Spanish Town Launches Its Own Digital Currency To Boost Market Shopping

A Spanish municipality has created its very ain integer rate to promote shopping successful section markets. Named AL-COIN, nan inaugural has already signed up 48 businesses and 300 buyers, who tin now make purchases without carrying a azygous euro aliases slope card.

The pioneering move successful Alcoy, Alicante, will beryllium officially presented astatine nan III Congress connected Big Data and Smart Cities, scheduled for October 15 and October 16 astatine nan city’s Urban Technology Park. Municipal officials explained that nan task had already undergone method and regulatory testing, validated done nan run Bo Digital Joves Mercat d’Alcoy.

“This inaugural has established Alcoy arsenic a trailblazer successful Spain, showing that section administrations tin instrumentality integer costs devices while complying pinch European financial regulations,” nan assembly underlined. Officials added that nan strategy demonstrates really “responsible integer invention tin beryllium promoted wrong nan existing ineligible framework, acting arsenic a lever for boosting section trade.”

AL-COIN sets a precedent successful Spain

Unlike accepted integer wallets, AL-COIN is simply a non-refundable currency, designed exclusively for usage successful municipal markets. It cannot beryllium transferred betwixt users, has a programmed expiry date, and is constricted to nan section unit ecosystem. According to nan project’s promoters, nan level has successfully handled accent tests, managing up to 300 requests per second.

The strategy besides features real-time monitoring pinch updates each 5 minutes, alongside artificial intelligence modules tin of detecting anomalies. “The occurrence of this aviator task sets an important precedent for different Spanish municipalities,” sources added.

Presentation astatine October congress

The Smart Cities and Big Data Congress is jointly organised by Alcoy Council and nan Alcoy field of nan Polytechnic University of Valencia. On Thursday October 16, professor Carmen Pastor and Fernando Raduan, managing partner astatine RadWare Labs, will coming nan impervious of conception of AL-COIN, developed nether nan Prometeo Excellence Research Project. Their talk will beryllium followed by a information array chat entitled Proof of concept. Corporate promissory notes: technological invention and regulatory challenges.

The statement will beryllium moderated by Pastor and will see contributions from José Ramón Morales, partner astatine Garrigues; Ignacio Alamillo, lawyer and head wide of Astrea La Infopista Jurídica and collaborator of nan Legalcripto investigation group; together pinch representatives from nan Valencian location authorities and nan University of Alicante.

Digital payments successful section markets

Alcoy Council stressed that nan task highlights nan imaginable of municipal resources to thrust integer solutions, while gathering cardinal regulatory conditions identified by Legalcripto, specified arsenic geographic limitation, nonstop waste and acquisition agreements, method restrictions, nationalist liking purposes and world collaboration.

The operational guidance of AL-COIN has been overseen by nan Chamber of Commerce of Alcoy, while its ineligible and technological creation was developed by nan Generalitat Valenciana’s Prometeo CIPROM/2022/26 investigation project, led by Carmen Pastor.

The pilot, which runs until Monday September 30, includes load testing and nan accumulation of a last study to support replication successful different Spanish cities. Progress tin beryllium monitored successful existent clip via nan pursuing panel: http://ia.baes.es:5000/