RATE Group | Wales to Develop Local Cryptocurrency to Underpin Mutual Credit System
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Wales to Develop Local Cryptocurrency to Underpin Mutual Credit System

16 Oct Wales to Develop Local Cryptocurrency to Underpin Mutual Credit System

Posted at 03:21h in Cryptocurrency News by

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Wales plans to test and subsequently launch its own cryptocurrency to boost the local Small and Medium Enterprises (SME) 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 funding will cover both a consultation and a pilot program in North Wales.

Not a new idea

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.”

Research fellow at the London School of Economics and Sardex founder Paolo Dini supports the project and notes similarities between the two regions.

Williams also explains that just like Sardinia, the vast majority of the economy of Wales is fueled by…

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