Tel Aviv Tries Out Digital Currency Pilot For Residents With Israeli Startup Colu

This article was first published by The Times of Israel and is re-posted with permission.

The Municipality of Tel Aviv-Yafo has embarked upon a month-long pilot project, the first of its kind in Israel, to examine the feasibility of using a “digital city currency,” serving as a reward system for people who patronize Tel Aviv businesses.

The municipality set up the pilot program together with Colu Technologies Ltd., an Israeli startup that developed a digital wallet to enable payments at registered businesses via smartphone.

Under the pilot, consumers who engage in five transactions worth at least NIS 20 ($5.6) apiece at local businesses using the Colu app get a reward of 25 digital coins within the app. These coins are worth approximately NIS 25, and are to be used at registered stores in Tel Aviv.

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