Naples Mayor To Launch Municipal Cryptocurrency

The Italian city of Naples will launch a municipal cryptocurrency to reinforce the city’s autonomy, said the city mayor Luigi de Magistris.

In a lengthy manifesto published earlier this week on his Facebook page, de Magistris announced a three-point action plan to turn Naples into a “global capital, instead of a capital of the Mezzogiorno (the Italian South)” and to achieve greater political and fiscal autonomy from the central government. Creating a special cryptocurrency is the third point in the plan, but no further details are provided, except that it would most likely become instrumental to Naples achieving political and economic independence.

It does not become clear what the cryptocurrency will be used for, how its value will be calculated, what will back it, or how it will be made available to users.

Instead, de Magistris embarks on a long-winded rant…