EDINBURGH, Scotland, Sept. 10 (UPI) — Economists are suggesting Scotland create its own digital currency to operate alongside the British pound sterling following last year’s currency debates amid the Scottish independence referendum.
The New Economics Foundation independent think tank revealed the currency proposals in a “ScotPound: A new digital currency for Scotland” report.
“Last year’s Scottish independence referendum kick-started an important debate on currency and Scotland’s relationship with sterling,” the report says. “The fear of losing the pound was one of the decisive factors in the eventual result. But Scotland wouldn’t have to give up sterling to introduce its own currency.”
In September 2014, Scottish citizens rejected separating from the United Kingdom to become an independent country in a divisive, intense referendum.
“Money is one of humanity’s greatest inventions and a powerful social technology. But, despite using it every day, most people have never considered what money really is, how it works and its impact on society,” NEF writes in the report.
NEF proposes the digital ScotPound, similar to Bitcoin, and a free-when-used public payment system called ScotPay, which would be the “world’s first publicly owned, not-for-profit national payment system.”
ScotPay would enable “Scottish businesses to accept payment for goods and services without being charged fees by banks and global credit card firms.”
The group said it wants to drive the debate on currency forward and highlight the economic and social potential of financial innovation. Scotland is scheduled to hold parliamentary elections in 2016.
NEF said the Scottish government “already has the powers to introduce a new currency and payment system, which could operate alongside sterling.”
“Scotland, as a clearly defined economic and physical area, with a strong national identity, and a devolved parliament, is perfectly placed to create a new digital currency and public payment system,” the report says. “Such a scheme could stimulate local economies, create a level playing field for small businesses, and support social justice for all its citizens.”
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