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.
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