In a clever move to keep the city clean, the Swedish city of Malmö has launched its latest cleaning initiative that would allow residents to earn Buttcoin. Following the success of last year’s moaning bins initiative, it is now encouraging smokers to dispose of their cigarette butts responsibly.
The city actively implements innovative initiatives to enhance cleanliness and hygiene standards.
Picking Up Butts for Buttcoin
Jessica Persson, the cleaning coordinator for Malmö, told the local media SVT Nyheter the simple concept behind it. Persson noted that each cigarette butt deposited in the special ashtrays would earn the picker-upper 800 Buttcoins.
This value is equivalent to the fine imposed for littering in local currency terms. The idea behind the Buttcoin crypto is to gamify the cleaning process. Persson is turning it into a competition among residents to see who can responsibly dispose of the most cigarette butts.
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Citizens cannot exchange Buttcoin for real money as it is not a traditional cryptocurrency. However, participants can win prizes, including real cryptocurrencies like Ethereum.
Throughout the summer, random prizes will also be raffled among active participants.
How can Citizens Claim the Fictitious Buttcoin Crypto?
To earn Buttcoins, smokers must scan the QR code on the ashtrays or bins. They need to take a picture when disposing of their cigarette butts. The competition runs until Aug. 21, and the user with the highest number of Buttcoins will be declared the winner.
Malmö wants to bring environmental responsibility and competitive energy together by introducing Buttcoin. Although the moniker “Buttcoin” is a tongue-in-cheek pun involving cig butts, it was first used by a different foundation of the same name that regularly expressed concerns about the safety and reliability of the Bitcoin network. Neither is a real cryptocurrency or financial term.
While there are initiatives to enact more specific regulations, just a few crypto-related laws exist in Sweden and the European Union (EU). For instance, the European Commission proposed the Markets in Crypto-assets Regulation (MiCA) in 2020. The scheduled implementation of the comprehensive framework is set for 2024.
Cryptocurrency businesses in the country must currently register with the Swedish Financial Supervisory Authority (SFSA).
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