• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
scotland referendum

Scotland Consider Cryptocurrency as Independent Currency Option

Gautham by Gautham
7 years ago
in Cryptocurrency Market News
Reading Time: 3 mins read

People in Scotland have started exploring different currency options following Brexit. There have been calls for the Scottish referendum in the past.  While Scotland decided against leaving the United Kingdom in the past, the recent vote by Englanders to leave the European Union may soon have the UK witnessing renewed calls for the separation of Scotland.

The Common Weal think tank in Scotland has recently published a report with 9 different currency options for the region if it were to dissociate itself from the UK. The detailed report authored by Dr. Craig Dalzell, an activist and scientist analysed all the options before recommending an independent Scottish Pound which may help the country stabilize its economy after independence. He was quoted by one of the Scottish magazine saying,

“The political weight tends towards the recommendation of a newly independent Scotland adopting an independent £Scot, initially pegged to Sterling but with the option of moving, changing or floating the peg as and when required or desired.”

The report is created to prevent the country from facing confusion similar to the one it faced regarding its official currency during the previous referendum. The currency option played an important role in the decision of many voters who decided to choose the stay in the UK option.

During the Scottish Referendum of 2014, the government had proposed a formal currency union where Scotland will continue to use British Pound Sterling while maintaining a position in the Bank of England.  While it may have been beneficial for Scotland at that time, it may not hold good anymore following Britain’s exit from the EU. The think tank has taken this opportunity to propose new currency alternatives. Among the options includes cryptocurrencies. Independent Scotland can choose between existing mainstream cryptocurrencies or the Scotcoin (a cryptocurrency).

Currency Options for Scotland, Post Independence

The report also lists some of the drawbacks of Scotcoin. The main concerns are the trust factor and ease of adoption. The digital currency industry is still in its nascent stages and people may not have the same levels of trust as conventional fiat currency connected to the banks.  Also, people may not be willing to spend digital currency in the same way as conventional currencies.

Even though Scotcoin remains an option, other 8 possible currencies include

  • The creation of a currency union with rest of the UK where the independent Scotland will have a representation in the Bank of England involving itself in the policy decisions (similar to the proposal made during the 2014 Scottish Referendum)
  • Sterlingization , where Scotland will continue to use Pound Sterling independently as a medium of exchange. The Pound Sterling will be recognized as the country’s currency, but Scotland may not have much control over the monetary policies except for controlling the demand and supply of the currency inside its territory.
  • Scot Pound, an independent currency whose value is pegged to that of Pound Sterling. In this case, the government will be creating a new currency whose value is same as the currency it has been using so far. There won’t be a considerable difference in the transactions, except for the government’s requirement to build foreign exchange reserves along with printing and circulation of a new currency across the geography.
  • Similar to Scot Pound, the independent country can also peg its currency to Euro, of which it can continue to be part of , even after separating from the UK
  • The Scottish currency can also be pegged to a set of currencies under some defined criteria to come up with a fixed value of different currencies. The criteria may be weighed against Trade Weight Index or relative GDP.
  • Free floating currency, where the value of the currency is dictated by the market demand and supply.
  • Scotland can adopt the euro as its currency if it continues to be part of the European union.
  • Gold Standard or Oil Standard where the value of money is backed by its equivalent in gold or oil.

The choice of currency will be dependent on strategic geopolitical and trade decisions. Scotland is likely to opt for a currency that serves its future plans for development.

Ref: The Common Weal |Image: Tumblr

 

Tags: bitcoinBitcoin NewscurrencyNewsPound Sterlingreferendumscotcoinscotland
Tweet123Share196ShareSend
Gautham

Gautham

Related Posts

ORDI

ORDI Shatters Records With New All-Time High In Bullish Surge

1 hour ago
First Africa, Then the World: CMO Ben Caselin Talks VALR’s Plans for Global Expansion

First Africa, Then the World: CMO Ben Caselin Talks VALR’s Plans for Global Expansion

2 hours ago
Bitcoin bull

The Big Move: Crypto Pundit Predicts When Bitcoin Will Reach A New ATH

16 hours ago
Do Kwon Terra Luna

Do Kwon: What Happened To The Terra Luna Founder?

19 hours ago
XRP Price

XRP Price Set To Explode: Analyst Identifies Trigger For Next Parabolic Move

20 hours ago
Bitcoin (BTC), Ethereum (ETH), and Meme Moguls (MGLS) Causing A Buying Frenzy, How High Can They Go?

Bitcoin (BTC), Ethereum (ETH), and Meme Moguls (MGLS) Causing A Buying Frenzy, How High Can They Go?

20 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • XRP Eyes Dethroning BNB From the 4th Position...

    6 mins ago
  • Coin Watch: $BTC’s Upside Target $40K, Downside...

    1 hour ago
  • As Bitcoin Rebounds, Here Are the Best Cryptos to Add to...

    23 hours ago
  • Bitcoin’s $37K Stability Linked to High Accumulation...

    1 day ago
  • GoMining Unveils The West NFT Collection

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.