allowed.

"Being selected to be part of the global city currency challenge means an important opportunity for Belfast, and I'm delighted that this has been made possible through our partnership with 100 Resilient Cities, and working with Colu. Belfast Coin will be introduced later this year and it's our hope that it will initially give an economic boost to local businesses, as well as helping Council achieve other long-term goals, including environmental improvements."

The commissioner added, "This challenge gives us the opportunity to explore how a city currency can bring residents, businesses and city partners together to support inclusive growth - a key priority within our Belfast Agenda."

A division of e-commerce giant JD.com established the Smart City Research Institute, which is meant to accelerate the creation of smart cities using blockchain technologies, as reported by Cointelegraph.