Scotland has been in a debate over which form of currency to use and is allowing all Scots to give their input. If chosen, a digital currency alternative will be known as the Scotcoin.
The new currency will be made to protect the people from the risks traditional markets pose. The Scotcoin is meant to offer “another option” as the nation decides whether or not they will continue to use the pound. The idea behind the Scotcoin is to have a plan B in the case there is a “major disruption to the current financial system.”
Many businesses in Scotland are already welcoming the form of virtual currency. The architect of the project, Derek Nisbet, feels more businesses will get on board with the new digital coin. Nisbet says:
“This is a one-shot opportunity for Scotland to truly become an international powerhouse if we can take back the power of our monetary issuance as credit, as opposed to issued debt with interest from privately owned and operated banking interests and cartels.”
He adds that Scotland needs a reliable monetary unit, that has the interest of the people in mind. It will need its own governance, separated from a Central Bank.
Nisbet stresses that the free market will stress how much the new currency will be worth. It will take most of its concepts from bitcoin.
The Dornoch Castle Hotel in Sutherland was the first to put a value on Scotcoin, claiming it to be worth 2 pence. One customer using the digital currency bought a Benriach bottle of alcohol for 160 Scotcoins.
Nisbet hopes the Scotcoin industry will become a billion dollar economy, with every adult receiving 1,000 units each. Businesses will get 5,000 coins, and charities and start-ups can claim 10,000 and 25,000 to allow circulation to begin.
In terms of politics, the Scotcoin developer says:
“I wish that the Scottish people would be given all the facts, and that is not simply a vote to either stay within the Union or become a small state of Europe. There needs to be another option there, to withdraw from the Union and European Union, and create a sovereign state with its own government issued currency as credit. Why is this not an option?”
With Scotcoin, he hopes the people can go over politics and governments.
Canada may have failed with its mintchip, their own version of bitcoin, but Scotland is determined to make Scotcoin work.
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