Scotland Should Create its Own Digital Currency

Scotland should create its own digital currency, named ‘ScotPound’, an independent economic think tank has advised.

The New Economics Foundation has produced a report that suggests introducing such a currency would have numerous social and economic benefits.

A post by the foundation claims: “Scotland is perfectly placed to create a new digital currency and payment system. Such a scheme could stimulate local economies, create a level playing field for small businesses, and support social justice for all its citizens.”

The report proposes each Scottish citizen be given a 250 ScotPound dividend and claims this would not add to the UK deficit and the cost of the payment infrastructure would be “low cost” at around £3m.

Payments would be made via text message or a mobile app, but a voice recognition system would be created for those unable or unwilling to use the technology, to ensure inclusion.

Click here to read more.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s