Wales to Develop Local Cryptocurrency to Underpin Mutual Credit System
Adrian Zmudzinski's original article for cointelegraph.com reduced by 47%
Wales plans to test and subsequently launch its own cryptocurrency to boost the local Small and Medium Enterprises economy. Local news outlet Business Cloud reported on Oct. 15 that the Welsh Government awarded £100,000 from the £4 million Foundational Economy Challenge Fund to develop the system.
The idea behind the project is based on the Sardex: a mutual credit system implemented on the Italian island and region of Sardinia. Eifion Williams, the CEO of the company behind the Welsh digital currency, praises the Sardinian system and claims that it "Benefited the Sardinian SME economy to the tune of 50m euros last year alone." Williams also explains that just like Sardinia, the vast majority of the economy of Wales is fueled by SMEs, so the idea can boost the Welsh economy as well. Deputy Minister for Economy and Transport Lee Waters also explains that the government's economic action plan "Sets out the direction for a broader and more balanced approach to economic development focused on making communities stronger and more resilient." "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..
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