Soon many cities around the world will issue their own digital currency.
According to Pavel Bains, in fact, within the next 10 years we’ll see the first city that have its own digital money and that is separates from the national fiat currency.
This could be the right time for cities to exploit the blockchain and adop their own currency.
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):
Bains is pretty sure that the first city to adopt a digital currency will be Glasgow.
This because the Scottish city failed to benefit from the England pound and it came close to a recession back in 2015.
Also, Brexit opened a real issue for Scotland’s future with the potential loss of trades. Demand for Scotland’s 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.
But Glasgow has the right tools to adopt its own digital currency. These the major reasons according to Bains:
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