Scottish Fiscal Experts Mull over Life after the Pound
The quest to find alternative money after the 2014 independence referendum has come up as one of the trending policy making hurdles in Scotland. This 2-year-old longing for monetary autonomy has continued to attract reasonable attention from both natives and foreigners. Scotcoin is just but a single of the region's digital migration wave that seeks to overturn the time-old finance.
According to a prominent Glasgow entrepreneur - Mr. David Low, Scotcoin operates using the blockchain innovation utilized by bitcoin - the pioneer cryptocurrency behemoth.The name is also inspired by the referendum's thematic structure and the long-term goals spelled out by the primary proponents of the historical vote. Mr. Low, the Glasgow-based Scotcoin spear-header, expressed boundless optimism that the popular desire for a unique sovereign legal tender would soon provide Scotland's better currency.
However, Mr. Low doesn't participate in any major political activities in the Scottish capital. As such, his initiative may not lure many more vocal individuals with greater leadership or administrative clout. Despite his aversion toward politics and such as populist activities, the savvy investor maintains that it would be quite awkward to maintain ties with the Bank of England after the pullout. He sees the argument by some folks that it was still okay to use the Pound long after the contested separation inextricably confounding at best.
While not a staunch advocate of the pull-out, the Scotcoin pioneer opined that fiscal autonomy was a must for any significant benefits to result from the breakup. In fact, scores of financial technology gurus in the capital offered telling tips that presented the fledgling brand as a highly advantageous option even without estrangement from Great Britain. An even more convincing group of Scotcoin backers described the novel innovation as a more secure option that promised reduced costs on the overall.
One of the greatest strengths cited so far does include the fact that the currency can be acquired exclusively online. With cryptocurrency value increasing rather unpredictable this year, bitcoin's price skyrocketed to $1,000 apiece. In total, the aggregate value of the money in circulation has already surpassed $16bn. Apparently, the Scotcoin system is supposed to be used together with the existing Britain-wide Pound - if David Low's counsel is really any authoritative wisdom to go by.
With unceasing aftershocks left by the 2008 global economic crunch and the referendum idea a few years later, Low's trailblazing notion of an independent medium of exchange does seem to be not a wise decision, but after listening to the digitally adventurous Scotcoin supporter and investor. A new monetary system devoid of UK's Brexit-related slew of self-inflicted woes looks like an awesome way to circumvent any other future wide-sweeping fiscal crunch.
The path-finding monetary doyen has inspired a few scores of fellow Glaswegians who buy into his strikingly radical decision to initiate basic plans to introduce a uniquely Scottish legal tender. Low and colleagues tighten their faces whenever one lightly talks about their line of thought. They, mustering an unforgiving expression of grim seriousness, warn other denizens of the Britain's integral territory not playing around with the centrally sensitive and critical issue of currency independence since it's what other distinct global regions were currently doing.