{"id":1982,"date":"2017-02-06T18:25:48","date_gmt":"2017-02-06T18:25:48","guid":{"rendered":"https:\/\/blog.holytransaction.com\/?p=1982"},"modified":"2017-02-08T04:18:02","modified_gmt":"2017-02-08T04:18:02","slug":"glasgow-digital-currency","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2017\/02\/glasgow-digital-currency.html","title":{"rendered":"Glasgow digital currency: hope or reality?"},"content":{"rendered":"

Soon many cities around the world will issue their own digital currency.<\/p>\n

According to Pavel Bains<\/a>, in fact, within the next\u00a010 years\u00a0<\/strong>we’ll see the first city that have its own digital money and that is separates from the national fiat currency.<\/p>\n

<\/h2>\n

The Blockchain Role<\/h2>\n

This could be the right time for cities to exploit the blockchain and adop their own currency.<\/p>\n

But for a new digital currency to be adopted quickly it needs the following characteristics, according to Bains (and we tent to agree with him):<\/p>\n

    \n
  1. Cheap<\/strong>: fiat currencies are very expensive to produce, manage and distribute. Conversely, a digital currency deletes all those costs and can easily be distributed;<\/li>\n
  2. Secure<\/strong>: as it is digital, cryptographic and based on pure algorithms, the\u00a0chance of forgery or distrust is removed;<\/li>\n
  3. Safe<\/strong>:\u00a0a digital currency can be backed by other assets like gold, treasury bills, foreign exchange\u00a0or equities, just like fiat money;<\/li>\n
  4. Usable<\/strong>: cities such as Stockholm are going purely digital, so a digital city currency could\u00a0be massively adopted quickly.<\/li>\n<\/ol>\n

    The newest Glasgow digital currency<\/h2>\n

    Bains is pretty sure that the first city to adopt a digital currency will be Glasgow.<\/strong><\/p>\n

    This because the Scottish city failed to benefit from the England pound and it came close to a recession back in 2015.<\/p>\n

    Also,\u00a0Brexit<\/a> opened a real issue for Scotland\u2019s future<\/strong> with the potential loss of trades. Demand for Scotland\u2019s products is already declining: in that year there was an 11% drop in exports compared to 2.7% for the UK and with Brexit the situation can only get worse.<\/p>\n

    But Glasgow has the right tools to adopt its own digital currency. These the major reasons according to Bains:<\/p>\n

      \n
    1. It has the regional size and population<\/strong>: this could make the difference compared to smaller cities such as Dundee;<\/li>\n
    2. It has a high record of academia, government and business working together<\/strong>. This unity could be great to manage a new-born digital currency<\/li>\n
    3. Glasgow has a thriving financial base<\/strong>, moving to 74th in the world for financial centers and this demonstrates the city has a good base and an educated population to operationalize the new digital currency system.<\/li>\n<\/ol>\n

      Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Soon many cities around the world will issue their own digital currency. According to Pavel Bains, in fact, within the next\u00a010 years\u00a0we’ll see the first city that have its own digital money and that is separates from the national fiat currency. The Blockchain Role This could be the right time for cities to exploit the […]<\/p>\n","protected":false},"author":2,"featured_media":826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,76,83,101,191,468],"tags":[793,906,1354],"yoast_head":"\nGlasgow digital currency: hope or reality? -<\/title>\n<meta name=\"description\" content=\"Soon enough many cities in the would could issue their own digital currency. 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