The city of Liverpool has launched its very own currency using technology from Colu, an Israel-based blockchain startup.

Launched nearly a month ago, the Liverpool Local Pound is an app-based service with transactions recorded on the bitcoin blockchain network.

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Users can top up the digital wallet using a credit. It is already used by 3,000 users in the city.

To subscribe to the service, merchants will have to pay £25 per month to the Israeli tech startup. Colu also intends to charge a 5% fee on users when they take money out of circulation, the media reports suggest.

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