Wales planning to develop its own cryptocurrency

15 Oct 2019

Welsh flag Wales is planning to launch its own cryptocurrency in a bid to boost the Small and Medium Enterprises economy. 

According to a report by Business Cloud on Tuesday, the Welsh government granted £100,000 from the £4 million Foundational Economy Challenge Fund to develop the system.

The allocated funding will cover a consultation and a pilot program in North Wales, says Coin Telegraph.

The idea behind Wales’ initiative is founded on a mutual credit system based in Sardinia, Italy, known as Sardex.

The CEO of the company behind the Welsh digital currency, Eifion Williams, commends the Sardinian system, stating that it “benefited the Sardinian SME economy to the tune of 50m euros last year alone.”

Paolo Dini, a research fellow at the London School of Economics and founder of Sardex, advocates the project and notes many similarities between the two regions.

Williams goes on to say that the majority of Wales’ economy is driven by SMEs, much like Sardinia, so the initiative can help to boost the Welsh economy.

He added: “If Wales had initiated a copy of the Sardex in 2008, and it had followed the same growth trajectory, Welsh SMEs would now be strengthened to the tune of £256m in additional turnover.”

Lee Waters, Deputy Minister for Economy and Transport, said that the government’s economic plan “sets out the direction for a broader and more balanced approach to economic development focused on making communities stronger and more resilient.”

He added that the fund financing the project plays a key role in this plan: “The Foundational Economy Challenge Fund is fundamental to this and I’m intrigued to see the results of this mutual credit system pilot by Circular Economy Wales.”

Furthermore, as reported by Coin Telegraph over summer, South Korea’s second most populated city after Seoul, Busan, is also contemplating launching its own digital currency.

South Korea’s Ministry of Small and Medium Businesses and Startups affirmed that the government plans to provide “extensive support if Busan develops its own blockchain-based currency structure or token economy.”
 

Download deVere Crypto App on Apple iTunesDownload deVere Crypto App on Google Play Stores