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Polish City Implements Own Digital Currency for Local Trade

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Photo: Polish City Implements Own Digital Currency for Local Trade. Source: Collage The Gaze \ by Leonid Lukashenko
Photo: Polish City Implements Own Digital Currency for Local Trade. Source: Collage The Gaze \ by Leonid Lukashenko

The authority of the Polish city of Minsk-Mazowiecki has launched its own stablecoin, which residents can spend at local businesses. The token is named after the city, MinsCoin, and can be used for trading at the municipal level and participating in community projects, according to Blockworks.

Specifically, businesses included in the relevant list can receive payments in local stablecoins. Additionally, they can expand their operations by conducting transactions with other listed businesses using these coins. Residents of the city can also earn digital currency by participating in projects aimed at achieving various social or economic goals.

Michael Mazur, co-founder of the UrbanChange platform responsible for token issuance, stated that up to 10 businesses in Minsk-Mazowiecki will support MinsCoin at launch. He expects many more businesses, institutions, and establishments to join in the future. The city administration describes this digital currency as "convenient money for buyers in Minsk-Mazowiecki."

The city government suggests that the use of stable digital currency at the local community level can provide insight into the impact of such technologies on social relationships, economic activity, and community solidarity.

The Gaze also reported on a strategic collaboration where the international payment giant Visa introduced the Visa Direct program for the crypto industry. It allows users to withdraw cryptocurrency directly using debit cards. Visa users will be able to convert their digital assets into local currency in real-time. To withdraw funds, Visa Direct will need to be used in 145 countries worldwide.

It was also previously reported that the German prosecutor's office seized 50,000 bitcoins worth nearly two billion euros as part of a financial crime investigation. This is the largest seizure of bitcoins by law enforcement authorities of the Federal Republic of Germany to date.

During the investigation conducted by the Dresden Prosecutor's Office, the State Criminal Police Office of Saxony, and the Tax Investigation Department of the Leipzig Tax Office within the Saxon Integrated Investigative Unit (INES), nearly 50,000 bitcoins were temporarily confiscated in mid-January 2024. The investigation was conducted with the support of the Federal Criminal Police Office (BKA), the FBI, and a Munich-based forensic company.

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