RATE Group | Wales plans to launch Local Cryptocurrency to Reinforce Mutual Credit System
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Wales plans to launch Local Cryptocurrency to Reinforce Mutual Credit System

16 Oct Wales plans to launch Local Cryptocurrency to Reinforce Mutual Credit System

Posted at 20:51h in Cryptocurrency News by

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In an aim to boost its local Small and Medium Enterprises (SME) economy, Wales intends to test and later on unveil its own cryptocurrency.

On Oct. 15, Business Cloud — a Local news outlet — reported that the Welsh Government had taken £100,000 out of the £4 million Foundational Economy Challenge Fund allocation and channelled it towards the development of the system — specifically, to cater for consultation and a particular pilot program to be undertaken in North Wales.

Idea implemented somewhere else

Sardex is evidently the basic idea behind this project. It is actually a mutual credit system that the Italian island and region of Sardinia has commonly implemented.

Even the CEO of the firm behind the Welsh digital currency, Eifion Williams, has poured praises on the Sardinian system. He went ahead to claim that in last year alone, Sardinian SME economy was able to benefit from the system to the tune of about 50m euros.

Paolo Dini — Sardex founder and also a…

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